Rajputana Stainless IPO Sees 32% Subscription on Day 2, Institutional Investors Lead

Rajputana Stainless IPO Update

As of the second day of bidding, the initial public offer (IPO) of Rajputana Stainless, a manufacturer of long and flat stainless-steel products, has received 67.5-lakh bids, translating to a subscription of 32% compared to the 2.09-crore shares on offer.

Breakdown of Subscription:

• Qualified Institutional Buyers (QIBs): 99% subscribed
• Non-Institutional Investors: 68% subscribed
• Retail Individual Investors (RIIs): 6% subscribed

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The Rs 255-crore issue has a price range of Rs 116-122 per share. The IPO is set to conclude on Wednesday.

Grey Market Activity:

According to grey market platforms, the shares of Rajputana Stainless are commanding a premium of up to 2%. Market trackers Investorgain and IPO Watch have quoted a Grey Market Premium (GMP) of Rs 1.5 and Rs 1.64, respectively, indicating a listing gain of 1.23% and 1.64%, respectively.

IPO Details:

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• Rajputana Stainless manufactures a range of stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats, patti, and other ancillary products.
• Rajputana Stainless IPO allotment is expected by March 12.
• Share listing is proposed on March 16.