Rajputana Stainless IPO Sees 60% Subscription on Final Day, Institutional Demand Fully Met

Rajputana Stainless IPO Sees 60% Subscription on Final Day

The Rajputana Stainless initial public offer (IPO) received bids for 1.24 crore shares on the final day of bidding, representing a 60% subscription of the total 2.09 crore shares on offer. According to data available with the National Stock Exchange (NSE) until 1 pm, the subscription figures indicate a mix of investor interest.

The subscription numbers by category reveal that the Qualified Institutional Buyers (QIBs) segment received bids 1.02 times its quota, while the non-institutional investors segment saw a 1.39 times subscription. However, the Retail Individual Investors (RIIs) category received only a 19% subscription. The price range for the offer has been fixed at Rs 116-122 per share.

The company had earlier raised Rs 10 crore from anchor investor Shine Star Build Cap. Market analysts tracking grey market activities report that the company's shares are commanding a flat GMP (Grey Market Premium) in the unofficial market.

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Rajputana Stainless manufactures a variety of stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats, patti, and other ancillary products. The company's IPO allotment is expected by March 12, with the proposed listing on March 16.