Synopsis:- A ₹254.98 crore IPO opens from March 9–11, 2026, with a price band of ₹116–₹122 and lot size of 110 shares. Proceeds include ₹116.57 crore for expansion and debt repayment. Promoter holding will drop from 78.22% to 57.01%, while grey market signals a flat listing expectation.
Rajputana Stainless IPO is a ₹254.98 crore book-built issue comprising a fresh issue of ₹178.73 crore and an offer for sale worth ₹76.25 crore. The issue opens on March 9, 2026, and closes on March 11, 2026, with listing scheduled on BSE and NSE on March 16, 2026, subject to allotment finalisation.
Moreover, the price band has been fixed at ₹116–₹122 per share, with a lot size of 110 shares. Retail investors need a minimum investment of ₹13,420 at the upper band. Meanwhile, higher investment thresholds have been set for sNII and bNII categories, reflecting structured participation across investor segments.
GMP of Rajputana Stainless IPO
As of 6 March 2026, Rajputana Stainless’s shares are expected to list around ₹122 according to the grey market, indicating a 0% premium over the issue price. This suggests a flat listing expectation, reflecting balanced investor interest and a neutral sentiment in the unofficial market ahead of the company’s official stock market debut.
Objective of the IPO
The company plans to utilise ₹116.57 crore from the IPO proceeds primarily to strengthen its manufacturing capabilities and balance sheet. Around ₹18.57 crore will be invested in setting up a stainless steel seamless pipes facility to expand its product portfolio. Additionally, ₹98 crore will be allocated toward repaying secured borrowings, with the remaining funds earmarked for general corporate purposes.
Company Business
Rajputana Stainless Limited is a manufacturer of long and flat stainless-steel products, offering billets, forging ingots, rolled bars, flats, and other ancillary items across more than 80 grades. The company primarily caters to the domestic market through direct sales and traders, while also exporting to select international markets, including the UAE, USA, Turkey, Kuwait, and Poland.
Moreover, its products serve as critical raw materials for industries such as seamless pipes, aerospace, oil and gas, defense, automotive, aviation, and precision engineering. By leveraging technical expertise and diversified grades, the company positions itself as a reliable supplier for sectors that demand high-strength, durable, and corrosion-resistant stainless-steel solutions.
In addition, the company operates a well-equipped manufacturing facility in Kalol, Gujarat, spread across over 35,000 square meters. The plant houses induction furnaces, AOD, continuous casting, heat treatment units, a rolling mill, and a bright bar shop. As of September 2025, it employed 408 permanent staff, supporting efficient and integrated production processes.
Promoter Holding
Post-IPO, the company’s EPS is expected to improve slightly from ₹5.78 to ₹5.84, while the P/E ratio moderates marginally. Promoter holding will decline from 78.22% to 57.01% after the issue, reflecting dilution. With a pre-IPO market capitalization of ₹1,019.53 crore, the company continues to be led by its existing promoter group.
Financial Performance
The company’s key performance indicators indicate stable efficiency and profitability. As of September 30, 2025, ROE stood at 14.86% and ROCE at 16.55%, reflecting healthy capital deployment. The debt-to-equity ratio was 0.49, suggesting controlled leverage. EBITDA margin came in at 9.16%, while PAT margin was 4.87%, highlighting steady operating performance.
Meanwhile, total income for the period ended September 2025 was ₹502.77 crore, compared to ₹937.49 crore in FY25 and ₹915.50 crore in FY24. Profit after tax stood at ₹24.41 crore, while net worth improved to ₹176.65 crore. Total borrowings were ₹85.91 crore, indicating manageable debt levels.
Lead Manager & Registrar
The IPO will be managed by Nirbhay Capital Services Pvt. Ltd. as the lead manager, overseeing the issue process and investor coordination. Kfin Technologies Ltd. has been appointed as the registrar, handling application processing and allotment-related activities. Their involvement ensures smooth execution, regulatory compliance, and efficient communication throughout the IPO process.
Competitive Strengths
- Well-established and fully integrated manufacturing facility located at a strategic site.
- Broad and diversified product range catering to multiple requirements.
- Strong and loyal customer base supported by long-standing relationships.
- Experienced promoters and a capable management team are driving operations.
- Consistent history of stable and healthy business growth.
Risk Factor
- Heavy dependence on top customers without long-term contracts exposes revenue and cash flows to sudden business losses.
- Ongoing litigations amounting to a large share of net worth could materially impact financial stability if rulings turn adverse.
- Manufacturing concentration in Gujarat increases vulnerability to regional disruptions, policy changes, or local economic slowdowns.
- Strong reliance on key suppliers and select domestic markets raises risks from supply disruptions and regional demand fluctuations.
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