Rajputana Stainless IPO: Strong Initial Subscription Highlights Investor Interest

Rajputana Stainless Ltd's IPO saw robust interest, with a 42% subscription by the second day. Notably, Qualified Institutional Buyers nearly fully subscribed, while non-institutional investors showed 94% interest. Retail investors trailed with 11% subscription on offer at Rs 116-122 per share, concluding Wednesday.

Rajputana Stainless Ltd's initial public offering (IPO) has piqued investor interest, with subscriptions reaching 42% by the second day of bidding on Tuesday. According to the National Stock Exchange (NSE), the IPO received bids for 8,817,270 of the 20,900,000 shares available.

The Qualified Institutional Buyers (QIBs) category excelled with a 99% subscription rate, while non-institutional investors closely followed at 94%. Retail Individual Investors (RIIs), however, lagged with an 11% subscription rate. The offer consists of a fresh issue of 14,650,000 equity shares and an offer-for-sale totaling 6,250,000 equity shares, with a price range set at Rs 116-122 per share.

The IPO will close on Wednesday. Notably, Rajputana Stainless Ltd, a manufacturer specializing in various stainless-steel products, secured Rs 10 crore from anchor investor Shine Star Build Cap. The company produces items such as billets, forging ingots, rolled bars, and ancillary products.

(With inputs from agencies.)