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Stainless IPO Squeaks Through on Final Day
11 Mar
Summary
- Rajputana Stainless IPO subscription closed on March 11.
- IPO price band was ₹116 to ₹122 per share.
- Anchor book failed to attract sufficient demand before opening.
The Initial Public Offering (IPO) for Rajputana Stainless concluded its subscription period on March 11, following a slow start. Investor interest picked up on the final day, allowing the issue to sail through.
The IPO's price band was established at ₹116 to ₹122 per share. While retail investor response was notably subdued, the non-institutional investor and Qualified Institutional Buyer segments showed stronger uptake, with subscriptions exceeding two times their allocated portions.
Earlier, on March 6, the company opened its anchor book but did not attract the required regulatory threshold of demand. Proceeds from the IPO are earmarked for establishing a manufacturing facility in Gujarat's Panchmahal district, enhancing its product portfolio, debt repayment, and general corporate needs.
The grey market premium (GMP) currently stands at ₹01, indicating a slight potential listing gain. Rajputana Stainless offers over 80 grades of stainless steel and exports to nine countries, including the US and Turkey.
