New Delhi, March 10 The initial public offer of Rajputana Stainless Ltd, a manufacturer of long and flat stainless steel products, received 42 per cent subscription on the second day of bidding on Tuesday.
The IPO received bids for 88,17,270 shares, compared to the 2,09,00,000 shares on offer, according to data available with the NSE.
The category for Qualified Institutional Buyers (QIBs) saw 99 per cent subscription. The quota for non-institutional investors received 94 per cent subscription, while Retail Individual Investors (RIIs) received 11 per cent subscription.
The initial public offer includes 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 has been set at Rs 116-122 per share.
The IPO will conclude on Wednesday.
Rajputana Stainless has raised Rs 10 crore from anchor investor Shine Star Build Cap.
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.