Rajputana Stainless IPO is a bookbuilt issue of ₹254.98 crores. It combines a fresh issue of 1.47 crore shares aggregating to ₹178.73 crore and an offer for sale of 0.63 crore shares aggregating to ₹76.25 crore.
The IPO opens for subscription on March 09, 2026 and closes on March 11, 2026. The allotment is expected to be finalised on Thursday, March 12, 2026. The price band for the IPO is set at ₹116 to ₹122 per share, and the minimum lot size for an application is 110 shares.
Company Summary
Incorporated in 1991, Rajputana Stainless Limited manufactures long and flat stainless steel products.
The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.
The company primarily sells its products domestically through direct sales and traders, and also exports to five countries: the UAE, the USA, Turkey, Kuwait, and Poland.
The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering.
The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production.
As of September 30, 2025, the company had 408 permanent employees and workers, comprising skilled and unskilled workers.
Product Portfolio
- Billet: The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling.
- Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling.
- Hexagon al Bars: The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts.
Company Strengths
- Established, integrated manufacturing setup at a strategic location.
- Diverse Product Portfolio.
- Established customer base and strong relationships.
- Strong Promoters and an Experienced Management Team.
- Track Record of healthy growth.
Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 448.8 | 420.36 | 324.01 | 297.34 |
| Total Income | 502.77 | 937.49 | 915.5 | 950.69 |
| Profit After Tax | 24.41 | 39.85 | 31.63 | 24.04 |
| EBITDA | 45.92 | 73.79 | 59.41 | 43.85 |
| Net Worth | 176.65 | 151.95 | 112.27 | 81.17 |
| Reserves and Surplus | 108.16 | 83.75 | 78.36 | 46.73 |
| Total Borrowing | 85.91 | 99.75 | 79.76 | 79.83 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Funding capital expenditure requirements for setting up a manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”)
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company
- General corporate purposes
Promoters of the company
Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, and Yashkumar Shankarlal Mehta are the promoters of the company.
IPO Details
| IPO Date | March 09, 2026 to March 11, 2026 |
| Listing Date | March 16, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹122 per share |
| Lot size | 110 shares |
| Total Issue size | 2,09,00,000 shares (aggregating upto ₹255.00 Cr ) |
| Fresh Issue | 1,46,50,000 shares (aggregating upto ₹179.00 Cr ) |
| Offer for Sale | 62,50,000 shares of ₹10 (aggregating upto ₹76.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 6,89,17,658 shares |
| Share Holding Post Issue | 8,35,67,658 shares |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 110 | ₹13,420.00 |
| Retail (Max) | 14 | 1,540 | ₹1,87,880.00 |
| S-HNI (Min) | 15 | 1,650 | ₹2,01,300.00 |
| S-HNI (Max) | 74 | 8,140 | ₹9,93,080.00 |
| B-HNI (Min) | 75 | 8,250 | ₹10,06,500.00 |
Allotment Schedule
| Basis of Allotment | Thu, 12 Mar, 2026 |
| Initiation of Refunds | Fri, 13 Mar, 2026 |
| Credit of Shares to Demat | Fri, 13 Mar, 2026 |
| Tentative Listing Date | Mon, 16 Mar, 2026 |
IPO Reservation
| Basis of Allotment | Thu, 12 Mar, 2026 |
| Initiation of Refunds | Fri, 13 Mar, 2026 |
| Credit of Shares to Demat | Fri, 13 Mar, 2026 |
| Tentative Listing Date | Mon, 16 Mar, 2026 |
Source – SEBI, Chittorgarh
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