Rajputana Stainless IPO
GMP, Subscription, Price, Dates & Financial Details
Steel & Iron Products
Incorporated in 1991, Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products. The company offers a diversified portfolio of stainless steel solutions across more than 80 grades, catering to a wide range of industrial requirements.Product PortfolioThe…
Open Date
Mon, 09 Mar 2026
Close Date
Wed, 11 Mar 2026
Price Band
₹ 116 – 122
Lot Size
110
Issue Size
₹ 254.98 Cr
Minimum Investment
₹ 13,420 (110 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Rajputana Stainless IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹254.98 Crore, comprising a fresh issue of 1.47 Crore equity shares aggregating to ₹178.73 Crore and an offer for sale (OFS) of 62.50 Lakh equity shares aggregating to ₹76.25 Crore by the existing shareholders.
The Rajputana Stainless IPO remained open for subscription from March 09, 2026, to March 11, 2026. The basis of allotment was finalized on March 12, 2026, and the company's shares were listed on the NSE and BSE on March 19, 2026.
The company had fixed the price band at ₹116 to ₹122 per share, with a lot size of 110 shares. Retail investors were required to make a minimum investment of ₹13,420 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. Nirbhay Capital Services Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Rajputana Stainless Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Rajputana Stainless IPO Timeline (Tentative)
- IPO Open Date
- Mon, 09 Mar 26
- IPO Close Date
- Wed, 11 Mar 26
- Basis of Allotment
- Thu, 12 Mar 26
- Initiation of Refunds
- Fri, 13 Mar 26
- Credit of Shares to Demat
- Fri, 13 Mar 26
- Listing Date
- Thu, 19 Mar 26 — NSE & BSE
Open Date
09 March 2026
Close Date
11 March 2026
Basis Of Allotment
12 March 2026
Listing Date
19 March 2026
IPO Subscription
Check Live Subscription →The Rajputana Stainless IPO has received bids for 2,34,19,550 shares against 2,09,00,000 shares offered, resulting in an overall subscription of 1.12x. the NII category is subscribed 2.59x, Retail Investors 0.27x, and QIBs 2.51x. Within the NII category, BNII is subscribed 3.74x, while SNII is subscribed 0.31x.
QIB
2.51x
NII
2.59x
BNII
3.74x
SNII
0.31x
RII
0.27x
Total
1.12x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 1,31,67,000 shares, representing 63% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 20,90,000 shares (10%), while Non-Institutional Investors (NIIs) receive 56,43,000 shares (27%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 2,090,000 | 10% |
| Non-Institutional | 5,643,000 | 27% |
| BNII | 3,762,000 | 18% |
| SNII | 1,881,000 | 9% |
| Retail Investors | 13,167,000 | 63% |
| Total | 20,900,000 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 448.8 | 420.36 | 324.01 | 297.34 |
| Revenue | 502.77 | 937.49 | 915.5 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| Net Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserve & Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowings | 85.91 | 99.75 | 79.76 | 79.83 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Rajputana Stainless Limited KPI Information
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 14.86 | 30.17 | 32.7 | 34.62 |
| ROCE % | 16.55 | 31.72 | 32.17 | 25.72 |
| Debt / Equity | 0.49 | 0.66 | 0.71 | 0.98 |
| RoNW % | 13.82 | 26.23 | 28.17 | 29.62 |
| Pat Margin % | 4.87 | 4.28 | 3.48 | 2.54 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Rajputana Stainless Ltd | 10 | 0.00 | 5.78 | 5.78 | 26.23 | 22.05 |
| Mangalam Worldwide Ltd | 10 | 22.57 | 10.59 | 10.29 | 11.28 | 91.37 |
| Mukand Ltd | 10 | 26.34 | 5.24 | 5.24 | 7.99 | 65.72 |
| Electrotherm Ltd | 10 | 3.16 | 347.06 | 347.06 | -278.47 | -124.60 |
| Panchmahal Steel Ltd | 10 | 182.18 | 1.74 | 1.74 | 2.07 | 84.02 |
About Rajputana Stainless Limited
Incorporated in 1991, Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products. The company offers a diversified portfolio of stainless steel solutions across more than 80 grades, catering to a wide range of industrial requirements.
Product Portfolio
The company manufactures the following key products:
- Billets
Semi-finished stainless steel products produced from liquid steel. These serve as primary raw materials for hot working processes such as forging, rolling, and ring rolling. - Cast Ingots
Stainless steel ingots poured into molds for convenient storage, transportation, and further processing. These defect-free ingots are marked for traceability and widely used in open-die forging, re-rolling, and ring rolling applications. - Hexagonal Bars
Stainless steel bars rolled into hexagonal shapes, commonly used in the production of nuts, bolts, valves, hose ends, fasteners, and other precision components. - Rolled Black and Bright Bars
- Flat & Patti
- Other Ancillary Stainless Steel Products
Industries Served
Leveraging its technical expertise and infrastructure, the company supplies raw materials to several industries, including:
- Seamless Pipes
- Aerospace
- Forging
- Oil & Gas
- Defense
- Automotive
- Aviation
- Precision Engineering
Manufacturing Facility
The company operates a fully integrated manufacturing facility spread across 35,196.98 square meters in Kalol, Gujarat. The facility is equipped with:
- Induction Furnace
- Argon Oxygen Decarburization (AOD)
- Continuous Casting Machine (CCM)
- Heat Treatment Facilities
- Rolling Mill
- Bright Bar Shop
This integrated setup enables efficient production and quality control across various product categories.
Sales and Market Presence
Rajputana Stainless Limited primarily serves the domestic market through direct sales and trader networks. Additionally, the company exports its products to UAE, USA, Turkey, Kuwait, and Poland.
Workforce
As of September 30, 2025, the company employed 408 permanent employees and workers, including both skilled and unskilled personnel.
Rajputana Stainless IPO Promoters
- Shankarlal Deepchand Mehta
- Babulal D Mehta
- Jayesh Natvarlal Pithva
- Yashkumar Shankarlal Mehta
Promoters Holding
Holding Pre Issue
78.22%
Holding Post Issue
57.01%
Rajputana Stainless IPO Objective
The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects.
- Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”)
- Funding Working capital requirement for the Proposed Facility
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company
- General corporate purposes
Rajputana Stainless Limited Address / Contact Details
Rajputana Stainless Limited
213, Madhwas,
Halol Kalol Road, Kalol,
Panchmahal
Halol, Gujarat, 389330
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: http://www.rajputanastainless.com/
IPO Snapshot
Rajputana Stainless IPO Lot Size
The Rajputana Stainless IPO has a lot size of 110 shares. Retail investors require a minimum investment of ₹13,420 by applying for 1 lot (110 shares). The maximum application allowed for the retail category is 14 lots (1,540 shares), requiring an investment of ₹1,87,880.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 110 | 13,420.00 |
| Retail (Max) | 14 | 1,540 | 187,880.00 |
| S-HNI (Min) | 15 | 1,650 | 201,300.00 |
| S-HNI (Max) | 74 | 8,140 | 993,080.00 |
| B-HNI (Min) | 75 | 8,250 | 1,006,500.00 |
Issue Reservation
- QIB — 10%
- NII — 27%
- RII — 63%
Book Running Lead Managers
- Nirbhay Capital Services Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Rajputana Stainless IPO?
Rajputana Stainless IPO is a Book-building IPO with a total issue size of ₹254.98 crore. The Rajputana Stainless IPO price band is ₹116 to 122 per share. The Rajputana Stainless IPO subscription opens on Mon, Mar 9, 2026, and closes on Wed, Mar 11, 2026. The Rajputana Stainless IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Rajputana Stainless IPO.
When will the Rajputana Stainless IPO open for subscription?
The Rajputana Stainless IPO opens on Mon, Mar 9, 2026 and closes on Wed, Mar 11, 2026
What is Rajputana Stainless IPO Price Band?
Rajputana Stainless IPO Price Band is ₹116 to 122 per share.
What is Rajputana Stainless IPO Lot Size?
Rajputana Stainless IPO lot size is 110 shares, Retail investors need a minimum investment of ₹13420 based on the upper price band
What is the minimum investment for Rajputana Stainless IPO?
The minimum investment for Rajputana Stainless IPO is ₹13420, based on one lot of 110 shares at the upper price band of ₹122 per share.
How to apply for Rajputana Stainless IPO?
Investors can apply for the Rajputana Stainless IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Wed, Mar 11, 2026. The application amount remains blocked until the Rajputana Stainless IPO allotment is finalized.
What is Rajputana Stainless IPO Issue Size?
Rajputana Stainless IPO issue size is ₹254.98 crores.
What is the Rajputana Stainless IPO Allotment Date?
Rajputana Stainless IPO allotment date is Thu, Mar 12, 2026.
Who is the Rajputana Stainless IPO Registrar?
The registrar for Rajputana Stainless IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Rajputana Stainless IPO allotment status, refund processing, and other IPO-related information.
What is the Rajputana Stainless IPO GMP?
The Rajputana Stainless IPO GMP (Grey Market Premium) is ₹3 as of Thu, Mar 19, 2026. Based on the upper price band of ₹122 per share, the estimated Rajputana Stainless IPO listing price is ₹125, indicating a potential listing gain of approximately 2.46% over the issue price.
Who is the Rajputana Stainless IPO Lead Manager?
The book-running lead managers (BRLMs) for the Rajputana Stainless IPO are Nirbhay Capital Services Private Limited . The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Rajputana Stainless IPO Red Herring Prospectus (RHP).