Rajputana Stainless, the long and flat stainless-steel products manufacturing company, on March 6 has raised Rs 10 crore from only one anchor investor, a day before the IPO opening for public subscription.
The initial public offering (IPO) will open on March 9, and close on March 11, with price band of Rs 116-122 per share.
The Gujarat-based company has finalised allocation of 8.19 lakh equity shares to anchor investor at the upper price band.
Shine Star Build Cap is the only investor in the company via anchor book.
Rajputana Stainless that makes billets, forging ingots, and rolled black bar is raising Rs 254.98 crore via IPO of 2.09 lakh shares, which is mix of fresh issuance of 1.46 crore shares worth Rs 178.73 crore, and an offer-for-sale of 62.5 lakh shares amounting to Rs 76.25 crore.
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The Rs 18.57 crore of proceeds from the fresh issue will be utilised for expansion of the existing manufacturing facility at Panchmahal, Gujarat through forward integration and diversification of product portfolio (i.e. stainless steel seamless pipes).
Further, Rs 98 crore will be used for repaying of certain outstanding borrowings, and the remainder funds for general corporate purposes.
"We intend to utilise a portion of the vacant industrial land within the premises of existing manufacturing facility for the establishment of a stainless-steel seamless pipes manufacturing unit, with a proposed installed capacity of 9,600 MTPA," Rajputana said.
Nirbhay Capital Services is acting as the merchant banker for the Rajputana Stainless IPO.
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