Rajputana Stainless shares make a muted market debut; check listing price on BSE & NSE

Shares of Rajputana Stainless made a muted stock market debut on Thursday, March 19 as the metal products company was listed at Rs 123.95 apeice on BSE, a premium of 1.6 per cent over its issue price of Rs 122. However, the stock was listed at par, that is on the issue price, on NSE. Investors made a profit of Rs 237.9 per lot on BSE.

Listing of Rajputana Stainless has been on the expected lines. Ahead of their debut, shares of Rajputana Stainless were trading at a grey market premium (GMP) of Rs 2-3 apiece ahead of its listing, indicating a potential listing gain of around 2-3 per cent for investors. and its GMP has remained stable within this range since the closure of the issue

The company’s initial public offering (IPO) was open for subscription from March 9 to 11. Rajputana Stainless raised Rs 255 crore through a combination of fresh equity shares worth Rs 179 crore and an offer-for-sale of up to 62.5 lakh equity shares. The shares were priced between Rs 116 and Rs 122 each, with a lot size of 110 shares.

Data from the BSE Ltd shows that the IPO was subscribed 1.12 times overall. The qualified institutional buyers (QIB) and non-institutional investors segments were subscribed 2.51 times each, while the retail portion was subscribed only 27 per cent.

Following the subscription, Rajputana Stainless allowed investors to withdraw their bids during the next three trading sessions from March 12 to 16. This followed the circulation of emails and video materials encouraging participation in the IPO. Prior to this, the company had withdrawn the anchor investor allocation from the issue.

Founded in 1991 and based in Gujarat, Rajputana Stainless manufactures long and flat stainless steel products. Its offerings include billets, forging ingots, rolled black and bright bars, flat and patti products, and other ancillary items across more than 80 grades. The company primarily sells to domestic customers through direct sales and traders.

Brokerage firms had mixed opinions on the IPO ahead of its launch. Nirbhay Capital Services acted as the sole book running lead manager, while Kfin Technologies served as the registrar for the issue.