Rajputana Industries IPO: The initial public offering (IPO) of Rajputana Industries Limited, which has been closed on August 1, has received a strong response from investors so far. Till 5:00 pm on the final day of bidding on Thursday, the 23.88-crore SME IPO received 375.95 times subscription, garnering bids for 1,62,18,30,000 shares as against 43,14,000 shares on offer.
According to the latest data, the retail quota received a 524.61 times subscription, while the non-institutional investors category got a 417.95 times subscription. The qualified institutional buyers (QIB) category received a 177.94 times subscription.
The IPO received a 20.73 subscription on the first day of bidding on Tuesday, and a 82.53 times subscription on the second day on Wednesday. It was opened for public subscription on July 30.
Rajputana Industries Ltd manufactures non-ferrous metal products in copper, aluminium, brass, and various alloys from recycled scrap metal.
The Rajputana Industries IPO share allotment will likely be finalised on August 2, while its listing will take place on the NSE SME on August 6.
The price band of the IPO has been fixed at Rs 36-Rs 38 apiece.
Rajputana Industries IPO GMP Today
According to market observers, unlisted shares of Rajputana Industries Ltd are trading Rs 50 higher in the grey market as compared with its issue price. The Rs 50 grey market premium or GMP means the grey market is expecting a 131.58 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Rajputana Industries IPO: More Details
The Rajputana Industries IPO is entirely a fresh issue of 62.85 lakh shares.
Investors need to apply for a minimum of 3,000 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,14,200 [3,000 (lot size) x Rs 38 (upper price band)].
Rajputana Industries Ltd, which was founded in 2011, manufactures billets of metals such as aluminium, copper or brass, etc. from scrap metal procured from open markets. The scrap metal is processed into billets through recycling at the company’s own manufacturing facility in Sikar, Rajasthan.
Holani Consultants Private Limited is the book running lead manager of the Rajputana Industries IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Rajputana Industries IPO is Holani Consultants.
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