Rajputana Stainless IPO: Early Success and Investor Insights

Rajputana Stainless Ltd's IPO gained 30% subscription on day one, with institutional buyers leading interest. The offer includes new shares and a sale portion, priced at Rs 116-122 each. With substantial support from anchor investors, the company continues to attract diverse investor groups.

The initial public offering (IPO) of Rajputana Stainless Ltd, specializing in long and flat stainless-steel products, saw a 30% subscription rate on its opening day of bidding, Monday.

NSE data reveals that 63,04,430 shares were bid for from the total 2,09,00,000 shares available for offer. Remarkably, Qualified Institutional Buyers (QIBs) category was nearly fully subscribed at 99%, while non-institutional investors showed a strong 65% subscription. Meanwhile, Retail Individual Investors (RIIs) subscribed to 4% of their available portion.

The IPO's structure includes a fresh issue of up to 1,46,50,000 equity shares along with an offer-for-sale up to 62,50,000 equity shares, priced between Rs 116-122 per share. Scheduled to conclude by Wednesday, the IPO has already gathered Rs 10 crore through anchor investor Shine Star Build Cap. Rajputana Stainless Ltd produces a broad array of stainless-steel items such as billets, forging ingots, and various types of bars and flats.

(With inputs from agencies.)