Rajputana Stainless IPO Update

IPO Subscription Details

Rajputana Stainless' initial public offering (IPO) has received a total of 2.34 crore bids against an offer size of 2.09 crore shares, resulting in a subscription of 1.12 times. The non-institutional investor (NII) portion was subscribed 2.59 times, while the Qualified Institutional Buyers (QIB) quota was booked 2.51 times. The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.

IPO Details

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The ₹225-crore Rajputana Stainless IPO is a combination of a fresh issue of up to 1.46 crore equity shares and an offer for sale (OFS) of up to 62.5 lakh shares by promoter Shankarlal Deepchand Mehta. The price band for the issue was set between ₹116 and ₹122 per share. The allotment of the issue is likely to be finalised on March 12, and the shares are scheduled to be listed on both the Bombay Stock Exchange and National Stock Exchange of India, with a tentative listing date of Monday, March 16.

Company Overview

Rajputana Stainless manufactures long and flat stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats & patti, and other ancillary products under the brand name RSL. The company offers products across more than 80 grades of stainless steel, reflecting its ability to meet diverse technical and application-specific requirements. In addition to catering to the domestic market, the company currently exports its products to nine countries, including Turkey, the UAE, Poland, Portugal, the US, South Africa, South Korea, the Czech Republic, and Kuwait.