Rajputana Stainless IPO Day 1: Check subscription details, price band, lot size and key dates

Rajputana Stainless IPO: The initial public offering of stainless steel products manufacturer Rajputana Stainless Ltd opened for subscription on Monday, March 9. The issue will conclude on March 11. The price band has been fixed at ₹116 to ₹122 per share.

The ₹254.98 crore issue consists of a fresh issuance of shares valued at ₹178.73 crore and an offer for sale of 62.50 lakh shares worth ₹76.25 crore by promoter selling shareholder Shankarlal Deepchand Mehta.

The fresh issue proceeds will be utilised for funding capital expenditure needs for the expansion of the existing manufacturing plant, repayment of certain outstanding borrowings and general corporate purposes.

Rajputana Stainless IPO Day 1: Subscription status

The IPO has been subscribed 5% so far on the first day of bidding on Monday. It has received bids for 10,92,520 shares as against 2,09,00,000 shares on offer, according to the BSE data until 11:42 am.

Rajputana Stainless IPO: Lot size

The minimum lot size for an application is 110 shares and multiples thereof.

The company has reserved 50% of its offer size for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail individual investors (RIIs).

Rajputana Stainless IPO allotment and listing date

• Subscription period: March 9 to March 11
• Basis of allotment: March 12
• Initiation of refunds: March 13
• Demat account transfer: March 13
• Listing on stock exchanges: March 16

Rajputana Stainless makes long and flat stainless-steel products like billets, rolled black bar, rolled bright bar, forging ingots, flat & patti and other ancillary products under the brand name of 'RSL'. The company offers its products in more than eighty diverse grades of stainless steel, reflecting its ability to meet varied technical and application-specific requirements.

Its products are used across a diverse range of industries, including seamless pipes, bar processing, forging, wire manufacturing, engineering, casting, utensil manufacturing, fasteners, pumps and shafts and the auto industry.

Rajputana Stainless IPO GMP

According to investorgain.com and media reports, unlisted shares of Rajputana Stainless Ltd are trading at ₹124, reflecting a grey market premium (GMP) of 1.64% compared to the upper price band of ₹122.