The initial public offering of Rajputana Stainless Limited opened on Monday. The company aims to raise approximately Rs.254.98 crore from the capital market through this IPO. The company has fixed a price band of Rs.116 to Rs.122 per share. Investors can apply in a minimum lot of 110 shares and in multiples thereof. For retail investors, a minimum investment of Rs.13,420 will be required as per the above price band.
The book running lead manager of this IPO is Nirbhay Capital Services Private Limited, while Kfin Technology Limited is acting as the registrar.
Purpose of Funds
The company said it will use the funds for strategic expansion:
- New Plant: The company will spend Rs.18.57 crore for setting up a new manufacturing unit of 'Stainless Steel Seamless Pipes' to enhance its portfolio.
- Debt Reduction: The company will partially or fully repay its secured debt up to Rs.98 crore, which will reduce interest expense and enhance profitability.
Rajputana Steel Final Day Subscription Status
The Rajputana Stainless was subscribed 60% as of 1.00 p.m. on Wednesday
- Qualified Institutional Buyers (QIBs): 1.02
- Non Institutional Investors: 1.40
- Retail Individual Investors: 0.19
Rajputana Stainless IPO GMP Today
According to InvestorGain, the latest GMP for the Rajputana Stainless IPO is Rs 1 on March 11. Compared to the upper limit of the issue price band of Rs 122, the latest GMP indicates a listing price of Rs 123, with a potential gain of around 1% for investors.
About Rajputana Stainless Limited
Rajputana Stainless Limited was established in 1991. The manufacturing unit is spread over 35,196 sq m at Kalol, Gujarat and is equipped with facilities like Induction Furnace, AOD, CCM and Rolling Mill.
Rajputana Stainless is engaged in the manufacturing of long and flat stainless steel products under its brand RSL. Its product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats, coils and other ancillary products.
Offered in over 80 stainless steel grades. The company operates on a B2B model, primarily catering to manufacturers and traders. Its products serve diverse industries such as seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, vessels, pumps and shafts and the automotive sector.
ALSO READ: Rajputana Stainless IPO GMP Drops Ahead of Closing Day: What It Means for Investors
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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