By BullScreen Editorial Team 
The initial public offering (IPO) of Rajputana Stainless Limited has opened for subscription today, March 9, 2026. The stainless-steel manufacturer is looking to raise nearly ₹255 crore from the primary market as it aims to expand production capacity and strengthen its balance sheet.
The IPO will remain open for investors until March 11, while the company is expected to list its shares on the stock exchanges on March 16, 2026, subject to the finalisation of share allotment.
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Rajputana Stainless IPO is a ₹254.98 crore book-built issue consisting of:
- Fresh Issue: ₹178.73 crore
- Offer for Sale (OFS): ₹76.25 crore
Through the fresh issue, the company will raise funds directly for business expansion and debt repayment. Meanwhile, the offer for sale allows existing shareholders to partially exit their holdings.
The shares will be listed on both BSE and National Stock Exchange of India.
The company has fixed the price band at ₹116 to ₹122 per share.
- Lot Size: 110 shares
- Minimum Retail Investment: ₹13,420 (at upper price band)
Investors applying under the retail category must bid for at least one lot. Meanwhile, larger investment thresholds are applicable for small non-institutional investors (sNII) and big non-institutional investors (bNII).
According to grey market trends as of March 6, 2026, Rajputana Stainless shares are trading around the issue price in the unofficial market.
- Grey Market Premium (GMP): ₹0
- Estimated Listing Price: Around ₹122
- Expected Listing Gain: 0%
A zero GMP indicates neutral sentiment among investors, suggesting the stock may list near its issue price unless strong subscription demand emerges during the IPO period.
The company plans to utilise about ₹116.57 crore from the IPO proceeds for several key initiatives aimed at improving operations and financial stability.
Key objectives include:
- Capacity Expansion:
Around ₹18.57 crore will be used to establish a stainless steel seamless pipes manufacturing facility, helping the company diversify its product offerings. - Debt Repayment:
Nearly ₹98 crore will go toward repaying secured borrowings, which will reduce financial leverage. - General Corporate Purposes:
The remaining funds will support working capital needs and other operational requirements.
Rajputana Stainless Limited is engaged in the manufacturing of long and flat stainless-steel products.
Its product portfolio includes:
- Stainless steel billets
- Forging ingots
- Rolled bars
- Flats
- Various ancillary stainless-steel products
The company offers more than 80 grades of stainless steel, enabling it to cater to diverse industrial requirements.
Rajputana Stainless supplies raw materials to several critical industries, including:
- Seamless pipe manufacturing
- Aerospace
- Oil and gas
- Defence
- Automotive
- Aviation
- Precision engineering
These sectors require high-strength and corrosion-resistant stainless-steel materials, positioning the company as a supplier to specialised industrial markets.
The company operates a large manufacturing unit located in Kalol, Gujarat, spread across more than 35,000 square meters.
The facility includes:
- Induction furnaces
- Argon Oxygen Decarburization (AOD) units
- Continuous casting systems
- Heat treatment units
- Rolling mills
- Bright bar production shop
As of September 2025, the company employed 408 permanent staff, supporting its integrated manufacturing operations.
Before the IPO, promoters held 78.22% stake in the company. After the public issue, promoter ownership will reduce to 57.01%, reflecting equity dilution.
The company had a pre-IPO market capitalisation of around ₹1,019.53 crore.
Meanwhile, earnings per share (EPS) is expected to see a slight improvement from ₹5.78 to ₹5.84 following the issue.
Rajputana Stainless has maintained stable operational efficiency and profitability, according to its latest financial data.
Key Financial Indicators (as of September 30, 2025):
- Return on Equity (ROE): 14.86%
- Return on Capital Employed (ROCE): 16.55%
- Debt-to-Equity Ratio: 0.49
- EBITDA Margin: 9.16%
- PAT Margin: 4.87%
Financial Highlights
- Total income (Sep 2025 period): ₹502.77 crore
- Total income FY25: ₹937.49 crore
- Total income FY24: ₹915.50 crore
- Profit after tax: ₹24.41 crore
- Net worth: ₹176.65 crore
- Total borrowings: ₹85.91 crore
These figures indicate steady revenue growth and manageable debt levels, although margins remain moderate for a manufacturing business.
Rajputana Stainless highlights several factors supporting its business growth:
- Fully integrated manufacturing facility at a strategic location
- Wide product portfolio with multiple stainless-steel grades
- Established relationships with long-term customers
- Experienced promoter group and management team
- Consistent operational performance over the years
Despite its growth plans, investors should consider several risks before subscribing to the IPO.
Major risks include:
- Customer Concentration:
The company depends heavily on a few key customers and does not have long-term supply contracts. - Legal Proceedings:
Ongoing litigations could affect the company’s financial position if outcomes are unfavorable. - Geographic Concentration:
Manufacturing operations are concentrated in Gujarat, which exposes the company to regional disruptions or policy changes. - Supplier Dependence:
Reliance on select suppliers could create supply-chain risks if disruptions occur.
The IPO process is being handled by:
- Lead Manager: Nirbhay Capital Services Pvt. Ltd.
- Registrar: Kfin Technologies Limited
These entities will oversee the IPO process, including investor applications, share allotment, and regulatory compliance.
The IPO of Rajputana Stainless Limited offers investors an opportunity to participate in a growing stainless-steel manufacturing business that caters to multiple industrial sectors.
However, the flat grey market premium suggests cautious investor sentiment, and potential investors may want to closely evaluate the company’s financials, industry demand, and risk factors before making a decision.
With expansion plans and debt reduction initiatives, the upcoming listing on BSE and National Stock Exchange of India will be closely watched by market participants.