Rajputana Stainless initial public offer (IPO) got subscribed 42 percent on the second day of bidding on Tuesday. The initial share sale of the manufacturer of long and flat stainless-steel products, received bids for 88.17-lakh shares, as against 2.09-crore shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) received 99 percent subscription, while the quota for non-institutional investors fetched 94 percent subscription. The portion for Retail Individual Investors (RIIs) got subscribed 11 percent.
The Rs 255-crore issue has a price range for the offer has been fixed at Rs 116-122 per share.
The IPO will conclude on Wednesday. Earlier, it raised Rs 10 crore from anchor investor Shine Star Build Cap.
According to platforms tracking the grey market activities, the shares of the company are commanding of up to 2 percent in the unregulated market. Investorgain quoted a GMP of Rs 1.5 for the shares of the company, indicating a listing gain of 1.23 percent. Meanwhile, IPO Watch quoted a GMP of 1.64 percent.
The firm manufactures a range of stainless-steel products, including billets, forging ingots, rolled black bars, rolled bright bars, flats, patti, and other ancillary products.
Rajputana Stainless IPO allotment is expected by March 12, while share listing is proposed on March 16.
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