On the first day of bidding, the issue was subscribed about 30% against the 2.09 crore shares on offer. Interest was mainly driven by Qualified Institutional Buyers (QIBs), who subscribed 99% of their allotted portion, while the retail category recorded a subscription of only about 4%.
The IPO will remain open for bidding until March 11 and is priced in the range of Rs 116 to Rs 122 per share. The company aims to raise around Rs 255 crore through a combination of a fresh issue and an offer for sale (OFS).
The offering comprises a fresh issue of approximately Rs 179 crore along with an OFS of up to Rs 76 crore by existing shareholders. The company plans to list its shares on the BSE and NSE, with a tentative listing date set for March 16.
Rajputana Stainless IPO GMP
As of March 10, the IPO is commanding a modest premium of around Rs 2 in the grey market, or nearly 2% above the upper price band of Rs 122, suggesting a potential listing price of about Rs 124. However, the grey market premium (GMP) is an unofficial indicator based on informal trading and should not be considered a reliable measure of the stock’s actual listing performance.
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Rajputana Stainless IPO subscription status
On the first day of bidding, the Rajputana Stainless IPO was subscribed 30% overall, according to data available on the BSE.The Retail Individual Investors (RIIs) segment was subscribed 4% against the 1.31 crore shares set aside for retail investors.
The Non-Institutional Investors (NIIs) portion received 65% subscription for the 56.43 lakh shares available in that category.
Meanwhile, the Qualified Institutional Buyers (QIBs) segment was subscribed 99% against the 20.90 lakh shares reserved for 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 towards 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 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 such as 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.
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.)