Rajputana Stainless IPO in Focus as Investors Track Subscription Demand and GMP Trend

Rajputana Stainless IPO: Key Details, Subscription Status, GMP Trend, and Company Overview

Rajputana Stainless Limited has launched its ₹254.98 crore Initial Public Offering (IPO) through the book-building route, offering investors an opportunity to participate in the company’s expansion and capital raising plans. The public issue consists of a combination of a fresh issue and an offer for sale (OFS). Under the fresh issue, the company plans to raise ₹178.73 crore by issuing 1.47 crore equity shares, which will be used primarily to strengthen the company’s capital structure and support business growth.

In addition, the IPO also includes an offer for sale of 0.63 crore shares worth ₹76.25 crore, allowing existing shareholders to partially exit their holdings. Overall, the issue comprises 2.09 crore equity shares with a face value of ₹10 per share. After the completion of the IPO, the company’s total shareholding will increase from 6,89,17,658 shares before the issue to 8,35,67,658 shares post issue.

The shares of Rajputana Stainless are proposed to be listed on both BSE and NSE, enabling broad market participation from retail, institutional, and high-net-worth investors.

Rajputana Stainless IPO Key Details

Rajputana Stainless IPO Price Band and Investment Requirements

The price band for the Rajputana Stainless IPO has been fixed between ₹116 and ₹122 per share. Investors must bid for shares in a minimum lot size of 110 shares, which forms the basic application unit.

Retail investors need to apply for at least one lot, which translates to a minimum investment of ₹13,420 at the upper price band. Meanwhile, non-institutional investors have higher minimum investment requirements. The small NII (sNII) category requires a minimum of 15 lots, while the big NII (bNII) category requires 75 lots.

Investment Requirement by Category

Rajputana Stainless IPO Important Dates

The subscription window for the IPO opened on March 9, 2026, and will remain open until March 11, 2026. Following the close of the issue, the registrar will finalize the basis of allotment on March 12, 2026. Refunds for unsuccessful applicants and credit of shares to successful applicants are expected on March 13, 2026, while the company’s shares are scheduled to list on March 16, 2026.

Rajputana Stainless IPO Timeline

Rajputana Stainless IPO Share Allocation

The company has allocated shares across different investor categories to ensure balanced participation from institutional and retail investors.

Rajputana Stainless IPO Subscription Status (Day 2)

As of March 10, 2026 (5:04 PM), the IPO has been subscribed 0.42 times overall, indicating moderate demand in the early stages of the bidding period.

Institutional investors have shown relatively stronger interest compared to retail investors. The QIB category is subscribed 0.99 times, while the NII category has reached 0.94 times subscription. However, the retail category has been subscribed only 0.11 times so far.

Within the NII segment, the big NII category has seen stronger demand with 1.36x subscription, while the small NII category remains weak at 0.11x.

Rajputana Stainless IPO Subscription Data

Rajputana Stainless IPO Grey Market Premium (GMP)

The latest Grey Market Premium (GMP) for Rajputana Stainless IPO stands at ₹1 as of March 10, 2026. Based on the upper price band of ₹122, the estimated listing price is around ₹123 per share, implying a possible gain of about 0.82%.

Grey market activity over the last several days indicates relatively subdued demand. The highest GMP recorded recently was ₹2.5, while the lowest level was ₹0, suggesting that speculative interest in the IPO remains limited.

Rajputana Stainless IPO GMP Trend

About Rajputana Stainless Limited

Established in 1991, Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless steel products. Over the years, the company has developed strong expertise in producing a diverse range of stainless steel materials used across multiple industrial sectors.

The company offers more than 80 different grades of stainless steel products, including billets, forging ingots, rolled black bars, bright bars, flat bars, and patti products. These materials serve as critical inputs for industries such as aerospace, defense, oil and gas, automotive, aviation, seamless pipe manufacturing, and precision engineering.

While Rajputana Stainless primarily serves the domestic market through direct sales and trader networks, it also exports its products to five international markets including the UAE, USA, Turkey, Kuwait, and Poland.

Manufacturing Facility and Workforce

The company operates a large integrated manufacturing facility located in Kalol, Gujarat, covering an area of 35,196.98 square meters. The plant is equipped with modern production infrastructure including induction furnaces, Argon Oxygen Decarburization (AOD) units, continuous casting machines (CCM), rolling mills, heat treatment facilities, and bright bar shops.

As of September 30, 2025, the company had 408 permanent employees, including skilled technicians, engineers, and operational staff supporting manufacturing and business operations.

Rajputana Stainless Product Portfolio

Rajputana Stainless manufactures several types of stainless steel products designed for industrial applications.

Billets are semi-finished stainless steel products produced from liquid steel and are widely used as raw material for hot working processes like rolling and forging.

The company also manufactures cast ingots, which are metal masses poured into molds for easier storage, transportation, and further processing in forging and re-rolling applications.

Another key product category is hexagonal bars, which are stainless steel bars rolled into hexagonal shapes and commonly used in the manufacturing of nuts, fasteners, hose ends, valves, and hex bolts.

How to Check Rajputana Stainless IPO Allotment Status

Investors who applied for the IPO can check the allotment status once it is finalized on March 12, 2026 through the registrar Kfin Technologies Ltd.

Steps to Check IPO Allotment

1. Visit the official Kfin Technologies IPO allotment page.

2. Select Rajputana Stainless from the company list.

3. Choose one of the search options: PAN, Application Number, or DP Client ID.

4. Enter the required details.

5. Click on Search to view the allotment result.

The system will display the number of shares applied and the number of shares allotted.

• IPO
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• Sensex

FAQs on Rajputana Stainless IPO

1. What is the total size of the Rajputana Stainless IPO?
The Rajputana Stainless IPO is valued at ₹254.98 crore, consisting of a fresh issue worth ₹178.73 crore and an offer for sale of ₹76.25 crore.

2. What is the price band of Rajputana Stainless IPO?
The IPO price band has been fixed between ₹116 and ₹122 per equity share.

3. What is the minimum investment required for retail investors?
Retail investors must apply for at least one lot of 110 shares, requiring a minimum investment of ₹13,420 at the upper price band.

4. When will Rajputana Stainless IPO allotment be finalized?
The allotment of shares is expected to be finalized on March 12, 2026.

5. What is the current GMP of Rajputana Stainless IPO?
The latest grey market premium (GMP) is ₹1, suggesting a possible listing price of around ₹123.

6. What products does Rajputana Stainless manufacture?
The company manufactures stainless steel billets, cast ingots, hexagonal bars, rolled bars, bright bars, and flat products.

7. Where is Rajputana Stainless manufacturing facility located?
The company operates its main manufacturing plant in Kalol, Gujarat, with integrated stainless steel production infrastructure.