The initial public offering (IPO) of Rajputana Stainless Ltd. which opened for bidding on March 9, will close for subscription today. The IPO has seen a muted response so far, with investors bidding for 88,17,930 shares against the 2,09,00,000 shares on offer. The overall subscription stood at 0.42 times ahead of the final day of bidding.
Ahead of the listing of the mainboard issue, investors are closely watching grey market premium (GMP) trends to gauge the wider market sentiment. The latest GMP signals a muted or a discounted listing for the Rajputana Stainless shares, with the stock expected to debut with a marginal gain of around 0.82%.
Here's a look at the latest GMP and other key details ahead of the launch of the IPO of Rajputana Stainless.
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.
Note: GMP does not represent official data and is based on speculation.
ALSO READ: Warburg Pincus-Backed Truhome Finance Files DRHP For IPO To Raise Rs 3,000 Crore
Rajputana Stainless IPO Details
Rajputana Stainless IPO is a book-built issue worth Rs 254.98 crore. It includes a fresh issue of 1.47 crore shares, aggregating Rs 178.73 crore, and an offer-for-sale (OFS) of 63 lakh shares, amounting to Rs 76.25 crore.
The price band for the IPO has been set at Rs 116 to Rs 122 per share.
The lot size for the IPO comprises 110 shares each. Retail investors can participate in the IPO subscription by applying for at least a single lot size, amounting to a minimum investment of Rs 13,420 per application.
Rajputana Stainless IPO Allotment and Listing Date
The share allotment status for the Rajputana Stainless IPO is expected to be finalised on March 12. The listing date for the Rajputana Stainless IPO has been tentatively fixed as Monday, March 16. Shares of the company will be listed on the NSE and BSE.
ALSO READ: India's IPO Engine Slows As Issuers Hold Back Deals Despite Large Pipeline — Here's Why
Rajputana Stainless IPO: Business And Financials
Incorporated in 1991, Rajputana Stainless Ltd. manufactures long and flat stainless-steel products. Its products include billets, ingots, bars, flat and patti and other items across more than 80 different stainless steel grades. The company primarily sells in India and exports to the UAE, USA, Turkey, Kuwait and Poland.
In the financial year 2024-25, Rajputana Stainless reported a total income of Rs 937 crore, up from Rs 915.5 crore in the previous fiscal. The company's profit after tax (PAT) increased to Rs 39.85 crore in FY25, compared to Rs 31.63 crore in FY24. Ebitda also increased to Rs 74 crore in FY25 against Rs 59 crore in the preceding financial year.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.