Rajputana Stainless Shares Drop Over 7% on Debut Trading
New Delhi, March 19 – Shares of Rajputana Stainless Ltd, a manufacturer of long and flat stainless-steel products, fell sharply on Thursday, closing more than 7 per cent below their issue price on their debut trading day.The stock ended at Rs 112.90 on the BSE, down 7.45 per cent from the issue price of Rs 122. It initially opened at Rs 123.95, showing a modest gain of 1.59 per cent, but could not sustain the early momentum.
At the NSE, Rajputana Stainless was listed at par with the issue price of Rs 122 and later closed at Rs 113.03, down 7.35 per cent. Following the listing, the company’s market capitalization stood at Rs 943.48 crore.
The company’s initial public offer (IPO), which ran from March 9 to March 11, was subscribed 1.12 times. The IPO comprised a fresh issue of up to 1,46,50,000 equity shares and an offer for sale of up to 62,50,000 equity shares, with a price band of Rs 116-122 per share.
Investors were given an additional window to withdraw bids on March 12, 13, and 16 following circulation of emails and videos inviting participation in the IPO, according to NSE details.
Rajputana Stainless manufactures a diverse range of stainless-steel products, including billets, forging ingots, rolled black and bright bars, flats, patti, and other ancillary products.
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