Shares of Rajputana Stainless Ltd fell over 7% on debut at BSE and NSE against the Rs 122 issue price. IPO was subscribed 1.12 times with the offer price range of Rs 116-122. The company specializes in manufacturing a variety of stainless-steel products.

Rajputana Stainless Faces Rocky Trading Debut

Shares of Rajputana Stainless Ltd ended over 7% lower on their first trading day at both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The stock started at Rs 123.95, a slight rise from the issue price of Rs 122, but fell to Rs 112.90 at the BSE and Rs 113.03 at the NSE.

The initial public offering (IPO) for the company was subscribed 1.12 times, offering a combination of new shares and shares for sale within a price range of Rs 116-122. Despite the modest demand, the debut performance was underwhelming, affecting the company's valuation, which stood at Rs 943.48 crore by market close.

Rajputana Stainless Ltd, renowned for its manufacturing of a diverse array of stainless-steel products such as billets, forging ingots, and bars, faced an additional challenge as regulators permitted some investors to withdraw bids amidst circulated emails and videos encouraging investment in the IPO.