Rajputana Stainless IPO

Rajputana Stainless IPO is listed on BSE and NSE, priced at ₹116–₹122 per share. The stock debuted at ₹122 with a flat listing performance. The IPO had a lot size of ₹110 shares and a minimum investment of ₹13,420.

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Rajputana Stainless Limited IPO

Mainboard Listed
₹13,420 (110 Shares)
Minimum Investment
Check Allotment
IPO Dates
Mar 9, 2026 – Mar 11, 2026
Price band
₹116-122 per equity share
Minimum Investment
₹13,420
Issue size
₹254.98 Cr
Lot size
110
Allotment Date
Mar 17, 2026
Listing
Mar 19, 2026
Listing At
BSE, NSE

  1. Mar 9, 2026

    Open Date

    Completed

  2. Mar 11, 2026

    Close Date

    Completed

  3. Mar 17, 2026

    Allotment Date

    Completed

  4. Mar 19, 2026

    Listing Date

    Completed

Price Summary

Last closing
130.95 (7.34%)
52 week high
144.90
52 week low
101.70
Last update

Rajputana Stainless IPO Subscription Details

View Subscription Details
QIB 2.51x
Retail 0.27x
NIIs 2.59x
bHNI 3.74x
sHNI 0.31x
Retail 0.27x
Total 1.12x

Rajputana Stainless IPO subscription status shows demand across QIB, NII, and retail categories, helping investors understand participation levels.

Last updated:

Rajputana Stainless IPO Essentials

Rajputana Stainless IPO Details

Rajputana Stainless IPO is priced at ₹116-122 per share with a total issue size of 254.98 crore. The IPO has a lot size of 110 shares and is listed on BSE and NSE.

Issue price
₹116-122 per equity share
Lot size
110 shares
Face value
₹10 Per Equity Share
Issue size
2,09,00,000 shares(agg. up to ₹255 Cr)
#Fresh Issue: 1,46,50,000 shares(agg. up to ₹179 Cr)
#Offer for Sale: 62,50,000 shares of ₹10 (agg. up to ₹76 Cr)
Total issue size
2,09,00,000 shares
(aggregating up to ₹254.98 crore)
Fresh issue
1,46,50,000 shares
(aggregating up to ₹178.73 crore)
Offer for sale (OFS)
62,50,000 shares
(aggregating up to ₹76.25 crore)
Listing at
BSE, NSE
List price
122.0(NSE)
Listing date
Registrar
Kfin Technologies Ltd.
Lead manager
Nirbhay Capital Services Pvt.Ltd.

Market Lot Size

Investors can bid for a minimum of 110 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 110 ₹13,420
Retail(max) 14 1,540 ₹1,87,880
sHNI(min) 15 1,650 ₹2,01,300
sHNI(max) 74 8,140 ₹9,93,080
sHNI(min) 75 8,250 ₹10,06,500

Rajputana Stainless IPO Documents

DRHP

RHP

Rajputana Stainless IPO Reservation

Rajputana Stainless IPO reservation details show category-wise allocation of shares. Out of the total 20900000 shares, approximately 10% are reserved for QIB, 27% for NII, and 63% for retail investors.

Investor Category Shares Offered Maximum Allottees
QIB Shares Offered 2090000 (10%)
NII (HNI) Shares Offered 5643000 (27%)
bHNI > ₹10L 3762000 (18%) 2280
sHNI < ₹10L 1881000 (9%) 1140
Retail Shares Offered 13167000 (63%) 119700
Total Shares Offered 20900000 (100%)

Rajputana Stainless IPO Analytics

Rajputana Stainless IPO category-wise subscription trends show day-wise participation across QIB, NII, and retail investors.

Rajputana Stainless IPO Subscription Status

Rajputana Stainless IPO subscription status shows demand across retail, NII, and QIB categories, helping investors understand overall participation trends.

The IPO is currently subscribed 1.12x, indicating moderate demand across investor categories.

As on QIB
NII
bHNI
sHNI
 Retail Total
Shares Offered / Reserved 20,90,000
56,43,000
37,62,000
18,81,000
1,31,67,000 2,09,00,000
Day 1 09-03-26 05:00 PM
0.99 x
0.65x
0.95x
0.05x
0.04 x 0.30 x
Day 2 10-03-26 05:00 PM
0.99 x
0.94x
1.36x
0.11x
0.11 x 0.42 x
Day 3 11-03-26 05:00 PM
2.51 x
2.59x
3.74x
0.31x
0.27 x 1.12 x
Day 4 13-03-26 05:00 PM
2.51 x
2.59x
3.74x
0.31x
0.27 x 1.12 x

Anticipated Subscription on the basis of Applications

Total No. of Applications
bHNI sHNI Retail
24274 (Approx) 0.47x 0.25x 0.19x

Subscription levels combined with expected premium trends indicate overall market sentiment and possible listing expectations for the IPO.

Rajputana Stainless Valuations

Earnings

EPS Pre IPO
₹5.78/-
EPS Post IPO
₹5.84/-
P/E Pre IPO
21.1
P/E Post IPO
20.88

Returns

ROE
30.17%
ROCE
31.72%
RoNW
26.23%
PAT Margin
4.28%

Fundamentals

Debt / Equity
0.66
Price / Book
5.53
Market Cap
1019.53 Cr.

Data sourced from DRHP / RHP • For educational purposes only

Rajputana Stainless Financials( In Crs.)

30-Sep-25 31-Mar-25 31-Mar-24 31-Mar-23
Assets 448.80 420.36 324.01 297.34
Revenue 502.77 937.49 915.50 950.69
Profit After Tax 24.41 39.85 31.63 24.04
Net Worth 176.65 151.95 112.27 81.17
Reserves & Surplus 108.16 83.75 78.36 46.73
Total Borrowing 85.91 99.75 79.76 79.83

Rajputana Stainless financials show revenue growth and profitability trends over recent years, indicating business stability.

Rajputana Stainless Company & Offer Insights

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.

Rajputana Stainless Promoter(s)

Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, Yashkumar Shankarlal Mehta are the company's promoters of Rajputana Stainless.

Pre-Issue Holding
78.22%
Post-Issue Holding
57.01%

Rajputana Stainless IPO Issue Objectives

•
Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (Proposed Facility) - ₹18.57 Crores
•
Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company - ₹98.00 Crores
•
General corporate purposes

Rajputana Stainless IPO - Peers Comparison

P/B Ratio P/E Ratio RoNW Revenue(in Cr.)
Rajputana Stainless N/A N/A 26.23% 932
Mangalam Worldwide N/A 22.57 11.28% 1060
Mukand N/A 26.34 7.99% 4889
Electrotherm N/A 3.16 -278% 4115
Panchmahal Steel N/A 182.1 2.07% 383

Rajputana Stainless IPO - Strengths and Risks

Rajputana Stainless IPO strengths and risks highlight key business factors, financial position, and market sentiment that may impact investor interest.

Strengths

Integrated Manufacturing Facility at Strategic Location: Has an integrated manufacturing facility at Kalol, Gujarat, which includes the entire range of manufacturing processes from melting to finishing. The facilities include critical infrastructure such as Induction Furnace, AOD, CCM, Rolling Mill, Bright Bar Shop, and in-house Oxygen and Nitrogen Generation.
Established Customer Relationships: Has over two decades of operational experience with a strong commitment to customers and the ability to provide custom-made stainless steel products.
Experienced Promoters & Management: Has Promoters with over five decades of combined experience in the steel industry.

Risks

Customer Concentration Risk: A significant part of revenue comes from the top 10 customers, primarily manufacturers, without any long-term contracts in all cases. Loss of any of these customers or reduction in orders may impact revenue and cash flow.
Litigation Risk: The Company, Promoters, Directors, and Key Managerial Personnel are party to ongoing legal proceedings aggregating ₹12,861.77 lakhs (72.81% of net worth). An adverse outcome of such legal proceedings may have a significant impact on the financial condition and operation of the Company.
Geographical Concentration Risk: Manufacturing operations are concentrated in Gujarat, including the proposed facility within the same premises. Regional issues, economic downturns, and unforeseen circumstances may impact business and profitability.

Contact Information

Contact Details

Rajputana Stainless

+91 63 5816 4770

compliance@rajputanastainless.com

https://www.rajputanastainless.com/

213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

rsl.ipo@kfintech.com

https://ipostatus.kfintech.com/

Frequently Asked Questions

Click any question to reveal the answer

Rajputana Stainless IPO is a book-built IPO worth ₹254.98 crore. The price band is ₹116–₹122 per share. The IPO opens on Mar 9, 2026 and closes on Mar 11, 2026. It will be listed on BSE and NSE. Kfin Technologies Ltd. is the registrar.

The price band of Rajputana Stainless IPO is ₹116 to ₹122 per share.

The lot size of Rajputana Stainless IPO is 110 shares.

The minimum investment for Rajputana Stainless IPO is approximately ₹13,420 based on the upper price band .

Rajputana Stainless IPO opens on Mar 9, 2026 and closes on Mar 11, 2026.

The allotment date of Rajputana Stainless IPO is Mar 17, 2026.

Rajputana Stainless IPO is expected to be listed on Mar 19, 2026, on BSE and NSE .

Rajputana Stainless IPO listed on Mar 19, 2026. It was issued at ₹122.0(NSE) and is currently around ₹130.95 as on 5-Jun-2026 3:30 PM, which is approximately 7.3% versus issue price. The 52-week high is ₹144.90.

Based on listing and post-listing performance, Rajputana Stainless IPO delivered around 7.3% over issue price. Whether it was worth applying depends on your risk profile, allocation, and holding horizon.

To buy Rajputana Stainless IPO shares after listing, log in to your broker app (such as Zerodha, Angel One, Groww, Upstox, ICICI Direct), search the stock symbol, place a delivery/CNC order, and confirm quantity and price.

Rajputana Stainless IPO valuation snapshot: P/E 20.88, EPS ₹5.84/-, P/B 5.53, RoNW 26.23%, and market cap 1019.53 Cr.

To apply for Rajputana Stainless IPO, open the IPO Ji app or website, select the IPO, choose your demat account, enter the quantity, and submit the application.

You can check the live subscription status of Rajputana Stainless IPO on IPO Ji or stock exchange websites. It shows real-time demand across retail, NII, and QIB categories.

Pre-apply allows investors to submit their IPO application before the bidding period starts. The order is placed automatically when the IPO opens.

If you pre-apply for Rajputana Stainless IPO, your order will be placed when the IPO bidding starts, and a UPI mandate request will be generated.

You can check Rajputana Stainless IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Rajputana Stainless IPO allotment status on IPO Ji for quick and easy access.