NSE SME Rajputana Industries rallies on listing day

Shares of Rajputana Industries were quoting at Rs 75.80 on the NSE, a premium of 99.47% compared with the issue price of Rs 38.

The scrip was listed at Rs 72.20, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 75.80 and a low of Rs 72.20. About 11.01 lakh shares of the company changed hands at the counter.

Rajputana Industries' IPO was subscribed 258.42 times. The issue opened for bidding on 30 July 2024 and it closed on 1 August 2024. The price band of the IPO was set at Rs 36 to Rs 38 per share.

The IPO comprised fresh issue of 62,85,000 equity shares. The company intends to utilize the net proceeds to funding working capital requirement, to purchase of grid solar power generating system and general corporate purpose.

Ahead of the Rajputana Industries on 29 July 2024, raised Rs 6.12 crore from anchor investors. The board allotted 16.11 lakh shares at Rs 38 per share to 2 anchor investors.

Rajputana Industries is primarily engaged in the business of manufacturing of diverse range of non-ferrous metal products from primarily copper, aluminium, brass and various alloys from recycling of scrap metal. It procures scrap metal from open markets and converts them into billets made of metals like aluminium, copper or brass etc. As on 10 July 2024, the company has 98 full time employees.

The company recorded revenue from operations of Rs 326.50 crore and net profit of Rs 5.12 crore for the period as on 31 March 2024.

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