Bookbuilding IPO | ₹255 Cr | Listed at BSE, NSE | Mon, Mar 9, 2026 - Wed, Mar 11, 2026
Rajputana Stainless IPO is a book build issue of ₹254.98 crores. The issue is a combination of fresh issue of 1.47 crore shares aggregating to ₹178.73 crores and offer for sale of 0.63 crore shares aggregating to ₹76.25 crores.
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 the NSE and the BSE on Mar 19, 2026.
Rajputana Stainless IPO is set final issue price at ₹122 per share. The lot size for an application is 110 shares. The minimum amount of investment required by an individual investor (retail) is ₹13,420 (110 shares) (based on upper price). The lot size investment for sNII is 15 lots (1,650 shares), amounting to ₹2,01,300, and for bNII, it is 75 lots (8,250 shares), amounting to ₹10,06,500.
Nirbhay Capital Services Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Rajputana Stainless IPO RHP for detailed Information.
IPO Open
Mon, Mar 9, 2026
IPO Close
Wed, Mar 11, 2026
Issue Price
₹122 per share
Market Cap (Pre-IPO)
₹1,019.53 Cr
| IPO Date | 9 to 11 Mar, 2026 |
| Listed on | Thu, Mar 19, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹122 |
| Issue Price | ₹122 per share |
| Lot Size | 110 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total 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) |
| Share Holding Pre Issue | 6,89,17,658 shares |
| Share Holding Post Issue | 8,35,67,658 shares |
| BSE Script Code / NSE Symbol | 544731 / RSL |
| ISIN | INE313L01016 |
Rajputana Stainless IPO offers total 2,09,00,000 shares. Out of which 20,90,000 (10.00%) allocated to QIB, 56,43,000 (27.00%) allocated to NII 1,31,67,000 (63.00%) allocated to RII.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 20,90,000 (10.00%) | NA |
| NII (HNI) Shares Offered | 56,43,000 (27.00%) | NA |
| − bNII > ₹10L | 37,62,000 (18.00%) | 2,280 |
| − sNII < ₹10L | 18,81,000 (9.00%) | 1,140 |
| Retail Shares Offered | 1,31,67,000 (63.00%) | 1,19,700 |
| Total Shares Offered | 2,09,00,000 (100.00%) |
Investors can bid for a minimum of 110 shares and in multiples thereof.
| 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 |
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:
As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.
Competitive Strengths:
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 448.80 | 420.36 | 324.01 | 297.34 |
| Total Income | 502.77 | 937.49 | 915.50 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| NET Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves and Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes | 18.57 |
| 2 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | 98.00 |
| 3 | General corporate purposes | 44.64 |
| Total | 161.21 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 14.86% | 30.17% |
| ROCE | 16.55% | 31.72% |
| Debt/Equity | 0.49 | 0.66 |
| RoNW | 13.82% | 26.23% |
| PAT Margin | 4.87% | 4.28% |
| EBITDA Margin | 9.16% | 7.92% |
| Price to Book Value | 5.53 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.78 | 5.84 |
| P/E (x) | 21.1 | 20.88 |
| Promoter Holding | 78.22% | 57.01% |
| Market Cap | ₹1,019.53 Cr. |
The Rajputana Stainless IPO is subscribed 1.12 times on March 11, 2026 6:54:35 PM (Day 3). The public issue subscribed 0.27 times in the retail category, 2.51 times in the QIB category, and 2.59 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 2.51 | 20,90,000 | 52,39,630 |
| NII | 2.59 | 56,43,000 | 1,46,40,340 |
| bNII (> ₹10L) | 3.74 | 37,62,000 | 1,40,63,060 |
| sNII (< ₹10L) | 0.31 | 18,81,000 | 5,77,280 |
| Retail | 0.27 | 1,31,67,000 | 35,39,580 |
| Total | 1.12 | 2,09,00,000 | 2,34,19,550 |
Total Applications: 22,676
In continuation to BSE Notice No. 20260306-21 dated March 06, 2026, Investors are informed that the anchor investor for the IPO of Rajputana Stainless Limited has withdrawn.
Special Withdrawal Window- As per SEBI directions, investors in the IPO of Rajputana Stainless Limited have been given an additional window to withdraw their bids on March 12, 13, and 16, 2026 (10:00 am to 5:00 pm). Withdrawal can be done through their broker, SCSB, or UPI mechanism.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLM and commissions (including underwriting commission, brokerage and selling commission) | 17.21 |
| 2 | 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 | 0.05 |
| 3 | Advertising and marketing expenses | 0.80 |
| 4 | Fee payable to auditors, consultants and market research firms | 4.32 |
| 5 | Fees to regulators, including Stock Exchanges i.e. Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees, fees payable to the Registrar to the Offer, postages, depository charges and other regulatory expenses | 1.48 |
| 6 | Printing and distribution of stationery; | 0.15 |
| 7 | Miscellaneous | 0.97 |
| Total | 24.99 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹122.00 | ₹122.00 |
| Open | ₹123.95 | ₹122.00 |
| Low | ₹111.25 | ₹111.16 |
| High | ₹123.95 | ₹122.10 |
| Last Trade | ₹112.90 | ₹113.03 |
Lead Manager Reports
Rajputana Stainless IPO is a main-board IPO of 2,09,00,000 equity shares of the face value of ₹10 aggregating up to ₹255 Crores. The issue is priced at ₹122 per share. The minimum order quantity is 110.
The IPO opens on Mon, Mar 9, 2026, and closes on Wed, Mar 11, 2026.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Rajputana Stainless IPO using UPI as a payment gateway. Zerodha customers can apply in Rajputana Stainless IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Rajputana Stainless IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Rajputana Stainless IPO opens on Mon, Mar 9, 2026 and closes on Wed, Mar 11, 2026.
Rajputana Stainless IPO lot size is 110, and the minimum amount required for application is ₹13,420.
You can apply in Rajputana Stainless IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Rajputana Stainless IPO will be done on Tuesday, March 17, 2026, and the allotted shares will be credited to your demat account by Thu, Mar 19, 2026. Check the Rajputana Stainless IPO allotment status.
The Rajputana Stainless IPO listing date is on Thu, Mar 19, 2026.
