Rajputana Stainless Ltd, a Gujarat-based stainless steel manufacturer, opens its ₹255 crore mainboard IPO today (March 9, 2026) with a price band of ₹116–₹122 per share, featuring a fresh issue of ₹178.73 crore and OFS of ₹76.25 crore, listing on BSE & NSE on March 16.
Rajputana Stainless IPO – Complete Timeline
|
Event |
Date |
|
Issue Opens |
March 9, 2026 (Monday) |
|
Issue Closes |
March 11, 2026 (Wednesday) |
|
Allotment Finalized |
March 12, 2026 (Thursday) |
|
Refund Initiation |
March 13, 2026 (Friday) |
|
Shares Credited |
March 13, 2026 (Friday) |
|
Listing Date |
March 16, 2026 (Monday) on BSE + NSE |
Subscription Status :- Day 1
QIB (Ex Anchor) :- 0.99x subscribed
NII (HNI) :- 0.65x subscribed
Retail :- 0.04x subscribed
Total:- 0.30x subscribed
Key Issue Stats:
- Total Size: 20.9 million shares (~₹255 crore at upper band)
- Fresh Issue: 14.65 million shares (~₹178.73 crore)
- Offer For Sale: 6.25 million shares (~₹76.25 crore)
- Face Value: ₹10/share
- Lot Size: 110 shares (~₹13,420 minimum bid)
- Retail Cap: 14 lots = 1,540 shares (~₹1.88 lakh max)
Objective of the Issue – Fresh Issue Utilization
Net Fresh Proceeds (~₹116.57 crore) allocated as:
- Stainless Steel Seamless Pipes Facility (Panchmahal, Gujarat expansion)
- Debt Repayment/Prepayment (secured borrowings)
- General Corporate Purposes
Business: 1991-incorporated stainless steel maker with 35,196 sqm facility in Kalol, Gujarat. Products include billets, bars, flats, pattis across 80+ grades for aerospace, oil & gas, defence, auto. FY25 revenue ₹937 Cr (+2%), PAT ₹39.85 Cr (+26%).
Company Financials (Restated)
|
Period Ended |
30 Sep 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
448.80 |
420.36 |
324.01 |
297.34 |
|
|
502.77 |
937.49 |
915.50 |
950.69 |
|
|
24.41 |
39.85 |
31.63 |
24.04 |
|
|
45.92 |
73.79 |
59.41 |
43.85 |
|
|
176.65 |
151.95 |
112.27 |
81.17 |
|
|
108.16 |
83.75 |
78.36 |
46.73 |
|
|
85.91 |
99.75 |
79.76 |
79.83 |
|
|
Amount in ₹ Crore |
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Strengths of Rajputana Stainless IPO
- FY25 PAT growth +26% to ₹39.85 Cr on steady revenue base shows operational leverage.
- Product diversification into seamless pipes targets high-margin oil & gas, defence sectors.
- Export presence to UAE, USA, Turkey, Kuwait, Poland reduces domestic cyclicality.
- Debt reduction (₹98 Cr of fresh issue) strengthens balance sheet post-listing.
- Mainboard IPO (not SME) offers better liquidity, institutional access vs SME peers.
Risks of Rajputana Stainless IPO
- Modest revenue growth (+2% FY25) signals limited top-line momentum vs peers.
- Commodity steel price volatility directly hits margins (stainless steel = nickel + chromium dependent).
- High execution risk on new seamless pipes facility – capex delays common in metals.
- Customer concentration risk if key industries (aero/defence) face order delays.
- OFS component (₹76 Cr) shows promoters exiting 6.25M shares amid listing.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
FAQs
1. When does Rajputana Stainless IPO open and close?
Opens March 9, 2026 (Mon), closes March 11, 2026 (Wed). Allotment March 12, listing March 16 on BSE/NSE.
2. What is the price band and minimum investment?
₹116–₹122 per share. Lot size: 110 shares = ₹13,420 minimum (retail max 14 lots = ₹1.88 lakh).
3. What is the IPO size and fresh vs OFS break-up?
₹255 Cr total: Fresh issue ₹178.73 Cr (14.65M shares) + OFS ₹76.25 Cr (6.25M shares).
4. How will IPO proceeds be used?
Fresh issue funds: ₹18.57 Cr for stainless steel seamless pipes plant, ₹98 Cr debt repayment, balance general corporate use.
5. What does Rajputana Stainless manufacture?
Stainless steel long/flat products – billets, bars, flats, pattis (80+ grades) for aerospace, oil & gas, defence, auto. Gujarat-based, exports to 5 countries.
6. What were FY25 financials supporting this IPO?
Revenue ₹937.49 Cr (+2% YoY), PAT ₹39.85 Cr (+26% YoY). Facility: 35,196 sqm in Kalol, Gujarat.
