Rajputana Stainless IPO opened for subscription today, March 9. The issue will take the last bid on March 11. The company wants to raise a total of Rs 255 crores. Investors can bid for IPO shares between the price range of Rs 116 and Rs 122.
The issue is a combination of 1.47 crore fresh shares, aggregating to Rs 178.73 crores, and an offer for sale of 0.63 crore shares amounting to Rs 76.25 crores.
Rajputana Stainless IPO: GMP
The company has a grey market premium of 1.67%, changing hands at a price of Rs 124. This translates to a gain of Rs 220 on a single lot.
However, investors need to understand that the grey market is an unofficial platform and the actual listing price could be very different from the GMP indications.
Rajputana Stainless IPO: Allotment and listing
The allotment for the IPO shares is expected to be finalised on March 12, while the listing on the bourses, NSE and BSE, is likely to be on March 16, as per the tentative schedule.
Rajputana Stainless IPO: Lot size
The lot size for an application is 110. The minimum amount of investment required by a retail investor is Rs 13,420 (110 shares) (based on the upper price). The lot size investment for sNII is 15 lots (1,650 shares), amounting to ₹2,01,300, and for bNII, it is 75 lots (8,250 shares), amounting to ₹10,06,500.
Rajputana Stainless IPO: Book runner and registrar
Nirbhay Capital Services is the book-running lead manager for the IPO, and KFIN Technologies is the registrar of the issue.
About Rajputana Stainless
Rajputana Stainless is the manufacturer of long and flat stainless-steel products, offering a range of stainless steel products in over 80 diverse grades. These include billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products.
Incorporated in 1991, the company primarily sells its products domestically through direct sales and traders, while also exporting to five countries, which are the UAE, the USA, Turkey, Kuwait, and Poland.
The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defence, automotive, aviation, and precision engineering.