Rajputana Stainless is set to raise nearly ₹255 crore through its IPO consisting of 2,09,00,000 shares. The issue opens on March 9, 2026. Investors can apply their bids until the subscription period ends on March 11, 2026. The company has proposed the allotment of shares on March 12, 2026. The IPO will debut on March 16, 2026, on the BSE and NSE.
The shares have a nominal value of ₹10, and they are priced between ₹116 and ₹122. Applications have to be made in lots of 110 shares. For individual participants, the minimum bid is ₹13,420. sNII must bid for 15 lots, making their investment ₹2,01,300. The bNII category starts at ₹10,06,500 for 75 lots.
Rajputana Stainless IPO Details
Listed below are the important details of this offering:
| Particulars | Details |
| IPO Opens | March 9, 2026 |
| IPO Closes | March 11, 2026 |
| Issue Type | Bookbuilding |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹122 |
| IPO Lot Size | 110 Shares |
| Listing at | NSE, BSE |
| Offer for Sale | 62,50,000 shares (₹76 crore) |
| Fresh Issue | 1,46,50,000 shares (₹179 crore) |
| Total Issue | 2,09,00,000 shares (₹255 crore) |
| Minimum Investment | ₹13,420 |
Rajputana Stainless IPO Timeline
The following table outlines the key dates for this issue:
| Particulars | Details |
| IPO Opens | March 9, 2026 |
| IPO Closes | March 11, 2026 |
| Expected Allotment | March 12, 2026 |
| Initiation of Refunds | March 13, 2026 |
| Demat Credit of Shares | March 13, 2026 |
| Tentative Listing | March 16, 2026 |
| UPI mandate cut-off | – |
Rajputana Stainless Key Performance Indicator
Rajputana Stainless’s key performance indicators (KPIs) are summarised below:
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 34.62 | 32.70 | 30.17 |
| ROCE (%) | 25.72 | 32.17 | 31.72 |
| Debt Equity (times) | 0.98 | 0.71 | 0.66 |
| RoNW (%) | 29.62 | 28.17 | 26.23 |
| PAT Margin (%) | 2.54 | 3.48 | 4.28 |
| EBITDA margin (%) | 4.63 | 6.53 | 7.92 |
| Price Book Value | – | – | 5.53 |
Rajputana Stainless Financials
Rajputana Stainless’s key financial figures are as follows:
| Particulars (in ₹ million) | 2023 | 2024 | 2025 |
| Revenue | 95,069.06 | 91,550.25 | 93,748.99 |
| Total Assets | 29,733.64 | 32,401.42 | 42,035.79 |
| Profit | 2,404.46 | 3,162.89 | 3,985.14 |
Subscription Status of the Rajputana Stainless IPO
The subscription details for the Rajputana Stainless IPO are currently unavailable as the bidding window has not opened yet. These updates will be shared once the issue begins accepting applications on March 9, 2026.
Investors can submit their bids on all issue days between 10:00 AM and 5:00 PM.
Rajputana Stainless IPO GMP Today
This offering is currently being traded with a GMP at ₹0, reflecting muted investor demand. In the last three days, the premium value hasn’t changed at all. At the current GMP, the issue will likely list at ₹122, at the upper price band with no listing gains.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Trend |
| 05-03-2026 | ₹0 | ₹122 | 0.00% | Neutral |
| 04-03-2026 | ₹0 | ₹122 | 0.00% | Neutral |
| 03-03-2026 | ₹0 | ₹122 | 0.00% | – |
Note: The GMP is derived from informal market trades and can fluctuate with changes in demand and market sentiment.
Rajputana Stainless IPO Reservation
The share reservation across investor categories is as follows:
| Investor Category | Reservation |
| QIB Shares | At most 50% of the offer |
| NII (HNI) Shares | At most 15% of the offer |
| Retail Shares | At least 35% of the offer |
Lot Size of the Rajputana Stainless IPO
Investors need to submit bids in line with the prescribed lot sizes:
| Investor Type | Lots | Shares | Amount |
| Individual Investors (Minimum) | 1 | 110 | ₹13,420 |
| Individual Investors (Maximum) | 14 | 1,540 | ₹1,87,880 |
| S-HNI (Minimum) | 15 | 1,650 | ₹2,01,300 |
| S-HNI (Maximum) | 74 | 8,140 | ₹9,93,080 |
| B-HNI (Minimum) | 75 | 8,250 | ₹10,06,500 |
Anchor Investors in the Rajputana Stainless IPO
The details of anchor investor participation in this IPO are presented below:
| Particulars | Details |
| Anchor Bidding Opens | March 6, 2026 |
| Portion Size | 60% of the QIB portion |
| 30 Days Lock-in for 50% shares | April 11, 2026 |
| 90 Days Lock-in for remaining shares | June 10, 2026 |
Rajputana Stainless IPO Prospectus
For additional insights into the offering, you can review the documents listed below:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | Not Available Yet |
| Final Prospectus | Not Disclosed |
About Rajputana Stainless
Founded in 1991, Rajputana Stainless is engaged in the manufacturing of stainless steel. The company makes long and flat stainless-steel products which are sold under the “RSL” brand name. Its product portfolio includes billets, rolled black bars, rolled bright bars, ingots, and other related stainless-steel products.
Rajputana Stainless works on a B2B model, meeting the demand of clients from various industries such as engineering, forging, auto components, fasteners, pipes, and utensil manufacturing. Its production unit in Panchmahal, Gujarat, enables it to serve customers in India and overseas markets. The business is headed by Shankarlal Deepchand Mehta, the managing director. Yashkumar Shankarlal Mehta, Jayesh Natvarlal Pithva, and Babulal D Mehta are the other promoters.
| Issue Registrar | Kfin Technologies |
| Lead Manager | Nirbhay Capital Services |
Objectives of the Rajputana Stainless IPO
The capital raised from this offering will be utilised to meet the following objectives:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Manufacturing Facility Expansion | 1,857.17 |
| 2. | Loan Repayment / Pre-payment | 9,800.00 |
| 3. | General Corporate Use | – |
Strengths of Rajputana Stainless
These strength factors contribute to the company’s competitive position:
- Integrated Manufacturing Facility: The company has a full integrated production unit in Gujarat. The facility covers melting, refining, rolling, testing, and storage, which enables efficient production, operational control, and flexibility.
- Diverse Product Portfolio: Rajputana Stainless makes a variety of steel products ranging from ingots and billets to rolled bars and wires. It helps in reaching multiple industries while lowering reliance on any single sector.
- Established Customer Base: With long-standing relationships, the company has built a stable customer network. It leads to repetition of business and improved market presence.
- Consistent Financial Growth: Steady growth in revenue and profitability supports business stability and aids in future expansion plans.
Risks of Rajputana Stainless
Before investing, it is crucial to review the key risks related to Rajputana Stainless.
- Customer Concentration: Rajputana Stainless depends on a few customers for its earnings. Loss of key clients, cancellation of orders, or reduced demand directly impacts the revenue.
- Single Facility Risk: The company’s operations are based in a single manufacturing unit. Natural calamities, regional slowdowns, or political interference can slow down production.
- Supplier Dependence: The company sources its raw materials from a limited set of suppliers. Price fluctuations or logistics issues negatively affect the operating margins.
- Low Margin Business: The stainless steel sector operates on high volumes with thin margins. Any decline in turnover or competitive pricing pressure can reduce profitability.
Rajputana Stainless IPO Review
Rajputana Stainless IPO enters the market with sustainable financial growth and an established presence in steel manufacturing. The company benefits from an integrated facility and a diversified product portfolio. However, the GMP shows a muted response from the market. The investor’s stance is one of caution due to low margins, customer concentration, and third-party dependence. Investors may consider growth potential and industry risks before placing their bids.
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Rajputana Stainless IPO FAQ’s
Rajputana Stainless IPO is a book-building public issue worth about ₹255 crore. It includes a fresh issue of 1,46,50,000 shares (₹178.73 crore) and an offer for sale of 62,50,000 shares (₹76.25 crore).
Investors can apply for the Rajputana Stainless IPO through ASBA via their bank account or through online trading platforms that support IPO applications. Bids must be placed in specified lot sizes during the subscription period.
Rajputana Stainless shows stable financial growth supported by integrated facilities and strong customer relationships. However, low industry margins and customer concentration risks should be considered. Investors should evaluate the fundamentals and market conditions before investing.
Based on the current grey market premium (GMP) of ₹0, the IPO is expected to list near the upper price band of ₹122, indicating no listing gains.
The Rajputana Stainless IPO will open for subscription on March 9, 2026, and close on March 11, 2026.
The minimum lot size is 110 shares. Retail investors must invest at least ₹13,420 at the upper price band.
The share allotment is expected to be finalised on March 12, 2026.
Rajputana Stainless shares will be listed on the BSE and NSE on March 16, 2026.
