Rajputana Stainless IPO opens March 9: Check price band, lot size, objectives and key dates

Rajputana Stainless IPO: The initial public offering of stainless steel products maker Rajputana Stainless will open for subscription on March 9. The issue, which will conclude on March 11, has set a price band of ₹116 to ₹122 per share.

The ₹254.98 crore initial share sale consists of a fresh issuance of shares aggregating to ₹178.73 crore and an offer for sale (OFS) of 62.50 lakh shares valued at ₹76.25 crore by promoter Shankarlal Deepchand Mehta.

The fresh issue proceeds will be used for funding capital expenditure needs for expansion of existing manufacturing unit in Gujarat's Panchmahal district, debt clearance and general corporate purposes.

"In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the firm said in its red herring prospectus (RHP).

Rajputana Stainless IPO: Lot size

A lot consists of 110 equity shares. Half of the net offer has been reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors (NIIs).

Rajputana Stainless IPO: Allotment and listing date

Rajputana Stainless makes long and flat stainless-steel products comprising of forged ingots, billets, rolled black bars, rolled bright bars, flat & patti and other ancillary products under the 'RSL' brand. It offers products in over eighty diverse grades of stainless steel.

It operates exclusively on a business-to-business (B2B) model, serving a client base that primarily consists of manufacturers and traders.

Apart from the domestic market, its products are exported to nine countries, including the markets of the UAE, Poland, Portugal, Turkey, the USA, South Korea, the Czech Republic, South Africa and Kuwait.