Rajputana Stainless Limited Links 
Allotment
Rajputana Stainless Limited is launching a book-built IPO aggregating to ₹254.98 crores. The issue comprises a fresh issue of 1.47 crore equity shares amounting to ₹178.73 crores and an offer for sale (OFS) of 0.63 crore shares totaling ₹76.25 crores.
The IPO will open for subscription on March 9, 2026, and close on March 11, 2026. The allotment is expected to be finalized on March 12, 2026. The company’s shares are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited, with a tentative listing date of March 16, 2026.
The price band for the issue has been fixed at ₹116 to ₹122 per share. The lot size for application is 110 shares.
Retail Investors: Minimum investment of ₹13,420 (110 shares) at the upper price band.
sNII (Small Non-Institutional Investors): Minimum of 15 lots (1,650 shares), amounting to ₹2,01,300.
bNII (Big Non-Institutional Investors): Minimum of 75 lots (8,250 shares), amounting to ₹10,06,500.
Nirbhay Capital Services Pvt. Ltd. is acting as the Book Running Lead Manager, while Kfin Technologies Ltd. has been appointed as the registrar to the issue.
₹122
0%
Open
₹122
HIgh - Low
₹122
Previous Close
₹122
Total Traded Value
0
52 Weeks High
₹122
52 Weeks Low
₹122
Updates On
March 2, 2026
IPO. Open
Mar 9, 2026
IPO. Close
Mar 11, 2026
IPO. Price
₹122.00
IPO Market price
₹1,019.53 Cr
IPO Details
| IPO Date | 16 Mar |
| IPO Listing Date | 16 Mar |
| IPO Face Value | ₹10.00 per share |
| IPO Price Range | ₹122.00 |
| IPO Issue Size | 2,09,00,000 shares |
| IPO Sale Type | Fresh Capital & OFS |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 6,89,17,658 shares |
IPO Timeline
| IPO Open Date | 9 Mar |
| IPO Close Date | 11 Mar |
| IPO Allotment (Tentative) | 12 Mar |
| Refunds | 13 Mar |
| Credit to Demat Account | 13 Mar |
| IPO Listing Date | 16 Mar |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 35% of the Net Offer |
| Retail Shares Offered | Not more than 15% of the Net Offer |
IPO Lot Size
Investors can apply for a minimum of 110 shares, and bids must be placed in multiples of 110 shares thereafter.
| Application | Lots | Share | 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 |
Rajputana Stainless Limited, incorporated in 1991, is engaged in the manufacturing of long and flat stainless-steel products.
The company offers a wide range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products across more than 80 different grades.
It primarily caters to the domestic market through direct sales and trader networks, while also exporting its products to countries such as the UAE, USA, Turkey, Kuwait, and Poland.
Leveraging its technical expertise and infrastructure, the company supplies raw materials to various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering.
The manufacturing facility is spread across 35,196.98 sq. m. in Kalol, Gujarat. The plant is equipped with advanced infrastructure, including an induction furnace, Argon Oxygen Decarburization (AOD) unit, Continuous Casting Machine (CCM), heat treatment facilities, a rolling mill, and a bright bar shop, enabling efficient and integrated production processes.
Product Portfolio
Billets:
Semi-finished stainless steel products produced from liquid steel, used as primary inputs for hot working processes such as forging, rolling, and ring rolling.
Cast Ingots:
Metal masses poured into molds for convenient storage, transportation, and further processing. These ingots are defect-free, traceable, and used in open die forging, re-rolling, and ring rolling applications.
Hexagonal Bars:
Stainless steel bars rolled into hexagonal shapes, commonly used in the manufacturing of nuts, valves, hose ends, fasteners, and hex bolts.
As of September 30, 2025, the company employed 408 permanent employees, including both skilled and unskilled workers.
Competitive Strengths
- Established and integrated manufacturing setup at a strategic location
- Diversified product portfolio
- Strong and established customer relationships
- Experienced promoters and management team
- Consistent track record of healthy growth
Company Financials (Consolidated)
| Assets | 448.8 | 420.36 | 324.01 |
| Total Income | 502.77 | 937.49 | 915.5 |
| 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 |
Key Performance Indicator (KPI)
| ROE | 14.86% |
| ROCE | 16.55% |
| Debt/Equity | 0.49 |
| RoNW | 13.82% |
| PAT Margin | 4.87% |
| EBITDA Margin | 9.16% |
| Price to book value | - |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 18.57 |
| 2 | To meet out the expenses of Working Capital Requirement | - |
| 3 | To meet out the General Corporate Purposes; | - |
| 4 | Offer for Sale (OFS) | - |
Contact Details
Rajputana Stainless Ltd. Address
213, Madhwas,
Halol Kalol Road, Kalol,
Panchmahal
Halol, Gujarat, 389330
+91 63 5816 4770
compliance@rajputanastainless.com
https://www.rajputanastainless.com/
Detail Registrar
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
rsl.ipo@kfintech.com
https://ipostatus.kfintech.com/
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