Rathi Bars settled at Rs 31.90 on BSE, an 8.85% discount as compared to IPO price of Rs 35.

The counter saw volume of 62.48 lakh shares on BSE.

The stock debuted on BSE at Rs 38, an 8.57% premium over IPO price of Rs 35. It hit high of Rs 45 and low of Rs 31 during the day.

Rathi Bars came out with an initial public offering of 71. 42 lakh equity shares of face value Rs 10 each. The fixed price IPO mopped up Rs 25 crore. The issue proceeds will be utilised for expansion and modernisation of its current business. The post-issue holding of the promoters is 56.26%.

Rathi Bars manufactures cold twisted deformed (CTD) steel bars and thermo-mechanically treated (TMT) steel bars. The bars are used as a reinforcement material in the construction space. The basic raw material required to produce these bars is mild steel (MS) ingots.

The company posted 5.23% rise in net profit to Rs 6.03 crore on 18.48% growth in net sales to Rs 191.24 crore in the year ended March 2007 over the year ended March 2006.

|