Rajputana Stainless IPO Opens March 9 at ₹116 to ₹122 Price Band, Aims to Raise ₹254.98 Crore
Gujarat-Based Rajputana Stainless Announces IPO Details
Gujarat-based stainless steel manufacturer Rajputana Stainless has announced the price band for its upcoming Initial Public Offering, which will open for subscription on March 9 and close on March 11.The company has fixed the IPO price range at ₹116 to ₹122 per equity share. Investors can bid in a minimum lot size of 110 shares and in multiples of 110 thereafter.
Rajputana Stainless IPO Size and Structure
At the upper end of the price band, the Rajputana Stainless IPO is set to raise ₹254.98 crore. The issue comprises a fresh issue of equity shares worth ₹179 crore and an Offer for Sale of shares worth ₹76 crore by promoter Shankarlal Deepchand Mehta.Promoters, including Shankarlal Deepchand Mehta, currently hold a 78.21 percent stake in the company, while the remaining 21.79 percent is owned by public shareholders.
Following the listing, Rajputana Stainless is expected to command a market capitalization of ₹1,019.53 crore at the upper price band.
IPO Reservation and Key Dates
The company will raise funds from anchor investors on March 6, ahead of the public subscription window.The IPO allocation structure includes:
- 50 percent reserved for Qualified Institutional Buyers
- 15 percent allocated to Non Institutional Investors
- 35 percent earmarked for retail investors
Use of IPO Proceeds
Rajputana Stainless plans to utilize the proceeds from the fresh issue primarily to set up a new manufacturing facility for stainless steel seamless pipes, aimed at expanding its product portfolio.A portion of the funds will also be allocated towards debt repayment, while the remaining amount will be used for general corporate purposes.
Business Overview of Rajputana Stainless
Rajputana Stainless manufactures long and flat stainless steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flat and patti products, along with other ancillary items.Stainless steel, known for its high corrosion resistance, is widely regarded as a value-added material used across multiple industries.
IPO Management and Registrar
The IPO is being managed by Nirbhay Capital Services, which is acting as the book running lead manager.Kfin Technologies has been appointed as the registrar to the issue.
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