In the grey market, the shares of the company were seen trading at a modest premium of around Rs 3, or nearly 2%, over the upper price band of Rs 122, indicating a potential listing price of about Rs 124.
With 2.09 crore shares on offer, the IPO will close on March 11. Offering shares at the price band of Rs 116–122 apiece, the company aims to raise approximately Rs 255 crore through a mix of a fresh issue and an offer for sale (OFS).
The issue includes a fresh issue worth about Rs 179 crore and an offer for sale of up to Rs 76 crore by existing shareholders. The company plans to list on the BSE and NSE, with a tentative listing date of March 16.
Rajputana Stainless IPO subscription status
As of 3:25 pm on Day 1, the Rajputana Stainless IPO was 21% subscribed overall, according to data from the BSE.
The Retail Individual Investors (RIIs) segment saw 4% subscription against the 1.31 crore shares reserved for retail investors.
The Non-Institutional Investors (NIIs) portion was 48% subscribed for the 56.43 lakh shares on offer.
The Qualified Institutional Buyers (QIBs) category recorded 59% subscription for the 20.90 lakh shares allocated to them.
About Rajputana Stainless
Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. These products are used across industries such as automotive, engineering, forging, and pipe manufacturing. The company runs an integrated manufacturing facility and mainly serves business-to-business (B2B) customers across various industrial segments.
The proceeds from the fresh issue will primarily be used to expand its manufacturing facility in Gujarat, with a focus on forward integration into stainless steel seamless pipes. A portion of the funds will also go toward repaying or prepaying certain borrowings, along with general corporate purposes.
On the financial front, the company has maintained steady growth in profitability. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. In FY25, it posted revenue of Rs 932 crore and net profit of Rs 40 crore, reflecting a gradual improvement in margins in recent years.
The industry outlook remains positive, as India is among the largest producers and consumers of stainless steel globally. Domestic demand is expected to grow steadily, supported by infrastructure development, manufacturing expansion, and rising industrial activity.
However, the sector also faces risks such as volatility in raw material prices and competition from low-cost imports, particularly from countries like China and Indonesia.
Should you subscribe?
Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company’s integrated manufacturing setup, diversified product portfolio and steady financial performance.
Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position.
Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics while recommending investors subscribe to the issue.
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That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)