Readymade Steel lists at premium on the BSE

Mumbai : Readymade Steel India has debuted at Rs 115, a 6% premium against its issue price of Rs 108 per share on the Bombay Stock Exchange (BSE). The stock is currently trading at Rs 114 and has touched a high of Rs 118 and low of Rs 113 so far. Around 1.4 million shares have changed hands on the counter till 0923 hours.

Engaged in the business of providing ready to use steel for construction activities to the infrastructure industry, the company raised Rs 34.75 crore through the initial public offer (IPO) and had fixed the issue price at higher end of price band of Rs 90-108 a share.

The issue was subscribed 1.68 times, mainly on back of huge response from retail investors. Reserved portion of retail investors was subscribed 4.18 times and non-institutional investors 1.37 times.

It intends to deploy issue proceeds for partly financing the expansion of existing facility at Khopoli, district Raigad, Maharashtra and setting up of new facilities near New Delhi and Raipur; pre-operative expenses including issue expenses; and working capital requirements.