Published: 19 March 2026 | 6.10 AM
Last Updated: 19 March 2026 | 5.00 PM
Rajputana Stainless IPO is a book-built issue aggregating to Rs. 254.98 crore, comprising a fresh issue of 1.47 crore shares (Rs. 178.73 crore) and an offer for sale of 0.63 crore shares (Rs. 76.25 crore). The IPO opens for subscription on March 9, 2026 and closes on March 11, 2026, with allotment expected on March 17, 2026. The company is proposed to be listed on BSE and NSE, with a tentative listing date of March 20, 2026.
The price band is fixed at Rs. 116 to Rs. 122 per share and the lot size is 110 shares, translating into a minimum retail investment of Rs. 13,420 at the upper band. For sNII, the minimum application is 15 lots (1,650 shares) amounting to Rs. 2,01,300, while bNII investors must apply for 75 lots (8,250 shares) aggregating to Rs. 10,06,500.
Nirbhay Capital Services Pvt. Ltd. is the Book Running Lead Manager to the issue, while Kfin Technologies Ltd. acts as the Registrar.
Listing- The scrip is listed at Rs.122
Rajputana Stainless Steel IPO GMP – Latest Update
| GMP | Estimated Listing Price | Expected Gain |
|---|---|---|
| Rs. 3 | Rs. 125 | 2.45% |
Rajputana Stainless Steel IPO Subscription Status – Day 3
The IPO has received 22,676 applications with overall subscription at 1.12x, indicating moderate traction mainly from HNI investors, while retail participation remains subdued. The QIB portion is almost fully subscribed, helping the issue move closer to the threshold. However, with GMP just around Rs. 3, listing gains expectations remain limited.
| Category | Subscription |
|---|---|
| QIB | 2.51x |
| B-NII | 3.74x |
| S-NII | 0.31x |
| NII Total | 2.59x |
| Retail (RII) | 0.27x |
| Total | 1.12x |
| Applications | 22,676 |
IPO Listing & Performance Update
| Particular | Details |
|---|---|
| Listing Date | 19 March 2026 |
| Issue Price | Rs. 122 |
| Listing Price | Rs. 122 |
| Listing Gain / Loss | 0 % |
| Listing Verdict | Neutral |
IPO Outcome Summary
| Parameter | Insight |
|---|---|
| Listing Performance | Flat listing |
| GMP Accuracy | Slightly Overestimated |
| Investor Outcome | Neutral |
| Market Sentiment | Weak |
| Long-Term View | Risky |
Post Listing Analysis – Chanakya View
Rajputana Stainless Steel IPO delivered a flat listing performance, indicating subdued market sentiment during the issue period. The grey market signals were slightly overestimated, highlighting the limitations of GMP as a reliable indicator.
Subscription data also reflected weak retail participation (0.27x), which translated into limited listing demand despite reasonable HNI and QIB interest.
From an investor perspective, the IPO resulted in zero listing gains. While the business fundamentals remain stable, future performance will depend on execution, sector demand and margin improvement. Considering the valuation (P/E of 21.10) and weak broader market sentiment, listing at par can be considered satisfactory. Post listing, the scrip declined to Rs. 111 and closed at Rs. 113, indicating selling pressure at higher levels. The price movement validates concerns around the relatively expensive valuation at the offer price.
Investors should note that even mid-sized IPOs can witness volatile listing outcomes, and short-term performance is often driven by sentiment rather than fundamentals.
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Allotment Date | March 17, 2026 |
| Refunds Initiation | March 18, 2026 |
| Credit to Demat | March 18, 2026 |
| Listing Date | March 20, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs.116-122 |
| Lot Size | 110 Shares |
| Sale Type | Fresh Issue & OFS |
| Total Issue Size | 2,09,00,000 shares (Rs.255 Cr.) |
| Fresh Issue | 1,46,50,000 shares (Rs.179 Cr.) |
| Offer for Sale | 62,50,000 shares (Rs. 76 Cr.) |
| Issue Type | Book Building Issue |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 6,89,17,658 shares |
| Shareholding Post-Issue | 8,35,67,658 shares |
| Market Cap (Pre-IPO) | To be declared |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| QIB | Not more than 50% of Net Offer | – |
| Retail Individual Investors | Not less than 35% of Net Offer | – |
| NII (HNI) | Not more than 15% of Net Offer | – |
| Total | – | 100.00% |
Application Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | Rs.13,420 |
| Retail (Max) | 14 | 1,540 | Rs.1,87,880 |
| S-HNI (Min) | 15 | 1,650 | Rs.2,01,300 |
| S-HNI (Max) | 74 | 8,140 | Rs.9,93,080 |
| B-HNI (Min) | 75 | 8,250 | Rs.10,06,500 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 78.22% |
| Promoter Holding Post-Issue | – |
Promoters: Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta.
About Rajputana Stainless Ltd.
Incorporated in 1991, Rajputana Stainless Ltd. is engaged in manufacturing long and flat stainless-steel products. The company offers billets, forging ingots, rolled black and bright bars, flat & patti and other ancillary stainless-steel products in over 80 diverse grades.
The company serves domestic customers through direct sales and traders, and exports to UAE, USA, Turkey, Kuwait and Poland. Its products are supplied to industries such as seamless pipes, aerospace, forging, oil & gas, defense, automotive, aviation and precision engineering.
The company operates a manufacturing facility spread over 35,196.98 sq. m. at Kalol, Gujarat, equipped with induction furnace, AOD, CCM, heat treatment facilities, rolling mill and bright bar shop.
Business Model:
Manufacturing of Stainless-Steel Billets and Ingots
Production of Rolled and Bright Bars
Exports and Domestic Distribution
Competitive Strengths:
Integrated manufacturing setup
Diverse stainless-steel product portfolio
Established customer relationships
Experienced promoter and management team
Consistent growth track record
Company Financials (Rs. crore – Restated)
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 3,937.91 | 324.01 | 297.34 | 281.10 |
| Total Income | 6,880.13 | 915.50 | 950.69 | 767.93 |
| Profit After Tax | 315.83 | 316.29 | 240.45 | 86.97 |
| EBITDA | 560.00 | 594.10 | 438.46 | 302.45 |
| Net Worth | 1,438.31 | 112.27 | 81.17 | 57.76 |
| Reserves & Surplus | 741.75 | 770.51 | 454.22 | 213.78 |
| Total Borrowings | 903.02 | 79.76 | 79.83 | 91.84 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Funding capital expenditure for stainless steel seamless pipes facility | 18.32 |
| 2 | Repayment / Prepayment of borrowings | 98.00 |
| 3 | General corporate purposes | Balance |
Key Performance Indicators
| KPI | Mar 31, 2024 |
|---|---|
| ROE | 32.70% |
| ROCE | 32.17% |
| Debt/Equity | 0.71 |
| RoNW | 28.17% |
| PAT Margin | 3.48% |
| EBITDA Margin | 6.53% |
IPO Valuation Metrics
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| Promoter Holding | 78.22% | – |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Rajputana Stainless Ltd. |
| Address | 213, Madhwas, Halol Kalol Road, Kalol, Panchmahal, Halol, Gujarat – 389330 |
| Phone | +91 63 5816 4770 |
| compliance@rajputanastainless.com |
IPO Lead Manager(s)
| Particulars | Details |
|---|---|
| Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| rsl.ipo@kfintech.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Rajputana Stainless operates in the stainless-steel manufacturing segment with an integrated production facility and diversified product portfolio serving multiple industrial sectors. Expansion into seamless pipes and debt reduction may improve operational leverage; however, margins remain relatively moderate in a competitive metals industry. Investors should monitor capacity utilization, raw material price volatility and export demand trends. |
| Chanakya View | Suitable for investors with moderate to high risk appetite considering cyclicality in the steel sector. |
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