Rajputana Stainless IPO Update: 32% Subscription Achieved on Day 2

Rajputana Stainless IPO Update

Subscription Status As of the second day of the bidding process, the Rajputana Stainless IPO has secured a subscription of 30%. The retail portion is subscribed at 4%, while the Non-Institutional Investors (NII) portion has been booked at 65%. Qualified Institutional Buyers (QIBs) portion received 99% bids.

Offer Details The Rajputana Stainless IPO includes a fresh issue of up to 1.46 crore equity shares, in addition to an offer-for-sale of up to 62.5 lakh shares from promoter Shankarlal Deepchand Mehta. This results in a total capital raising of up to ₹255 crore at the highest end of the price range.

Proceeds Allocation The proceeds from the new issue will be used to:

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

• Set up a manufacturing facility in the Panchmahal district of Gujarat
• Expand the product line
• Reduce debt
• Cover general corporate expenses

Grey Market Premium The current grey market premium (GMP) for Rajputana Stainless IPO is at +1.5%, indicating investors' readiness to pay more than the issue price. The estimated listing price of the shares is ₹123.5 apiece, which is 1.23% higher than the IPO price of ₹122.

Listing Date The shares of Rajputana Stainless are expected to be listed on the BSE and NSE on Monday, March 16.

Valuation and Recommendations Adroit Financial, GEPL Capital, and SBI Securities have recommended a Subscribe rating for the issue, citing the company's growth potential, valuations, and strong financial performance.

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO