Rajputana Stainless IPO: Issue Size, Price Band, Subscription Status, GMP Trend and Key Details

Rajputana Stainless Limited is entering the primary market with a ₹254.98 crore book-built public issue. The IPO is structured as a mix of fresh issue and offer for sale (OFS). While the fresh issue will help the company raise new capital to fund expansion and repay debt, the OFS allows existing shareholders to partially exit their holdings.

The IPO opened for subscription on March 9, 2026, and closed on March 11, 2026. Following the completion of the bidding process, the basis of allotment is expected to be finalized on March 12, 2026, and the shares are likely to be credited to successful investors’ demat accounts on March 13, 2026. The company is expected to make its stock market debut on March 16, 2026, with the shares proposed to be listed on both BSE and NSE.

The IPO price band has been set at ₹116 to ₹122 per share, allowing investors to place bids within this range depending on demand during the book-building process.

Rajputana Stainless IPO Details

The IPO is being managed by Nirbhay Capital Services Pvt. Ltd., which is acting as the book running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar to the issue.

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Rajputana Stainless IPO Investment Requirements

The IPO requires investors to apply in lots of 110 shares. Retail investors must apply for at least one lot, while high-net-worth investors (HNIs) have higher minimum requirements.

Retail investors can apply for a minimum investment of ₹13,420, calculated using the upper price band of ₹122 per share.

Rajputana Stainless IPO Timeline

This schedule outlines the expected sequence of events from subscription closure to listing.

About Rajputana Stainless Limited

Rajputana Stainless Limited was incorporated in 1991 and is engaged in the manufacturing of long and flat stainless-steel products. Over the years, the company has developed expertise in producing a variety of stainless steel products used across multiple industries.

The company offers more than 80 grades of stainless steel products, including billets, forging ingots, rolled black and bright bars, flats, pattis, and other ancillary products.

Rajputana Stainless primarily caters to the domestic market through direct sales and trader networks, while also exporting to several international markets.

Export Markets

These exports reflect the company’s expanding global presence.

The company operates a 35,196.98 sq. meter manufacturing facility in Kalol, Gujarat, equipped with advanced production infrastructure such as:

• Induction Furnace

• Argon Oxygen Decarburization (AOD)

• Continuous Casting Machine (CCM)

• Heat Treatment Facilities

• Rolling Mill

• Bright Bar Shop

As of September 30, 2025, the company had 408 permanent employees and workers supporting its operations.

Rajputana Stainless Product Portfolio

Rajputana Stainless manufactures several stainless steel products used across multiple industrial sectors.

These products are widely used in industries such as oil & gas, aerospace, automotive, defense, aviation, forging, and precision engineering.

Objectives of the Rajputana Stainless IPO

The company intends to utilize the net proceeds raised from the IPO for strategic purposes aimed at strengthening operations and expanding product capabilities.

The new manufacturing facility is expected to help the company expand its product portfolio and tap into growing demand for stainless steel seamless pipes.

Rajputana Stainless IPO Subscription Status

By the close of bidding on March 11, 2026, the IPO received moderate overall demand, with the issue subscribed 1.12 times.

While institutional and high-net-worth investors showed strong interest, the retail category remained significantly under-subscribed.

Rajputana Stainless IPO Shares Allocation

Retail investors have the largest allocation share of 63%, which is common for SME or mid-sized IPOs.

Rajputana Stainless IPO GMP (Grey Market Premium)

The Grey Market Premium (GMP) indicates how IPO shares are trading in the unofficial market before listing. As of March 11, 2026, the Rajputana Stainless IPO GMP stands at ₹0, suggesting neutral sentiment in the grey market.

This implies the stock may list around its issue price, indicating limited short-term listing gains based on current grey market trends.

Rajputana Stainless IPO Day-Wise GMP Trend

The trend shows that the grey market premium has gradually declined as the IPO approached closure, indicating weakening speculative demand.

How to Check Rajputana Stainless IPO Allotment Status

Investors who applied for the IPO can check their allotment status online through the registrar Kfin Technologies once the allotment is finalized.

Steps to Check Allotment

1. Visit the registrar’s IPO allotment page.

2. Select Rajputana Stainless Limited from the company list.

3. Enter one of the following details:

   • PAN Number

   • IPO Application Number

   • DP Client ID / Demat Account Number

4. Click Search.

5. The screen will display the number of shares applied and shares allotted.

What is the Basis of Allotment in an IPO?

The Basis of Allotment (BOA) is an official document prepared by the registrar that explains how IPO shares are allocated among different categories of investors.

The document provides information about the number of applications received, shares reserved for each category, and the allocation ratio used to distribute shares.

For example, if the allotment ratio is 1:10, it means that one out of every ten applicants will receive one lot of shares.