The shares of steel fabrication firm, Readymade Steel India, were listed on the Bombay Stock Exchange today at Rs. 115 per share. The shares rose about 6.48% from their issue price of Rs. 108 a share on the BSE in the opening trade. Readymade Steel had already raised Rs. 34.75 crore through the IPO.

Soon after the listing, the shares of the Company came under heavy pressure and declined 36.5% from the issue price when markets closed and were traded at Rs. 68.55.

The core business of Readymade Steel India is to provide steel for construction practices to the infrastructure industry.

In an interview with CNBC-Awaaz, the Managing Director of Readymade Steel India, Anil Agrawal said, “We expects 50% growth in sales for FY12, our current capacity stands at 27,000 tonne, which will be increased to 1.9 lakh tonne after expansion”.

At 9:50 hours IST, the stock of Readymade Steel India was traded at Rs 114.25, with volume of about 44 lakh equity shares.

Meanwhile, the Company is also planning to issue proceeds partly financing the expansion of its existing facility at Khopoli, in Raigad district of Maharashtra and setting up new facilities near New Delhi and Raipur.