Rajputana Stainless's ₹255cr IPO opens today: Key details
Rajputana Stainless, a Gujarat-based stainless-steel maker, has opened its IPO for subscription from today until March 11.
The company is looking to raise up to ₹254.98 crore by offering 2.09 crore shares, with a price band of ₹116-₹122 per share.
Minimum investment starts at ₹13,420 (110 shares), and if fully subscribed at the top price, Rajputana's market cap could hit around ₹1,019 crore.
What does the company do?
They produce over 80 grades of long and flat stainless-steel products (billets, forging ingots, rolled black and bright bars, flats, and more) used across industries such as aerospace, oil & gas, defense, automotive, aviation and precision engineering.
Funds raised will go toward expanding their seamless pipes facility, paying off debt, and general business needs.
Issue details
IPO allotment happens on March 12 and shares are set to list on BSE and NSE by March 16.
Half the issue is reserved for big institutional investors; retail investors get 35%, while non-institutional folks have 15%.
Nirbhay Capital Services is managing the process with Kfin Technologies as registrar.