Rajputana Stainless share price made a muted listing in the Indian stock market on Thursday, March 19. The share price listed at 1% premium over the IPO price of ₹122.
Rajputana Stainless share price opened at ₹123.95 on BSE and ₹122 on NSE. This means that the IPO allottees made 1% gain over the Rajputana Stainless IPO listing.
The listing of the Rajputana Stainless IPO came below the market expectations. Ahead of the listing, the GMP of Rajputana Stainless IPO was ₹3, which indicated an estimated listing price of ₹125.
Rajputana Stainless share price fell 7.65% to ₹114.35 apiece, immediately after listing.
Rajputana Stainless IPO details
The company’s initial public offering (IPO) was open for subscription from March 9 to 11. Rajputana Stainless raised ₹255 crore through a mix of fresh equity issuance worth ₹179 crore and an offer-for-sale of up to 62.5 lakh shares. The price band for the issue was set at ₹116– ₹122 per share, with a lot size of 110 shares.
According to data from BSE Ltd, the IPO was subscribed 1.12 times overall. The qualified institutional buyers (QIB) and non-institutional investor (NII) portions were subscribed 2.51 times each, while the retail segment saw relatively weak demand, with a subscription of just 27%.
After the subscription period, Rajputana Stainless permitted investors to withdraw their bids over the next three trading sessions, from March 12 to 16. This followed the circulation of emails and video content promoting participation in the issue. Earlier, the company had also scrapped the anchor investor portion of the IPO.
Established in 1991 and headquartered in Gujarat, Rajputana Stainless manufactures a wide range of long and flat stainless steel products. Its portfolio includes billets, forging ingots, rolled black and bright bars, flat and patti products, along with other ancillary offerings across more than 80 grades. The company primarily caters to domestic clients through direct sales as well as a network of traders.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
