Following the closure of its initial public offering (IPO), Rajputana Steel shares are all set to make their stock market debut on Friday, March 20. The shares of Rajputana Steel will be listed on both BSE and NSE.
The allotment of Rajputana Steel IPO was finalised on Tuesday, March 17, after investors were allowed to withdraw their bids between March 12 and March 16.
Rajputana Stainless IPO was subscribed 1.12 times during the bidding period, garnering bids worth ₹285.72 crore from nearly 23,000 applications. The Retail Individual Investors (RIIs) segment saw a 27% subscription, while the Non-Institutional Investors (NII) category was subscribed 2.59 times. Meanwhile, the Qualified Institutional Buyers (QIBs) portion received 2.51 times subscription.
Rajputana Steel IPO GMP ahead of listing
The GMP trend of Rajputana Steel IPO in the grey market indicates a muted listing.
Rajputana Steel IPO GMP is ₹3, according to Investorgain. This means that the estimated listing price is likely to be ₹125, which is 2.46% higher than the IPO price of ₹122.
Rajputana Steel IPO details
The mainboard IPO was open for public subscription from Monday, March 9, to Wednesday, March 11.
The company raised ₹254.98 crore through the book-built issue, comprising a fresh issue of 1.47 crore equity shares worth ₹178.73 crore and an offer-for-sale (OFS) of 62.50 lakh shares aggregating to ₹76.25 crore. The price band for the Rajputana Stainless IPO was fixed at ₹116– ₹122 per share.
The proceeds from the fresh issue will mainly be utilised to fund capital expenditure for expanding the company’s existing manufacturing facility in Gujarat, including forward integration and product diversification. A portion of the funds will also be used to repay certain outstanding borrowings, with the balance allocated for general corporate purposes.
Nirbhay Capital Services Pvt. Ltd. is acting as the book-running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar to the issue.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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