Rajputana Stainless IPO: Key Details, Price Band, GMP Trend and What Investors Should Know About the ₹255 Crore Public Issue
India’s primary market continues to remain active as companies from diverse sectors approach the public markets to raise capital. Among the upcoming issues drawing investor attention is the Rajputana Stainless IPO, a public offering by a stainless steel manufacturer with over three decades of operational experience.
The company is planning to raise nearly ₹254.98 crore through a combination of a fresh issue of shares and an offer for sale. With the IPO opening in March 2026 and listing expected shortly afterward, investors are evaluating the issue based on the company’s business fundamentals, sector outlook and market sentiment.
Below is a detailed breakdown of the Rajputana Stainless IPO details, timeline, price band, business profile, GMP trend and allotment process, along with structured tables for easy understanding.
Rajputana Stainless IPO Structure: Issue Size and Share Distribution
The Rajputana Stainless IPO is structured as a book-built public issue, allowing investors to bid within a specified price band. The total issue size stands at approximately ₹254.98 crore, combining both newly issued shares and shares offered by existing shareholders.
The company plans to raise ₹178.73 crore through a fresh issue of 1.47 crore shares, which will strengthen its capital base and support business expansion. In addition, an offer for sale (OFS) of 0.63 crore shares worth ₹76.25 crore will enable certain existing investors to partially divest their holdings.
Also Read : Why the Indian Stock Market Is Suddenly Volatile: The Global Triggers Behind the Sell-Off
Rajputana Stainless IPO – Key Issue Details
| Particulars | Details |
|---|---|
| IPO Type | Book Building Issue |
| Total Issue Size | 2,09,00,000 shares (≈ ₹254.98 Cr) |
| Fresh Issue | 1,46,50,000 shares (≈ ₹178.73 Cr) |
| Offer for Sale | 62,50,000 shares (≈ ₹76.25 Cr) |
| Face Value | ₹10 per share |
| Listing Exchanges | BSE and NSE |
| Pre-Issue Shareholding | 6,89,17,658 shares |
| Post-Issue Shareholding | 8,35,67,658 shares |
This structure indicates that a significant portion of the IPO proceeds will flow into the company rather than solely facilitating shareholder exits.
Rajputana Stainless IPO Timeline: Key Dates Investors Should Track
The IPO will remain open for bidding for three days, during which investors can place their bids within the announced price band. After the subscription period closes, the company will proceed with the allotment and listing process.
Rajputana Stainless IPO Tentative Schedule
| Event | Date |
|---|---|
| IPO Opens | March 9, 2026 (Monday) |
| IPO Closes | March 11, 2026 (Wednesday) |
| Allotment Finalization | March 12, 2026 (Thursday) |
| Refund Initiation | March 13, 2026 (Friday) |
| Credit of Shares to Demat | March 13, 2026 (Friday) |
| Listing on Exchanges | March 16, 2026 (Monday) |
Once shares are credited to investors’ demat accounts, the company is expected to begin trading on BSE and NSE.
Rajputana Stainless IPO Price Band and Minimum Investment
The company has fixed the price band between ₹116 and ₹122 per share for the public issue. Investors can submit bids at any price within this range during the subscription period.
The IPO has a lot size of 110 shares, which determines the minimum investment required for retail investors.
Rajputana Stainless IPO Investment Requirements
| Category | Lot Size | Shares | Investment (Upper Price ₹122) |
|---|---|---|---|
| Retail Investor | 1 Lot | 110 Shares | ₹13,420 |
| sNII (Small NII) | 15 Lots | 1,650 Shares | ₹2,01,300 |
| bNII (Big NII) | 75 Lots | 8,250 Shares | ₹10,06,500 |
These thresholds ensure participation from retail investors as well as high-net-worth individuals.
Merchant Banker and Registrar Handling the IPO
The IPO process involves several intermediaries responsible for managing the offering and ensuring regulatory compliance.
IPO Management Details
| Role | Organization |
|---|---|
| Book Running Lead Manager | Nirbhay Capital Services Pvt. Ltd. |
| Registrar to the Issue | Kfin Technologies Ltd. |
While the lead manager oversees the IPO structuring and investor marketing, the registrar manages application processing, share allotment and investor queries.
Rajputana Stainless: A Three-Decade Presence in the Stainless Steel Industry
Founded in 1991, Rajputana Stainless Limited operates in the manufacturing of long and flat stainless steel products used in several industrial sectors.
The company manufactures a diverse product range including billets, forging ingots, rolled black bars, bright bars, flats and pattis, covering more than 80 grades of stainless steel.
These products are supplied to industries such as:
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Seamless pipe manufacturing
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Aerospace
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Oil and gas
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Defense
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Automotive
-
Aviation
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Precision engineering
While the company primarily serves the domestic market through direct sales and traders, it also exports products to UAE, USA, Turkey, Kuwait and Poland, expanding its global footprint.
Manufacturing Infrastructure and Workforce
Rajputana Stainless operates an integrated manufacturing facility located in Kalol, Gujarat, covering approximately 35,196.98 square meters.
The facility houses advanced production infrastructure designed to support efficient stainless steel manufacturing.
Key Manufacturing Infrastructure
| Facility Component | Description |
|---|---|
| Induction Furnace | Used for melting raw materials |
| AOD Unit | Argon Oxygen Decarburization process for refining steel |
| Continuous Casting Machine (CCM) | Converts molten metal into billets |
| Heat Treatment Facility | Enhances metal properties |
| Rolling Mill | Produces rolled steel products |
| Bright Bar Shop | Produces precision finished bars |
As of September 30, 2025, the company employed 408 permanent workers and staff, including skilled and unskilled personnel involved in production and operations.
Product Portfolio: Core Stainless Steel Products
Rajputana Stainless manufactures several stainless steel products that act as industrial inputs across multiple sectors.
Major Product Categories
| Product | Description | Key Applications |
|---|---|---|
| Billets | Semi-finished stainless steel products from molten metal | Forging, rolling and hot working |
| Cast Ingots | Solid metal blocks cast into molds | Open die forging and re-rolling |
| Hexagonal Bars | Stainless steel bars rolled into hexagonal shapes | Fasteners, bolts, valves and hose ends |
These products form essential raw materials used by manufacturers across heavy industrial sectors.
Rajputana Stainless IPO Grey Market Premium (GMP) Trend
Before an IPO lists on the stock exchange, shares often trade in the grey market, an unofficial market where investors speculate about listing gains.
As of March 5, 2026, the Rajputana Stainless IPO GMP stands at ₹0, indicating neutral sentiment among grey market traders.
Rajputana Stainless IPO GMP Trend
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| Mar 5, 2026 | ₹122 | ₹0 | ₹122 | 0.00% |
| Mar 4, 2026 | ₹122 | ₹0 | ₹122 | 0.00% |
| Mar 3, 2026 | ₹122 | ₹0 | ₹122 | 0.00% |
| Mar 2, 2026 | ₹122 | ₹0 | ₹122 | 0.00% |
Based on the current GMP and the upper price band, the estimated listing price remains around ₹122, suggesting no expected listing premium at the moment.
However, investors should remember that GMP is unofficial and highly volatile, and it should not be the only factor influencing investment decisions.
How to Check Rajputana Stainless IPO Allotment Status
Investors who apply for the IPO can check their allotment status once the shares are allocated.
Steps to Check Allotment Status
| Step | Process |
|---|---|
| Step 1 | Visit the Kfin Technologies IPO allotment webpage |
| Step 2 | Select “Rajputana Stainless” from the company list |
| Step 3 | Enter PAN, Application Number, or Demat ID |
| Step 4 | Click on the “Search” button |
| Step 5 | View the number of shares applied and allotted |
The allotment result is expected to be announced on March 12, 2026.
Live IPO Subscription Data During the Bidding Period
Once the IPO opens on March 9, 2026, investors will be able to track live subscription data from the stock exchanges.
The subscription figures will show demand from different investor categories:
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Retail investors
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Qualified Institutional Buyers (QIBs)
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Non-Institutional Investors (NIIs)
These numbers are typically updated every 10 minutes while the IPO remains open for bidding.
What Investors Should Watch Before the IPO Listing
As the Rajputana Stainless IPO approaches its opening date, investors will closely monitor several indicators that may influence its listing performance. These include subscription demand, institutional participation, sector outlook and broader market conditions.
The stainless steel industry is closely linked to industrial growth and infrastructure demand, which means the company’s growth prospects will partly depend on broader economic activity.
With the IPO scheduled to open on March 9 and list on March 16, 2026, the coming days will reveal how investors position themselves for the public debut of this stainless steel manufacturer.
