Rajputana Stainless IPO Details
The key details of Rajputana Stainless’s IPO are outlined below, covering all crucial aspects from price range to investment requirements and regulatory documents.
| IPO Size | ₹254.98 Crores |
| Price Range | ₹116 - ₹122 |
| Retail Quota | 35% |
| QIB Quota | 50% |
| NII Quota | 15% |
| Employee Discount | -- |
| Listing at | NSE and BSE |
| Minimum Quantity | 110 |
| Investment (cut-off price) | ₹13,420 |
| Pre IPO Promotor Holding | 78.22% |
| Post IPO Promotor Holding | 57.01% |
| DHRP Draft | Click Here |
| RHP Draft | Click Here |
| Anchor Investors List | Click Here |
Rajputana Stainless IPO Timelines
The IPO process for Rajputana Stainless includes key dates for participants to know. The timeline allows for strategic planning and participation, helping investors stay informed and engaged throughout the entire process.
09/03/2026
Start Date11/03/2026
End Date13/03/2026
Refund Initiation13/03/2026
Credit of Shares to Demat Ac16/03/2026
Listing DateRajputana Stainless IPO Lot Size
The Rajputana Stainless IPO has a fixed lot size of 110 shares, at an upper price band of ₹122 per share. For retail investors, the minimum application is 110 shares (1 lot) amounting to ₹13,420, while the maximum is 1,540 shares (14 lots) worth ₹1,87,880. For Small HNI (S-HNI) investors, the minimum application is 1,650 shares (15 lots) worth ₹2,01,300, while the maximum is 8,140 shares (74 lots) amounting to ₹9,93,080. Big HNI (B-HNI) investors need to apply for at least 8,250 shares (75 lots), totaling ₹10,06,500.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 110 | ₹13,420 |
| Retail Maximum | 14 | 1540 | ₹1,87,880 |
| S-HNI Minimum | 15 | 1650 | ₹2,01,300 |
| S-HNI Maximum | 74 | 8140 | ₹9,93,080 |
| B-HNI Minimum | 75 | 8250 | ₹10,06,500 |
Rajputana Stainless IPO Subscription Status
The subscription status for Rajputana Stainless IPO shows market demand across different investor categories, providing valuable insights into the offering’s performance. You can track real-time subscription data below.
| QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|
IPO Performance on Listing Day
| Opening Price | Closing Price | Day High | Day Low |
|---|---|---|---|
| ₹ | ₹ | ₹ | ₹ |
Rajputana Stainless IPO Company Financials
Rajputana Stainless reports robust performance in FY2025 with Total Income of ₹937.49 crores, managing expenses at ₹882.85 crores, and achieving a strong PAT (Profit After Tax) of ₹39.85 crores, demonstrating significant growth potential ahead of its public offering.
| Year | Total Income | Total Expense | PAT |
|---|---|---|---|
| FY 2023 | ₹950.69 | ₹922.11 | ₹24.04 |
| FY 2024 | ₹915.50 | ₹873.18 | ₹31.63 |
| FY 2025 | ₹937.49 | ₹882.85 | ₹39.85 |
| FY 2026 (6 M) | ₹502.77 | ₹470.45 | ₹24.41 |
About Company
Rajputana Stainless Limited, incorporated in 1991, manufactures long and flat stainless steel products across more than 80 grades. The product portfolio includes billets, forging ingots, rolled black and bright bars, flat and patti products, and other ancillary items. Production supports diverse industries such as seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Domestic sales are conducted through direct channels and traders, along with exports to UAE, USA, Turkey, Kuwait, and Poland.
Manufacturing operations are carried out at a 35,196.98 square meter facility in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop. Billets serve as key inputs for hot working processes including forging and rolling, while cast ingots are produced for storage, transportation, and further processing applications such as open die forgings and re rolling. Hexagonal bars are manufactured for use in nuts, valves, hose ends, fasteners, and hex bolts. As of September 30, 2025, workforce strength stood at 408 permanent employees and workers, comprising skilled and unskilled personnel.
| Incorporation Date | Sector | Managing Director |
|---|---|---|
| 1991 | Steel | Shankarlal D. Mehta |
Know Before Investing
Rajputana Stainless IPO Strengths
- Strategic capacity expansion funding creates product diversification into high-margin seamless pipes alongside existing flat products.
- Gujarat manufacturing hub advantage provides logistics efficiency and skilled labor availability for stainless steel operations.
- Stainless steel consumption tailwinds driven by infrastructure, railways, automotive, and construction create multi-year demand growth.
- Forward integration potential positions company to capture higher value-added pipe segment from existing flat product expertise.
Rajputana Stainless IPO Risks
- Commodity price volatility exposure with nickel, chromium, and energy input fluctuations impacting stainless steel margins.
- Customer concentration vulnerability exposes revenue to key buyers in industrial and infrastructure segments.
- Intense stainless steel competition from Jindal Stainless, APL Apollo pressures pricing power and market share.
- Working capital intensity persists in metals manufacturing with extended B2B receivables typical of sector.
- Forex export sensitivity vulnerable to rupee appreciation and global trade barriers affecting realizations.
- Infrastructure cyclicality risk government capex slowdowns directly impact stainless steel offtake volumes.
Swot Analysis for Rajputana Stainless IPO
Strengths
Diversified Stainless Portfolio, Multi-Industry End-Use, Sustainability Initiatives
Weaknesses
Commodity Price Exposure, Long Receivables Cycle, Labour-Intensive Operations
Opportunities
Infrastructure Steel Demand, Seamless Pipes Expansion, Value-Added Bright Bars
Threats
Chinese Import Competition, Larger Integrated Rivals, Anti-Dumping Duties Flux
Company Details
Rajputana Stainless Ltd.
213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat, 389330
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: https://www.rajputanastainless.com/
IPO Registar Details
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: rsl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
FAQs
The key objectives of Rajputana Stainless IPO are:
- Fees payable to the BRLM and commissions (including underwriting commission, brokerage and selling commission)
- Commission/processing fee for SCSBs, Sponsor Bank(s) and Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs, Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDP
- Advertising and marketing expenses
- Fee payable to auditors, consultants and market research firms
- Fees to regulators, including Stock Exchanges
- Others: Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses;
- Printing and distribution of stationery;
- Fees payable to the Registrar to the Offer;
- Fees payable to Legal Counsel; and
- Miscellaneous
Nirbhay Capital Services Pvt. Ltd. is the book-running lead managers for the Rajputana Stainless IPO.
Rajputana Stainless demonstrates strong growth potential supported by integrated 48k MTPA capacity, 370 plus clients, and healthy 12.68% EBITDA margins. Forward integration into seamless pipes, debt reduction, and steady infrastructure and auto demand can enhance realizations and drive sustainable medium term expansion.
The issue price for the Rajputana Stainless IPO is set between ₹116 to ₹122 per share.
To invest in one lot of Rajputana Stainless IPO, you need ₹12,760 at the lower price band (₹116 per share) or ₹13,420 at the upper price band (₹122 per share) for a lot size of 110 shares.
Rajputana Stainless IPO shares are scheduled to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on March 16, 2026.
Refund/unblocking of funds for Rajputana Stainless IPO will begin on March 13, 2026. ASBA/UPI blocks will be removed within 1 working day.
You can sell shares your Rajputana Stainless IPO shares on listing day (March 16, 2026) after they are credited to your demat account. If you want to sell in the pre-open market, the timing for that session is from 9:00 AM to 9:15 AM. Otherwise, you can sell after 10:00 AM during regular trading hours.