Today, August 1, 2024, is the last day for investors to apply for shares in Rajputana Industries through its Initial Public Offering (IPO). This IPO is a way for the company to raise funds to support its growth plans.
The share price was set between Rs 36 and Rs 38, meaning investors could buy shares within this range. Investors can check the subscription status to see how many people have applied for the shares compared to the number available. This gives an idea of the demand for the shares.
The IPO, which aims to raise 23.88 crore rupees, received 186.96 times more bids than the number of shares available. Specifically, investors bid for 44,61,99,000 shares, while only 43,14,000 shares were on offer. The retail investors’ portion was subscribed 186.96 times, non-institutional investors 72.98 times, and qualified institutional buyers (QIB) 4.33 times. On the first day, the IPO was subscribed 20.73 times and on the second day, it was subscribed 82.53 times.
Rajputana Industries Ltd produces non-ferrous metal items such as copper, aluminum, brass, and various alloys by recycling scrap metal. They process this scrap metal into billets at their factory in Sikar, Rajasthan.
The IPO is entirely a fresh issue of 62.85 lakh shares. Investors must apply for at least 3,000 equity shares, with each lot costing a minimum of Rs 1,14,200 (3,000 shares x Rs 38, the upper price band).
According to market watchers, the unlisted shares of Rajputana Industries Ltd are trading Rs 50 higher in the grey market compared to the issue price. This grey market premium (GMP) suggests a 131.58 percent gain upon listing. The GMP reflects market sentiment and can change over time, showing investors’ willingness to pay more than the issue price.
The strong response to the Rajputana Industries IPO shows investors’ confidence in the company’s future. Investors will soon learn if they have been allotted shares, and the company is expected to be listed on the NSE SME on August 6, 2024. This listing marks a significant milestone for Rajputana Industries as it enters the public market, offering investors a chance to join its growth journey.
