Rajputana Stainless IPO
Rajputana Stainless IPO was a Mainboard book-built issue of ₹331.47 crore, comprising a fresh issue and an Offer for Sale. The IPO price band was ₹116 to ₹122 per share, with a lot size of 110 shares. The issue opened on March 9, 2026, and closed on March
Rajputana Stainless IPO Details
Rajputana Stainless IPO bidding started from Mar 9, 2026 and ended on Mar 11, 2026. The allotment for Rajputana Stainless IPO was finalized on Mar 17, 2026. The shares got listed on NSE and BSE on Mar 19, 2026.
Rajputana Stainless IPO Timeline (Tentative)
Rajputana Stainless IPO opened for subscription on March 9, 2026, and closed on March 11, 2026. The basis of allotment was initially scheduled for March 12, but the IPO timeline was subsequently extended because investors were given additional time to withdraw bids. The final listing took place on March 19, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Mar 9, 2026 |
| IPO Close Date | Wed, Mar 11, 2026 |
| Basis of Allotment | Tue, Mar 17, 2026 |
| Initiation of Refunds | Wed, Mar 18, 2026 |
| Credit of Shares to Demat | Thu, Mar 19, 2026 |
| Listing Date | Thu, Mar 19, 2026 |
| IPO Opens | March 9, 2026 |
| IPO Closes | March 11, 2026 |
| Basis of Allotment | March 17, 2026 |
| Initiation of Refunds | March 18, 2026 |
| Credit of Shares | March 18, 2026 |
| Listing Date | March 19, 2026 |
Rajputana Stainless IPO Lot Size
Rajputana Stainless IPO had a minimum lot size of 110 shares. At the upper price band of ₹122 per share, the minimum investment required was ₹13,420.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 110 | 13,420 |
| Retail (Max) | 14 | 1,540 | 1,87,880 |
| S-HNI (Min) | 15 | 1,650 | 2,01,300 |
| S-HNI (Max) | 74 | 8,140 | 9,93,080 |
| B-HNI (Min) | 75 | 8,250 | 10,06,500 |
Rajputana Stainless IPO Reservation
Rajputana Stainless IPO comprises a total issue size of 2,09,00,000 shares. Out of which, 20,90,000 (10.00%) are allocated to QIB, 56,43,000 (27.00%) allocated to NII 1,31,67,000 (63.00%) allocated to RII.
Rajputana Stainless IPO Subscription
Rajputana Stainless IPO received 1.12 times overall subscription by the close of bidding. Demand was strongest among Non-Institutional Investors, while the retail portion remained undersubscribed.
| Category | Subscription (times) |
|---|---|
| QIB | 2.51x |
| NII | 2.59x |
| RII | 0.27x |
| Total | 1.12x |
About Rajputana Stainless
Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products.
The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.
The company primarily sells its products domestically through direct sales and traders, while also exporting to five countries: UAE, USA, Turkey, Kuwait, and Poland.
The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering.
The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production.
Product Portfolio:
- Billet: The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling.
- Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling.
- Hexagon al Bars: The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts.
As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.
Competitive Strengths:
- Established, integrated manufacturing setup at a strategic location.
- Diverse Product Portfolio.
- Established customer base and strong relationships.
- Strong Promoters and Experienced Management Team.
- Track Record of healthy growth.
Strengths
- Established stainless-steel manufacturer: Rajputana Stainless has an established presence in the stainless-steel manufacturing industry.
- Diversified product portfolio: The company manufactures various long and flat stainless-steel products, including billets, forging ingots, rolled bars and flat products.
- Strong financial growth: Revenue and profit increased during the reported financial periods, indicating business expansion.
- Integrated manufacturing operations: The company's manufacturing capabilities support multiple stages of stainless-steel product processing.
- Expansion opportunity: The IPO proceeds were proposed to support expansion into stainless-steel seamless pipes, providing an opportunity to diversify the product portfolio.
- Debt reduction: A significant portion of the fresh-issue proceeds was proposed for repayment/prepayment of borrowings, which could help reduce the company's debt burden.
Risks to Consider
- Cyclical steel industry: The company's performance is exposed to fluctuations in stainless-steel demand and industry cycles.
- Raw-material price volatility: Changes in the prices of steel and other raw materials can affect margins and profitability.
- Competition: The company operates in a competitive stainless-steel manufacturing market.
- Working-capital requirements: Manufacturing operations require substantial working capital, and delays in customer payments could affect cash flows.
- Expansion risk: The planned expansion into stainless-steel seamless pipes involves execution, capital expenditure and market-demand risks.
- Debt-related risk: Although part of the IPO proceeds was intended for debt repayment, the company remains exposed to financing and interest-rate risks.
- Margin pressure: Changes in selling prices, input costs and competitive pricing may adversely affect margins.
- Dependence on industrial demand: A slowdown in infrastructure, manufacturing or other end-user industries could reduce demand for the company's products.
- Inventory risk: Fluctuations in stainless-steel prices can affect the value and profitability of inventory.
- Valuation risk: Investors should assess the IPO valuation against the company's earnings, growth prospects and comparable listed companies before investing.
KPIs & Valuation
Rajputana Stainless operates in the stainless-steel manufacturing industry. Key factors for evaluating the company include revenue growth, EBITDA, profit growth, EPS, return ratios and the valuation implied by the IPO price.
Objects of the Issue
The net proceeds from the fresh issue were proposed to be used primarily for expansion of the existing manufacturing facility, repayment/prepayment of borrowings and general corporate purposes. The Prospectus specifies the proposed utilisation of the net proceeds.
- The company proposed to utilise the net proceeds for:
- Capital expenditure for expansion of the existing manufacturing facility at Panchmahal, Gujarat through forward integration and diversification into stainless steel seamless pipes.
- Full or part repayment/prepayment of certain outstanding borrowings availed by the company.
- General corporate purposes.
- The Prospectus estimated ₹1,857.17 lakh for the manufacturing-facility expansion, ₹9,800 lakh for repayment/prepayment of borrowings and ₹4,464.28 lakh for general corporate purposes, subject to the terms specified in the offer document.
Promoters, Lead Managers & Registrar
Rajputana Stainless Limited was promoted by Shankarlal Deepchand Mehta, Babulal D. Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta. The company's Prospectus identifies these four individuals as its promoters.
Promoters
Lead Managers (BRLM)
Rajputana Stainless IPO Review
Rajputana Stainless has an established presence in the stainless-steel manufacturing industry, with more than three decades of operating experience. Its integrated manufacturing operations and product diversification provide a base for serving industrial customers.
A key positive of the IPO is the proposed use of a substantial portion of the proceeds toward debt repayment, which can help reduce the company's financing burden. The planned expansion into stainless-steel seamless pipes also provides an opportunity to diversify its product portfolio.
However, the business remains exposed to the cyclical nature of the steel industry, fluctuations in raw-material prices and changes in demand. Investors should also consider the company's borrowings, contingent liabilities, working-capital requirements and valuation before making an investment decision.
How to Apply
Rajputana Stainless IPO applications could be made through ASBA and UPI during the IPO subscription period.
Through UPI
- Log in to your stockbroker's app or website.
- Go to the IPO section.
- Select Rajputana Stainless IPO.
- Enter the number of lots you want to apply for.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Open your UPI app and approve the UPI mandate.
- The application amount will be blocked in your bank account.
- If shares are allotted, the required amount will be debited.
- If shares are not allotted, the blocked amount will be released.
Last updated Aug 12, 2026.