Rajnandini Fashion India share price: Stock lists at par with IPO issue price of ₹63 per share on BSE SME

Rajnandini Fashion India share price: Shares of women’s apparel manufacturer Rajnandini Fashion India made a flat debut on the BSE SME platform on Wednesday, June 3.

The stock listed at ₹63 apiece on the SME platform of the BSE, at par with the IPO issue price.

Rajnandini Fashion India share price: Here's how much individual investors made per lot

The minimum investment for an individual investor was 4,000 shares. Individual investors who received the Rajnandini Fashion India IPO allotment made no profit or loss at the time of listing.

The ₹18.21 crore initial public offering, with a price band of ₹59 to ₹63 per share, was exclusively a fresh issuance of 28.90 lakh shares. There was no offer for sale (OFS) component.

The company proposes to utilise the funds raised for the following objectives:

• Funding of capital expenditure requirement for setting up a new manufacturing facility
• Repayment of borrowings availed by the company
• Working capital requirements
• General corporate purpose

"In addition, we expect to achieve the benefit of listing of the equity shares on the stock exchange, enhancement of our company's visibility and brand name amongst our existing and potential customers and creation of a public market for the equity shares in India," Rajnandini Fashion India said in its red herring prospectus.

The initial share sale was subscribed 189.46 times, with bids for 39,25,52,000 shares as against 20,72,000 shares on offer, according to the BSE data.

Rajnandini Fashion India is an apparel firm that is engaged in designing, manufacturing, and selling women's ethnic and casual wear. Its product portfolio includes kurtis, sarees, and unstitched dress materials to modern tops, fusion wear, and maternity gowns.