Rajputana Stainless Ltd. has filed its draft red herring prospectus with the Securities and Exchange Board of India. The initial public offering will include a fresh issuance of up to 1.9 crore shares with a face value of Rs 10 each, along with an offer-for-sale of up to 35 lakh equity shares by promoter Shankarlal Deepchand Mehta.
The net proceeds from the fresh issue will be utilised for funding part of the development costs for ongoing and upcoming projects, repaying or pre-paying certain outstanding borrowings, and for general corporate purposes.
The listing of equity shares is expected to enhance Rajputana Stainless' visibility, strengthen its brand image, and create a public market for its shares, benefiting both current and potential stakeholders, the company stated in its draft prospectus filed with SEBI.
Nirbhay Capital Services Private Ltd. is the book-running lead manager, and KFin Technologies Ltd. is the registrar to the issue.
Rajputana Stainless is engaged in stainless steel manufacturing and operates from Gujarat. The company produces a range of stainless steel products catering to various industrial sectors.
Originally incorporated as Rajputana Steel Castings Private Ltd. in 1991, the company transitioned to Rajputana Stainless Ltd. in 2007 following strategic restructuring.
In fiscal 2024, the company reported an Ebitda of Rs 59.40 crore and Ebitda margin of 6.53%. It reported an operating revenue of Rs 909.8 crore and profit margin of 3.48%.
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