New Delhi, March 19 Shares of Rajputana Stainless Ltd, a manufacturer of long and flat stainless-steel products, closed over 7 per cent lower on Thursday, its first day of trading against the issue price of Rs 122.
The stock closed at Rs 112.90, down 7.45 per cent on the BSE. Earlier in the day, it started trading at Rs 123.95, up 1.59 per cent from the issue price, but failed to maintain this momentum.
At the NSE, the stock was listed at par with the issue price of Rs 122. It later closed at Rs 113.03, down 7.35 per cent.
The company's market valuation stood at Rs 943.48 crore.
The initial public offer of Rajputana Stainless Ltd was subscribed 1.12 times. The IPO ran from March 9-11.
The IPO had a fresh issue of up to 1,46,50,000 equity shares and an offer for sale of up to 62,50,000 equity shares. The price range for the offer was fixed at Rs 116-122 per share.
Investors/bidders in the Rajputana Stainless IPO were given an additional window to withdraw their bids on March 12, 13, and 16, due to the circulation of emails and video material inviting them to participate in the IPO, according to details available on the NSE.
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.