Rajputana Stainless's initial public offering, which opened for public subscription on Monday, March 9, has been subscribed 30 per cent on day 1. According to NSE data, the IPO got bids for 63,04,430 shares against 2,09,00,000 issued shares till 5:00 PM.

The qualified Institutional Buyers section leads the day 1 subscription drive with 0.99 times or 99 per cent subscription, followed by Non Institutional Investors--0.65 times or 65 per cent. The shares reserved for retail individual investors did not get much attraction from the investors as it was subscribed only 0.04 per cent.

Rajputana Stainless IPO GMP

Rajputana Stainless grey market premium remained almost flat, mirroring the subdued demand in the primary market. According to Investorgain, a grey market tracker, Rajputana Stainless GMP today is Rs 2.5, meaning the shares are trading at Rs 124.5 per share as compared to Rs 122, the upper limit of price band.

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IPO Details

The Rs 254.98 crore IPO of Rajputana Stainless opened for subscription on Monday, March 9 and will remain open till Wednesday, March 11. It is a book build issue, and the price band for the same has been fixed at Rs 116-Rs 122 per share. The lot size of the IPO is 110 shares.

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The share sale is a combination of fresh shares worth Rs 178.73 and offer for sale of shares worth 76.5 crore. The Rajputana Stainless shares are expected to list on BSE and NSE on March 16. Meanwhile, the share allotment will likely be finalised on March 12.