Readymade Steel India IPO subscribed 1.49 times

capital market | Mumbai |

Receives bids for 57.44 lakh shares

The initial public offer (IPO) of Readymade Steel India, a steel fabricating firm, was subscribed 1.49 times by 16.00 IST on the last day of the issue today, 29 June 2011. The IPO received bids for 57.44 lakh shares compared with 38.60 lakh shares on offer.

The company has set a price band of Rs 90-108 per share for the IPO. The IPO has been graded by CARE with a grade of 2/5, indicating below average fundamentals.

Readymade Steel India has an installed capacity of 27,000 metric tonnes per annum (MTPA) for processing of steel used in construction industry, primarily reinforcement bars, into various shapes and sizes. It is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry.

The company intends to use the proceeds from the IPO to enhance the capacity at Khopoli and for setting up of new facilities near New Delhi and Raipur.

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