Rajputana Stainless IPO: The IPO of Rajputana Stainless, which received a muted investor response during the first two days of bidding, finally sailed through on the last day of subscription on March 11.
Rajputana Stainless subscription details
By the end of the final day, the issue had received bids for 2.34 crore shares against a total offer size of 2.09 crore shares, translating into an overall subscription of 1.12 times, as per exchange data.
Among investor categories, the non-institutional investor (NII) portion was subscribed 2.59 times, while the Qualified Institutional Buyers (QIB) quota was booked 2.51 times. The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.
Rajputana Stainless IPO details
The ₹225-crore Rajputana Stainless IPO”> ₹225-crore Rajputana Stainless IPO is a combination of a fresh issue of up to 1.46 crore equity shares and an offer for sale (OFS) of up to 62.5 lakh shares by promoter Shankarlal Deepchand Mehta.
The price band for the issue was set between ₹116 and ₹122 per share. The allotment of the issue is likely to be finalised on March 12, and the shares are scheduled to be listed on both the Bombay Stock Exchange and National Stock Exchange of India, with a tentative listing date of Monday, March 16.
Ahead of the opening of the IPO, Rajputana Stainless launched its anchor book on March 6. However, the company failed to attract sufficient demand from investors, resulting in the anchor portion not meeting the required regulatory threshold under the rules of the Securities and Exchange Board of India.
The company plans to use the proceeds from the fresh issue to set up a manufacturing facility in Panchmahal district, Gujarat, expand its product portfolio, repay debt, and meet general corporate purposes.
As of today, the grey market premium (GMP) for the Rajputana Stainless IPO stands at ₹01, suggesting that the stock is likely to list slightly above the issue price.
About Rajputana Stainless
The company manufactures long and flat stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats & patti, and other ancillary products under the brand name RSL.
It offers products across more than 80 grades of stainless steel, reflecting its ability to meet diverse technical and application-specific requirements.
In addition to catering to the domestic market, the company currently exports its products to nine countries, including Turkey, the UAE, Poland, Portugal, the US, South Africa, South Korea, the Czech Republic, and Kuwait.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
