Rajputana Stainless IPO subscribed 30 pc on Day 1

New Delhi, Mar 9 (PTI) The initial public offer of Rajputana Stainless Ltd, a manufacturer of long and flat stainless-steel products, got subscribed 30 per cent on the first day of bidding on Monday.

The IPO received bids for 63,04,430 shares, as against 2,09,00,000 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) received 99 per cent subscription, while the quota for non-institutional investors fetched 65 per cent subscription. The portion for Retail Individual Investors (RIIs) got subscribed 4 per cent.

The initial public offer has a fresh issue of up to 1,46,50,000 equity shares and an offer-for-sale of up to 62,50,000 equity shares.

Price range for the offer has been fixed at Rs 116-122 per share.

The IPO will conclude on Wednesday.

Rajputana Stainless has raised Rs 10 crore from anchor investor Shine Star Build Cap.

The firm manufactures a range of stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats, patti, and other ancillary products. PTI SUM DRR