Rajputana Stainless makes a flat debut, lists at Rs 122 on NSE

Rajputana Stainless was listed at Rs 122 on the National Stock Exchange, at par with the issue price. The stock opened the first day of trade at Rs 123.95 on the BSE, a premium of mere 1.6% to the issue price.

The IPO was opened for bidding on March 09 and closed on March 11.

Rajputana Stainless: When was the allotment finalised?

The allotment of shares has been deferred to March 17 as the company asked “certain” investors via e-mail to bid in the IPO. Before that, the allotment for the Rajputana Stainless IPO was supposed to be finalised on March 12.

“We understand that unsolicited emails and video material making an invitation to participate in the Initial Public Offering (IPO/Issue) of Rajputana Stainless (Company) have been inadvertently shared by the company through email to certain individuals and entities,” said the company in a notification.

Rajputana Stainless: Key details

The company raised Rs 254.98 crore via 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. The company set the issue price at Rs 122 per equity share.

Rajputana Stainless: Lot size

A retail applicant could file for a minimum of 110 shares in a lot, amounting to Rs 13,420. The lot size investment for a small NII was 15 lots of 1,650 shares, aggregating to Rs 2 lakh, and for a big NII, it is 75 lots of 8,250 shares, totalling to Rs 10 lakh.

Rajputana Stainless: Book runner and registrar

Nirbhay Capital Services was the book-running lead manager for the IPO, and KFIN Technologies was the registrar of the issue.

About Rajputana Stainless

Rajputana Stainless is in the business of manufacturing long and flat stainless-steel products. Incorporated in 1991, the company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.

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.