The subscription for the Rajputana Stainless IPO will officially open on Monday, March 9, 2026, and conclude on Wednesday, March 11. The company has fixed its price band at ₹116 to ₹122 per equity share. Retail investors can bid for a minimum of 1 lot (110 shares), requiring an investment of ₹13,420.
The IPO is a mix of a fresh issue of ₹178.73 crore and an Offer for Sale (OFS) of ₹76.25 crore by promoter Shankarlal Deepchand Mehta. The company plans to utilize ₹18.57 crore of the fresh capital to set up a new manufacturing facility for stainless steel seamless pipes in the Panchmahal district of Gujarat. A substantial portion—₹98 crore—will be used to repay existing secured debt, which is expected to significantly improve the company's net margins post-listing.
Financially, Rajputana Stainless has shown robust performance. Revenue for FY25 stood at ₹937.49 crore, while Profit After Tax (PAT) grew by 26% to reach ₹39.85 crore. The company boasts a high Return on Equity (ROE) of over 30%, indicating efficient capital usage compared to many of its industry peers.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹116 – ₹122 per share |
| Lot Size | 110 Shares (Min. Investment ₹13,420) |
| Total Issue Size | ₹254.98 Crore |
| Today's Status (March 5) | Pre-Open (Anchor Bidding Tomorrow) |
| Anchor Investor Allotment | Friday, March 6, 2026 |
| Public Open Date | March 9, 2026 (Monday) |
| Listing Date | March 16, 2026 (BSE & NSE) |
Today’s Real News & Investor Insights
-
Today's Status (March 5): The company is in the "quiet period" before its Anchor Bidding starts tomorrow. Large institutional investors will finalize their commitments on March 6, which will be the first major indicator of professional market sentiment.
-
Grey Market Premium (GMP): As of today, the GMP is trading at ₹0. This "flat" premium is largely due to broader market jitters caused by recent geopolitical tensions (Iran-US friction) affecting the steel sector's raw material costs.
-
Deep Integration Moat: Unlike many small steel players, Rajputana operates a fully integrated facility in Kalol, Gujarat, spanning over 35,000 sq. m. This allows them to handle everything from melting and refining (AOD process) to finishing bright bars in-house.
-
Valuation Advantage: At the upper price band of ₹122, the company’s P/E ratio is approximately 20.8x. This is seen as attractive compared to certain peers like Panchmahal Steel (180x+), though it is higher than heavyweights like Electrotherm.
-
Customer Loyalty: A key positive in the RHP (Red Herring Prospectus) is that 75.8% of revenue in FY25 came from long-term clients (associated for 3+ years), showing high brand reliability in a commodity-driven market.
-
Risk Factor: The company has significant geographic concentration, with all manufacturing located in Gujarat and the majority of domestic sales coming from just three states (Maharashtra, Gujarat, and UP).
Loading comments...