Rajputana Stainless Limited IPO

Mainboard

Iron & Steel Products

Listed On: Mar 19, 2026 at ₹ 122.0(NSE)

₹ 13420 /110 Shares
Minimum Investment

Check Allotment

09 Mar, 2026

Open Date

11 Mar, 2026

Close Date

17 Mar, 2026

Allotment Date

19 Mar, 2026

Listing Date

Price Summary

Last Closing

124.00 (1.64%)

52 Week High

130.00

52 Week Low

101.70

Last Update

13-Apr-2026 3:30 PM

Expected Premium

₹ 0 (0%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Rajputana Stainless IPO Live 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

Last updated: 11 Mar 2026, 05:57 PM

Rajputana Stainless IPO Issue Details

Issue Price ₹116-122 per equity share
Face Value ₹10 Per Equity Share
Total Issue Size 2,09,00,000 shares(aggregating up to ₹254.98 crore)
Fresh Share 1,46,50,000 shares(aggregating up to ₹178.73 crore)
Offer For Sale 62,50,000 shares(aggregating up to ₹76.25 crore)
Listing at BSE, NSE
List Price 122.0(NSE)
Listing Date 2026-03-19
Lead Manager Nirbhay Capital Services Pvt.Ltd.
Registrar Kfin Technologies 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
BHNI(min)	75	8,250	₹10,06,500

Rajputana Stainless IPO Reservation

Rajputana Stainless IPO offers total 20900000 shares. Out of which 2090000 (10%) allocated to QIB, 5643000 (27%) allocated to NII,13167000 (63%) allocated to RII, NA (NA%) allocated to employees and NA (NA%) allocated to Anchor investors.

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

Rajputana Stainless IPO Documents

DRHP

RHP

Rajputana Stainless IPO Details

Rajputana Stainless IPO is a book-built issue of ₹254.98 crores, The total issue size is ₹254.98 crores. The IPO of Rajputana Stainless is priced at ₹116-122 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Mar 9, 2026 and ends on Mar 11, 2026. The allotment for Rajputana Stainless IPO will be finalized on Mar 17, 2026. Rajputana Stainless IPO will be listed on BSE, NSE, with a tentative listing date fixed as Mar 19, 2026. The company shall list its equity shares on the BSE, NSE. Kfin Technologies Ltd. is the registrar of the issue.

Retail investors can bid for a minimum of 110 shares, extendable to 13,420. S-HNIs will be able to bid for 1,650 shares at ₹2,01,300, while B-HNIs can also apply for a bid of 8,250 shares at ₹10,06,500. The book-running lead manager for the IPO is/are Nirbhay Capital Services Pvt.Ltd..

The total issue ₹254.98 crore, comprising a fresh issue of 1,46,50,000 shares ₹178.73 crore and having Offer for Sale (OFS) of 62,50,000 shares to mop up ₹76.25 crore.

The Rajputana Stainless IPO sets its price band at 116-122 for each share. A single application for Rajputana Stainless Limited IPO must contain at least 110 shares. Sentiment investors need to invest a minimum of 110 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹13,420 In order to participate in the sNII, investors must purchase at least 15 lots of 1,650 shares for ₹2,01,300, while the bNII requires 75 lots of 8,250 shares for an investment of ₹10,06,500.

As on	QIB	NII bNII sNII	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	0.65 x 0.95 x 0.05 x	0.04 x	0.30 x
Day 2 10-03-26 05:00 PM	0.99 x	0.94 x 1.36 x 0.11 x	0.11 x	0.42 x
Day 3 11-03-26 05:00 PM	2.51 x	2.59 x 3.74 x 0.31 x	0.27 x	1.12 x
Day 4 13-03-26 05:00 PM	2.51 x	2.59 x 3.74 x 0.31 x	0.27 x	1.12 x

Total No of Applications

24,274

Subscription on the basis of Applications

Retail:0.19x BHNI:0.47x SHNI:0.25x

Rajputana Stainless Valuations

EPS Pre IPO ₹5.78/-

EPS Post IPO ₹5.84/-

P/E Pre IPO 21.1

P/E Post IPO 20.88

ROE 30.17%

ROCE 31.72%

Debt/Equity 0.66

RoNW 26.23%

PAT Margin 4.28%

Price to Book Value 5.53

Market Cap. 1019.53 Cr.

Rajputana Stainless Company Financials

In Crs.

In Cr.

	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

About Rajputana Stainless Company

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

Pre Issue Share Holding : 78.22%

Post Issue Share 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

Strength

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.

Weakness

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 Details

Rajputana Stainless

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

+91 63 5816 4770

compliance@rajputanastainless.com

https://www.rajputanastainless.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222, 04079611000

rsl.ipo@kfintech.com

https://ipostatus.kfintech.com/

Rajputana Stainless IPO - FAQs

Ans. Rajputana Stainless Limited IPO is a Mainboard IPO. The issue is priced at ₹116-122 per equity share. The minimum order quantity is 110 Shares. The IPO opens on Mar 9, 2026, and closes on Mar 11, 2026. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

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

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Rajputana Stainless Limited IPO is 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).

Ans. The Rajputana Stainless Limited IPO price band is set between ₹116-122 per equity share.

Ans. To apply for Rajputana Stainless Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Rajputana Stainless Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

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

Ans. The Rajputana Stainless Limited IPO will be listed on Mar 19, 2026.

Ans. Follow the steps to check the Rajputana Stainless Limited IPO allotment status online.