Rajputana Stainless fixes the price band for its IPO

At the upper end of the price band, the company intends to raise ₹254.98 crore, which includes a fresh issue of shares worth ₹179 crore, along with an Offer for Sale (OFS) component of shares worth ₹76 crore. By Meghna Sen Gujarat-based Rajputana Stainless has announced the price band for its Initial Public Offering (IPO), which opens for subscription on March 9. The company has fixed the price band between ₹116 to ₹122 per equity share. Investors can bid for one lot of 110 shares and then in multiples of 110. At the upper end of the price band , the company intends to raise ₹254.98 crore, which includes a fresh issue of shares worth ₹179 crore, along with an Offer for Sale (OFS) component of shares worth ₹76 crore by promoter Shankarlal Deepchand Mehta. Promoters including Shankarlal Deepchand Mehta hold 78.21% stake in Rajputana Stainless, while 21.79% shares are owned by public shareholders. Rajputana Stainless will have a post-listing market capitalisation of ₹1,019.53 crore at the upper end of the price band. The Rajputana Stainless IPO will open for subscription on March 9 and close on March 11. The company will raise funds from anchor investors on March 6. 50% of the IPO has been reserved for institutional investors, while 15% of the issue is reserved for non-institutional investors. 35% of the offer is kept aside for retail investors. The company will spend some funds out of net fresh issue proceeds for setting up of manufacturing facility for stainless steel seamless pipes to expand its product portfolio. Further, an amount will be utilised for repaying debt, and the remaining funds for general corporate purposes. Rajputana Stainless manufactures long and flat stainless-steel products like billets, forging ingots, rolled black bar, rolled bright bar, flat & patti and other ancillary products. Stainless Steel is a value-added product with high corrosion resistant properties. Nirbhay Capital Services is the book running lead manager and Kfin Technologies is the registrar of the issue. The allotment for the Rajputana Stainless IPO is expected to be finalised on March 12. Rajputana Stainless IPO will list on BSE, NSE with a tentative listing date fixed as March 16.