Rajputana Stainless Shares Experience Significant Decline on First Day of Trading
Rajputana Stainless IPO Debut
Company Overview Rajputana Stainless, a manufacturer of stainless-steel products, made its debut on the National Stock Exchange (NSE) on Thursday. The company's shares were listed at the issue price of Rs 122 per share, but ultimately settled at Rs 112.7, marking a decline of nearly 8%.
IPO Details The company's initial public offering (IPO) raised Rs 255 crore, with the issue being subscribed 1.12 times in the primary market. Prior to the IPO, Rajputana Stainless had raised Rs 10 crore from anchor investor Shine Star Build Cap.
Market Performance The stock's performance was in line with the broader market's weak sentiments, with profit booking emerging as a major factor in the decline. The price range for the offer was fixed at Rs 116-122 per share.
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Investor Takeaway
Investors should be cautious of Rajputana Stainless shares after a significant decline on its first day of trading.
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