Rajputana Stainless share price: Stock lists at par with IPO issue price of ₹122 per share on NSE

The stock is listed at ₹122 apiece on the National Stock Exchange (NSE), which is at par with IPO issue price.

On the BSE, the scrip started trading at ₹123.95, up 1.6% from the issue price.

Rajputana Stainless share price: Here's how much investors made

A lot consisted of 110 shares. Investors who received the Rajputana Stainless IPO allotment made no gains as the stock listed at par with the issue price.

Rajputana Stainless IPO sought to raise ₹254.98 crore by offering new equity shares aggregating to ₹178.73 crore and an offer for sale of ₹76.25 crore by promoter Shankarlal Deepchand Mehta. The price band was fixed at ₹116 to ₹122 per share.

The money generated is intended towards expansion of the existing manufacturing facility, debt repayment and general corporate purposes.

Rajputana Stainless IPO, which was initially scheduled to get listed on March 16, was postponed after the firm gave investors the option to withdraw applications. The action taken by market regulator SEBI due to the circulation of video material and emails inviting investors to take part in the IPO.

The initial share sale was subscribed 1.12 times.

Rajputana Stainless is engaged in the development of long and flat stainless steel products like forging ingots, billets, rolled bright bar, rolled black bar and other ancillary products under the brand name 'RSL'.

Its products are utilised in industries including bar processing, forging, wire manufacturing, engineering, seamless pipes, casting, utensil manufacturing, fasteners, pumps and shafts and the auto industry.