Rajputana Stainless is entering the public markets through Mainboard IPO with an issue size of ₹254.98 crore. The issue consists of a fresh issue of ₹178.73 crore and an offer for sale of ₹76.25 crore. The shares are proposed to be listed on NSE & BSE.
The IPO subscription window opens on March 9, 2026 and will remain open until March 11, 2026. The company plans to list its shares on March 16, 2026. Since this is a Mainboard IPO, participation is expected from a wide range of investors.
Rajputana Stainless Limited IPO Timeline
IPO Quick Facts
This section covers the main IPO details of Rajputana Stainless that investors generally review before applying.
IPO Details at a Glance
| Company Name | Rajputana Stainless |
|---|---|
| IPO Segment | Mainboard |
| Sale Type | Fresh Issue + Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Price | ₹116 – ₹122 Per Share |
| Lot Size | 110 Shares |
| Face Value | ₹10 Per Share |
| Exchange | NSE & BSE |
IPO Documents
| RHP | DRHP |
|---|---|
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Rajputana Stainless IPO Important Dates
The following table highlights the key dates for the Rajputana Stainless IPO, covering the subscription period and the expected listing timeline.
| IPO Opening Date | 09 Mar 2026 |
|---|---|
| IPO Closing Date | 11 Mar 2026 |
| Allotment Finalization | 12 Mar 2026 |
| Initiation of Refunds | 13 Mar 2026 |
| Credit of Shares | 13 Mar 2026 |
| IPO Listing Date | 16 Mar 2026 |
Rajputana Stainless IPO Size & Structure
| Total IPO Size | ₹254.98 Crore |
|---|---|
| Offer For Sale | ₹76.25 Crore |
| Fresh Issue | ₹178.73 Crore |
Rajputana Stainless IPO Lot Size & Minimum Investment
The table below shows the lot size and investment amount for the Rajputana Stainless IPO, calculated using the cut-off price. The price band for this IPO ranges from ₹116 to ₹122 per share.
Investors can apply for the IPO with a minimum of 110 shares. Applications must be made in multiples of 110 shares.
- Retail investors can apply from 1 lot to 14 lots.
- Small HNI (SHNI) investors must apply for at least 15 lots.
- Big HNI (BHNI) investors need to apply for a minimum of 75 lots.
This information helps investors understand the minimum investment required before applying for the IPO.
Note: Retail investors generally apply at the cut-off price, which is ₹122 per share.
| Category | Lots | Shares | Price | Amount |
|---|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹122 | ₹13,420 |
| Retail (Max) | 14 | 1,540 | ₹122 | ₹187,880 |
| S-HNI (Min) | 15 | 1,650 | ₹122 | ₹201,300 |
| S-HNI (Max) | 74 | 8,140 | ₹122 | ₹993,080 |
| B-HNI | 75 | 8,250 | ₹122 | ₹1,006,500 |
Rajputana Stainless IPO GMP (Grey Market Premium)
The latest Rajputana Stainless IPO GMP (Grey Market Premium), along with Kostak rates and Subject to Sauda rates, helps in understanding market sentiment. The current Rajputana Stainless IPO GMP is ₹0 (0.00%), compared to the IPO issue price of ₹122. Based on the current GMP, the expected listing price is around ₹122. The Lowest GMP was ₹0 on 28 Feb 2026, while the highest GMP reached ₹0 on 28 Feb 2026.
Rajputana Stainless IPO was listed on the stock exchange on 16 Mar 2026. The IPO was subscribed 1.12 times. The first reported GMP was ₹0 (0%), while the latest recorded GMP stood at ₹0 (0%).Listing Details:
- Issue Price: ₹122 per share.
- Listing Price: ₹123.95 (approx. 1.6% gain)
- Listing Date: 16 Mar 2026
Rajputana Stainless IPO GMP Today - Trend Analysis
| Date | Issue Price (₹) | GMP Price (₹) | Estimated Gain (%) | Estimated Price (₹) | Estimated Profit (₹) |
|---|---|---|---|---|---|
| 28 Feb 2026 | ₹122 | ₹0 | 0% | ₹122 | ₹0 |
Rajputana Stainless IPO GMP gives retail and institutional investors an idea about short-term market expectations. Although grey market premium does not guarantee listing performance, it is still commonly referred to while analysing IPOs. Investors are advised to look at Rajputana Stainless fundamentals along with IPO GMP data before making any investment decision.
GMP Disclaimer: GMP (Grey Market Premium) prices are unofficial and only reflect market sentiment. We neither participate in grey-market trading nor encourage it. Investors are strongly advised to review the company’s fundamentals, risks, and official documents before considering an investment in the Rajputana Stainless IPO.
Rajputana Stainless IPO Subscription Status
Rajputana Stainless IPO was subscribed 1.12 times overall on the final day of bidding (as of 12 Mar 2026).The subscription opened on 09 Mar 2026. The Retail portion was subscribed 0.27 times, while QIB and NII categories were subscribed 2.51 times and 2.59 times respectively.
Subscription by Category (QIB, NII, Retail, Employee)
Daily Subscription Trend (Day-wise):
| Date | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| 09 Mar 2026 | — | — | — | — | 0.3x |
| 10 Mar 2026 | 0.99x | 0.94x | 0.11x | — | 0.42x |
| 11 Mar 2026 | 2.51x | 2.59x | 0.27x | — | 1.12x |
| 12 Mar 2026 | 2.51x | 2.59x | 0.27x | — | 1.12x |
The Rajputana Stainless IPO opened with a steady response on Day-1, supported mainly by early interest from QIB investors.
On Day-2, the Rajputana Stainless IPO witnessed better demand, led by increased participation from QIB, followed by NII investors.
By the end of the bidding period, the IPO was subscribed 1.12x overall, reflecting strong demand from key investor categories, led by NII, followed by QIB and Retail investors. Overall subscription for the Rajputana Stainless IPO increased from 0.3x on Day-1 to 1.12x by the final day.
Rajputana Stainless IPO Final Subscription
| Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 2.51x |
| Non-Institutional Investors (NII) | 2.59x |
| Retail Investors | 0.27x |
| Total | 1.12x |
Rajputana Stainless IPO Allotment Status
The Rajputana Stainless IPO allotment status was released on 12 Mar 2026. Investors who applied for the IPO can now check their Rajputana Stainless allotment status online through the official registrar website and NSE / BSE portal.
- 🗓 Allotment Date: 12 Mar 2026
- 📈 Listing Date: 16 Mar 2026
How to Check Rajputana Stainless IPO Allotment Status Online?
Investors can check the Rajputana Stainless IPO allotment status online through KFin Technologies Limited, NSE and BSE websites. All platforms provide easy access to the IPO allotment details.
Just follow the below mentioned steps to check your allotment status.You can also visit
KFin Technologies
to know more about the IPO registrar.
Check on KFin Technologies Limited (IPO Registrar)
- Visit → KFin Technologies Limited
- Select Rajputana Stainless
- Enter Application No / Demat Account / PAN details
- Click Submit to view allotment status
Check on NSE (National Stock Exchange) Website
- Go to → NSE Website
- Select Equity & SME IPO Bid Details.
- Choose Rajputana Stainless IPO.
- Enter your PAN & Application Number.
- Click on Submit button.
The National Stock Exchange (NSE) provides an online facility to check the Rajputana Stainless IPO allotment status.
Check on BSE (Bombay Stock Exchange) Website
- Visit → BSE Website.
- Select Issue Type: Equity.
- Choose Rajputana Stainless IPO.
- Enter your PAN or Application Number.
- Click on Search button.
The Bombay Stock Exchange (BSE) also allows investors to check the Rajputana Stainless IPO allotment status online.
Note: Allotment status is published only on the official registrar websites. We do not collect investor data or provide allotment verification directly.
How to Apply for Rajputana Stainless IPO?
Login to Your Trading App
Open your trading app such as Angel One, Zerodha, Upstox, Groww or any brokerage app.
Go to the IPO Section
Navigate to the IPO section in the app, search for the IPO, and enter your bid details.
Enter Your UPI ID
Provide your UPI ID that is linked to your bank account for payment authentication.
Approve the Mandate
Open your UPI app and approve the payment mandate to block the required amount.
Application Confirmation
Application submitted successfully, the funds will remain blocked until allotment is finalized.
Rajputana Stainless IPO Listing Analysis
Below is a quick summary of the Rajputana Stainless IPO issue price, listing price, and listing gain on BSE and NSE.
| IPO Status | Issue Price | Listing Price | Listing Gain |
|---|---|---|---|
| Listed (BSE) | ₹122 | ₹124 | ▲ 1.60% |
| Listed (NSE) | ₹122 | ₹122 | ▲ 0.00% |
Rajputana Stainless debuted at ₹123.95, listing at a premium of +₹2 (+1.60%). The stock declined to ₹112.9, slipping -8.91% and ending -₹9 below (-7.46%). The investment fell to ₹12,419. Investors booked a loss of -₹1,001 per lot.
📌 IPO Issue Price and Lot Size
The IPO of Rajputana Stainless was offered in the price band of ₹116 to ₹122 per share.
- The final issue price was fixed at ₹122.
- One lot consisted of 110 shares.
- Minimum investment: ₹122 × 110 = ₹13,420
- Investment after Day-1: ₹112.9 × 110 = ₹12,419
- By the end of the listing session, investors faced a loss of -₹1,001 per lot.
📌 IPO Subscription Analysis
| Day | QIB | NNI | Retail | Total |
|---|---|---|---|---|
| Day 1 | 0x | 0x | 0x | 0.3x |
| Day 2 | 0.99x | 0.94x | 0.11x | 0.42x |
| Day 3 | 2.51x | 2.59x | 0.27x | 1.12x |
📌 Final Assessment
Overall Outcome: Average IPO
- Subscription Phase: Weak investor participation
- Listing Phase: Neutral listing performance
- Investor Experience: Negative short-term experience
About Rajputana Stainless Limited
Rajputana Stainless Limited (“RSL”) was incorporated on April 2, 1991, as Rajputana Steel Castings Private Limited and was subsequently converted into a public limited company in 2007. The Company was renamed Rajputana Stainless Limited in July 2007.
RSL is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL”. Its portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats and pattis, offered in over 80 stainless-steel grades. The Company operates on a B2B model, serving manufacturers and traders across industries such as pipes, forging, engineering, casting, fasteners, utensils, pumps, shafts and automobiles. With a diversified product mix, wide grade capability and strong presence in domestic markets, RSL positions itself as a reliable stainless-steel solutions provider focused on quality, operational scale and customer-centric growth.
IPO Financial Summary
- Total Assets changed by 29.74% in FY 2024-2025.
- Total Revenue changed by 2.4% in FY 2024-2025.
- Profit After Tax changed by 25.99% in FY 2024-2025.
- Reserves & Surplus changed by 6.88% in FY 2024-2025.
- Total Borrowings changed by 25.06% in FY 2024-2025.
| Metric | 2025-09-30 | 2025-03-31 | 2024-03-31 | 2023-03-31 |
|---|---|---|---|---|
| Total Assets (₹ Cr) | 448.80 | 420.36 | 324.01 | 297.34 |
| Total Revenue (₹ Cr) | 502.77 | 937.49 | 915.50 | 950.69 |
| Profit After Tax (₹ Cr) | 24.41 | 39.85 | 31.63 | 24.04 |
| Reserves & Surplus (₹ Cr) | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowings (₹ Cr) | 85.91 | 99.75 | 79.76 | 79.83 |
Utilisation of Proceeds
The Company proposes to utilise the net IPO proceeds of approximately ₹233.14 crore towards the following objectives:
| # | Purpose | Amount (₹ Cr) | % of Total |
|---|---|---|---|
| 1 | Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); | 18.57 | 7.97% |
| 2 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and | 98.00 | 42.03% |
| 3 | Total | 116.57 | 50.00% |
| Total | 233.14 | 100% | |
Rajputana Stainless IPO Promoter Holding
| Promoter(s) | Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta |
|---|---|
| Pre-Issue Holding | 78.22% |
| Post-Issue Holding | 57.01% |
Rajputana Stainless IPO FAQs
The Rajputana Stainless IPO is a Mainboard Bookbuilding IPO with a total issue size of ₹254.98 crore. The issue consists of a fresh issue of ₹178.73 crore and an offer for sale of ₹76.25 crore.
The IPO will open for subscription on Mon, 09 Mar 2026 and will close on Wed, 11 Mar 2026.
The shares are being offered at a price band of ₹116 to ₹122 per equity share.
Investors can apply for the IPO with a minimum lot size of 110 shares.
At the upper price band, the minimum investment required for one lot is approximately ₹13,420.
The shares of Rajputana Stainless are expected to be listed on NSE & BSE on Mon, 16 Mar 2026.
The Grey Market Premium (GMP) of Rajputana Stainless IPO is ₹0.
The Rajputana Stainless IPO was subscribed 1.12 times on the final day of subscription.
The retail portion is subscribed 0.27 times as of 12 Mar 2026.
The QIB portion is subscribed 2.51 times and the NII portion is subscribed 2.59 times .
The IPO registrar of Rajputana Stainless is KFin Technologies Limited. KFin is responsible for processing IPO applications, finalizing allotment, crediting shares, and initiating refunds.
The allotment date is expected on Thu, 12 Mar 2026.
Allotment status is generally updated in the evening (6 PM – 10 PM) on Thu, 12 Mar 2026 on the registrar or exchange website.
Shares are expected to be credited by Fri, 13 Mar 2026.
Refunds for unsuccessful applicants will be initiated on Fri, 13 Mar 2026.
Investors can check refund status via:
- UPI mandate / bank account (NACH, NEFT, RTGS)
- ASBA bank portal
Listing details for Rajputana Stainless Limited are not available.
The latest share price of Rajputana Stainless Limited is currently not available.
Recent price movement data for Rajputana Stainless Limited is currently not available.
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