What is the GMP of Rajputana Stainless IPO today?

The Grey Market Premium (GMP) for Rajputana Stainless IPO is currently ₹3. With an upper price band of ₹122, the estimated listing price is ₹125 per share, reflecting an expected listing gain of ~2.46%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Rajputana Stainless IPO?

The price band for Rajputana Stainless IPO is ₹116 to ₹122 per equity share. The minimum lot size is 110 shares, which requires a minimum retail application investment of ₹13,420.

What are the important dates for Rajputana Stainless IPO?

Rajputana Stainless IPO opens for subscription on 2026-03-09T00:00:00 and closes on 2026-03-11T00:00:00. The basis of allotment is scheduled for 2026-03-17T00:00:00, and shares are expected to list on 2026-03-19T00:00:00 on BSE, NSE.

How can I check the allotment status for Rajputana Stainless IPO?

You can check Rajputana Stainless IPO allotment status on the registrar's official portal (KFin Technologies Limited) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Rajputana Stainless IPO?

Investors can apply for Rajputana Stainless IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Rajputana Stainless IPO open and close?

The IPO opens on 9 Mar 2026, and closes on 11 Mar 2026.

What is Rajputana Stainless IPO price band?

The issue price band is ₹116.00 to ₹122.00 per equity share.

What is the Rajputana Stainless IPO lot size?

The minimum lot size is 110 shares per application.

What is the Rajputana Stainless IPO allotment date?

The allotment is scheduled on 17 Mar 2026.

Rajputana Stainless IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

255.00 Cr

Price Band

₹116.00 - ₹122.00

Lot Size

110 Shares

Min Investment

₹13,420

GMP

₹3

Subscription

1.12x

₹285.72 Cr

09 Mar 2026

IPO Opens

COMPLETED

11 Mar 2026

IPO Closes

COMPLETED

17 Mar 2026

Basis of Allotment

COMPLETED

18 Mar 2026

Refunds

COMPLETED

18 Mar 2026

Demat Credit

COMPLETED

19 Mar 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

09 Mar 2026

IPO ClosesDONE

11 Mar 2026

Basis of AllotmentDONE

17 Mar 2026

RefundsDONE

18 Mar 2026

Demat CreditDONE

18 Mar 2026

ListingDONE

19 Mar 2026

About Rajputana Stainless IPO

Rajputana Stainless IPO open date is March 9, 2026 and the IPO will close on March 11, 2026. Rajputana Stainless IPO is a Book build Issue. The company to raise around ₹255 crores via IPO that comprises fresh issue of ₹178.73 crores and offer for sale up to 62,50,000 equity shares with face value of ₹10 each.

Rajputana Stainless IPO price band is ₹116 to ₹122 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Rajputana Stainless IPO to list on BSE, NSE on March 19, 2026. The allotment of Rajputana Stainless IPO date is March 17, 2026.

The company reported revenue of ₹937.49 crores in 2025 against ₹915.50 crores in 2024. The company reported profit of ₹39.85 crores in 2025 against profit of ₹31.63 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Rajputana Stainless IPO Details and Specifications
IPO Date	09 Mar 2026 to 11 Mar 2026
Face Value	₹10 Per Share
Price Band	₹116.00 - ₹122.00
Lot Size	110 Shares
Total Issue Size	Approx 255.00 Cr 2,09,00,000 Equity Shares
Fresh Issue	Approx 179.00 Cr 1,46,50,000 Equity Shares
Offer for Sale	Approx 76.00 Cr 62,50,000 Equity Shares
Retail Portion	63%
Sale Type	Offer for sale
Issue Type	Bookbuilding IPO
Listing Date	19 Mar 2026
Listing At	BSE & NSE
Total Subscription Amount	₹285.72 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	TBA	0.00%
- QIB (Ex. Anchor)	20,90,000	10.00%
NII	56,43,000	27.00%
- bNII > ₹10L	37,62,000	18.00%
- sNII < ₹10L	18,81,000	9.00%
Retail	1,31,67,000	63.00%
Total	2,09,00,000	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	1	110	₹13,420
Individual investors (Retail) (Max)	14	1,540	₹1,87,880
S-HNI (Min)	15	1,650	₹2,01,300
S-HNI (Max)	74	8,140	₹9,93,080
B-HNI (Min)	75	8,250	₹10,06,500

About Company

Rajputana Stainless, founded in 1991, is one of the leading companies to manufacture long and flat stainless steel products. Its product portfolio includes a wide range of stainless steel products such as billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products available in more than 80 different grades.

The firm sells its products via direct sales and traders, as well as exporting to other countries, including the UAE, the USA, Turkey, Kuwait, and Poland. Moreover, the firm also supplies its raw materials to various industries includes seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. Its manufacturing unit is situated in Kalol, Gujarat, covering 35,196.98 sq. m. Its facilities include modern equipment like an induction furnace, AOD, continuous casting machine (CCM), heat treatment unit, rolling mill, and bright bar shop.

Contact Details

Rajputana Stainless Ltd.

213, Madhwas,

Halol Kalol Road, Kalol,

Panchmahal

Halol, Gujarat, 389330

+91 63 5816 4770

compliance@rajputanastainless.com

Visit Website

Registrar

KFin Technologies Limited

04067162222

rsl.ipo@kfintech.com

Lead Managers

Nirbhay Capital Services Pvt Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
19-Mar-2026 12:00 PM	+₹3	₹125	+2.46%	₹330
18-Mar-2026 12:00 PM	+₹3	₹125	+2.46%	₹330
17-Mar-2026 12:00 PM	+₹2	₹124	+1.64%	₹220
16-Mar-2026 12:00 PM	+₹2	₹124	+1.64%	₹220
14-Mar-2026 12:00 PM	+₹2.25	₹124.25	+1.84%	₹247.5
13-Mar-2026 12:00 PM	+₹3	₹125	+2.46%	₹330
12-Mar-2026 12:00 PM	+₹1.5	₹123.5	+1.23%	₹165
11-Mar-2026 12:00 PM	+₹1	₹123	+0.82%	₹110
10-Mar-2026 12:00 PM	+₹2	₹124	+1.64%	₹220
09-Mar-2026 12:00 PM	+₹2	₹124	+1.64%	₹220
07-Mar-2026 12:00 PM	+₹2	₹124	+1.64%	₹220
06-Mar-2026 08:00 AM	+₹0	₹122	+0.00%	₹0
05-Mar-2026 05:00 PM	+₹0	₹122	+0.00%	₹0
04-Mar-2026 08:00 AM	+₹0	₹122	+0.00%	₹0
03-Mar-2026 06:00 PM	+₹0	₹122	+0.00%	₹0
02-Mar-2026 06:00 PM	+₹0	₹122	+0.00%	₹0
28-Feb-2026 07:00 AM	+₹0	₹122	+0.00%	₹0

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	2.51x	20,90,000	52,39,630	₹63.92 Cr
NII	2.59x	56,43,000	1,46,40,340	₹178.61 Cr
bNII > ₹10L	3.74x	37,62,000	1,40,63,060	₹171.57 Cr
sNII < ₹10L	0.31x	18,81,000	5,77,280	₹7.04 Cr
Retail	0.27x	1,31,67,000	35,39,580	₹43.18 Cr
Total	1.12x	2,09,00,000	2,34,19,550	₹285.72 Cr

Objects of the Issue

01 Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); : 18.57 Cr
02 Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and : 98.00 Cr
03 General Corporate Purpose : 44.64 Cr
04 Issue Expenses : 24.99 Cr

Company Financials

Period Ended	30 SEPT 2025	31 MAR 2025	31 MAR 2024
Total Income	502.77	937.49	915.50
Profit After Tax	24.41	39.85	31.63
EBITDA	45.92	73.79	59.41
NET Worth	176.65	151.95	112.27
Reserves and Surplus	108.16	83.75	78.36
Total Borrowing	85.91	99.75	79.76

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
ROCE	31.72%
Debt/Equity Ratio	0.66
Return on Net Worth (RoNW)	26.23%
PAT Margin	4.28%
EBITDA Margin	7.92%
Net Asset Value (NAV)	₹22.05
Earning Per Share (EPS)	₹5.78
Price/Earning P/E Ratio	-

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Panchmahal Steel Ltd	1.74	182.18	2.07	2.07	383.10
Electrotherm Ltd	347.06	3.16	-124.60	-278.47	4,115.37
Mukand Ltd	5.24	26.34	65.72	7.99	4,889.99
Mangalam Worldwide Ltd	10.59	22.57	91.37	11.28	1,060.71

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, Yashkumar Shankarlal Mehta are the company's promoters of Rajputana Stainless.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	78.22%	57.01%
Others*	21.78%	42.99%

Strengths

1. The company claims to operate an integrated manufacturing facility at Kalol, Gujarat, covering approximately 35,196.98 sq. m. The facility is equipped with an induction furnace, argon oxygen decarburization (AOD), continuous casting machine (CCM), heat treatment facilities, oxygen and nitrogen plants, rolling mill, and bright bar shop. As of September 30, 2025, it had an installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA, bright bar capacity of 6,000 MTPA, and associated utilities infrastructure.
2. The company claims to have a diverse product portfolio, manufacturing billets, forging ingots, rolled black bars, rolled bright bars, flat and patta, and other ancillary products in more than 80 stainless-steel grades. It offers multiple sizes and configurations across product categories, enabling it to cater to varied industrial applications and reduce dependence on a single product segment.
3. The company claims to be led by promoters who have been associated with the business since 1999, 2007, and 2015, respectively, and collectively bring over five decades of experience in the steel industry. Their industry experience and leadership claim to have supported operational stability and business development over the years.

Risks

1. A significant portion of the company's revenue is derived from a few customers. Revenue from the top 10 customers amounted to Rs 225.36 crore (44.93%) for the period ended September 30, 2025, Rs 388.57 crore (41.69%) in FY25, Rs 381.64 crore (41.95%) in FY24, and Rs 419.72 crore (44.29%) in FY23. The absence of long-term contracts with these customers increases the risk of demand volatility. Any reduction in offtake, shift to competitors, pricing pressure, or termination of purchase arrangements could materially impact revenue stability, cash flows, and profitability.
2. The company, its directors, and its promoters are involved in certain ongoing legal proceedings, including material civil litigation and tax proceedings. Any adverse judgment in these cases can be detrimental to the company's business prospects.
3. The company operates a single manufacturing facility located in Gujarat, and the proposed expansion is also planned within the same premises. This geographic concentration exposes operations to regional risks such as economic downturns, regulatory changes, natural disasters, infrastructure disruptions, political unrest, or utility failures. Any adverse development affecting this region could disrupt production, delay deliveries, and materially impact sales volumes, operational continuity, and financial performance due to the absence of geographic diversification.
4. The company relies substantially on a limited number of suppliers for key raw materials. Purchases from the top 10 suppliers amounted to Rs 144.59 crore (40.14% of material cost) for the period ended September 30, 2025, Rs 220.28 crore (32.17%) in FY25, Rs 208.93 crore (28.13%) in FY24, and Rs 223.21 crore (29.82%) in FY23. Further, total raw material costs represented Rs 390.84 crore (77.93% of revenue) in the period ended September 30, 2025, Rs 701.19 crore (75.22%) in FY25, Rs 736.81 crore (80.99%) in FY24, and Rs 755.13 crore (79.68%) in FY23. Any supply disruption, price volatility, or inability to secure materials on competitive terms could adversely affect margins and operational performance.

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About Rajputana Stainless IPO

IPO Details

Rajputana Stainless IPO Details and Specifications
IPO Date	09 Mar 2026 to 11 Mar 2026
Face Value	₹10 Per Share
Price Band	₹116.00 - ₹122.00
Lot Size	110 Shares
Total Issue Size	Approx 255.00 Cr 2,09,00,000 Equity Shares
Fresh Issue	Approx 179.00 Cr 1,46,50,000 Equity Shares
Offer for Sale	Approx 76.00 Cr 62,50,000 Equity Shares
Retail Portion	63%
Sale Type	Offer for sale
Issue Type	Bookbuilding IPO
Listing Date	19 Mar 2026
Listing At	BSE & NSE
Total Subscription Amount	₹285.72 Cr

Investor Category

Shares Offered

% Net Issue

QIB

TBA

0.00%

- QIB (Ex. Anchor)

20,90,000

10.00%

NII

56,43,000

27.00%

- bNII > ₹10L

37,62,000

18.00%

- sNII < ₹10L

18,81,000

9.00%

Retail

1,31,67,000

63.00%

Total

2,09,00,000

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

110

₹13,420

Individual investors (Retail) (Max)

1,540

₹1,87,880

S-HNI (Min)

1,650

₹2,01,300

S-HNI (Max)

8,140

₹9,93,080

B-HNI (Min)

8,250

₹10,06,500

About Company

Contact Details

Rajputana Stainless Ltd.

213, Madhwas,

Halol Kalol Road, Kalol,

Panchmahal

Halol, Gujarat, 389330

+91 63 5816 4770

compliance@rajputanastainless.com

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

19-Mar-2026 12:00 PM

+₹3

₹125

+2.46%

₹330

18-Mar-2026 12:00 PM

+₹3

₹125

+2.46%

₹330

17-Mar-2026 12:00 PM

+₹2

₹124

+1.64%

₹220

16-Mar-2026 12:00 PM

+₹2

₹124

+1.64%

₹220

14-Mar-2026 12:00 PM

+₹2.25

₹124.25

+1.84%

₹247.5

13-Mar-2026 12:00 PM

+₹3

₹125

+2.46%

₹330

12-Mar-2026 12:00 PM

+₹1.5

₹123.5

+1.23%

₹165

11-Mar-2026 12:00 PM

+₹1

₹123

+0.82%

₹110

10-Mar-2026 12:00 PM

+₹2

₹124

+1.64%

₹220

09-Mar-2026 12:00 PM

+₹2

₹124

+1.64%

₹220

07-Mar-2026 12:00 PM

+₹2

₹124

+1.64%

₹220

06-Mar-2026 08:00 AM

+₹0

₹122

+0.00%

₹0

05-Mar-2026 05:00 PM

+₹0

₹122

+0.00%

₹0

04-Mar-2026 08:00 AM

+₹0

₹122

+0.00%

₹0

03-Mar-2026 06:00 PM

+₹0

₹122

+0.00%

₹0

02-Mar-2026 06:00 PM

+₹0

₹122

+0.00%

₹0

28-Feb-2026 07:00 AM

+₹0

₹122

+0.00%

₹0

Rajputana Stainless IPO Details

About Rajputana Stainless IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Rajputana Stainless IPO open and close?

What is Rajputana Stainless IPO price band?

What is the Rajputana Stainless IPO lot size?

What is the Rajputana Stainless IPO allotment date?

What is the Rajputana Stainless IPO listing date?

What is the minimum investment required in Rajputana Stainless IPO?

Join the discussion

Rajputana Stainless IPO Details

About Rajputana Stainless IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Rajputana Stainless IPO open and close?

What is Rajputana Stainless IPO price band?

What is the Rajputana Stainless IPO lot size?

What is the Rajputana Stainless IPO allotment date?

What is the Rajputana Stainless IPO listing date?

What is the minimum investment required in Rajputana Stainless IPO?

Join the discussion