IPO Detail
Rajputana Stainless
MAINBOARDNot investment advice. Read RHP before applying.
Price Band
₹116 – ₹122
GMP (Indicative)
₹0
Unofficial · not guaranteed
Lot Size
110 shares
Status
Upcoming
Open Date
2026-03-09
Close Date
2026-03-11
Listing Date
2026-03-16
Min. Investment
₹13,420
Overview
About the Company
Rajputana Stainless Limited is a stainless-steel manufacturing company engaged in producing long and flat stainless-steel products such as: • Forged ingots • Billets • Rolled black bars • Rolled bright bars • Flats and pattis • Other ancillary stainless products The company sells its products under the “RSL” brand and offers more than 80 grades of stainless steel to various industries. It operates mainly on a B2B model, supplying to manufacturers and traders across India and also exporting to countries like UAE, USA, Turkey, Kuwait, and Poland.  Its manufacturing facility is located in Panchmahal district, Gujarat, with integrated production capabilities including induction furnace, rolling mill, heat treatment, and finishing units.
New to IPO analysis? You may review our structured guides on how IPO allotment works and IPO subscription meaning to better understand demand and allocation mechanics.
Financials
Key Financial Metrics
EPS Pre IPO
5.78
EPS Post IPO
5.84
P/E Pre
21.11
P/E Post
20.88
ROCE
—
Debt / Equity
0.49
PAT Margin
4.87%
Market Cap
1019.53
Financial figures sourced from official offer documents. Always verify with the RHP.
Issue
IPO Issue Details
Issue Price
₹116 – ₹122
Face Value
₹10
Issue Size
254.98 Cr
Fresh Issue
₹178.73 Cr
Listing At
—
Lead Manager
Nirbhay Capital Services Pvt.Ltd.
Registrar
Kfin Technologies Ltd.
Lot Size
110
For category-wise quota breakdown such as QIB, HNI, and Retail allocation, refer to our IPO quota structure explanation.
GMP (Grey Market Premium)
GMP Overview
₹0
Updated —
+0.0% over issue price
GMP is unofficial and indicative only. It does not guarantee listing price or returns.
GMP is unofficial and indicative. To understand interpretation logic and limitations, read our IPO Grey Market Guide or begin with what IPO GMP means.
Trend
GMP Trend
No GMP data yet. Updates will appear once available.
Investment
Market Lot Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | 13420 |
| Retail (Max) | 14 | 1540 | 187880 |
| sNII (Min) | — | — | — |
| bNII (Min) | — | — | — |
| sNII (Max) | 74 | 8140 | 993080 |
| bNII (Max) | — | — | — |
Investors can bid in multiples of the lot size. Final investment depends on the cutoff price.
Valuation
IPO Valuation Metrics
EPS Pre IPO
5.78
EPS Post IPO
5.84
P/E Pre
21.11
P/E Post
20.88
ROCE
—
Debt/Equity
0.49
RoNW
—
PAT Margin
4.87%
Market Cap
1019.53
Contacts
Company & Registrar Details
Company Address: Rajputana Stainless Ltd. 213, Madhwas, Halol Kalol Road, Kalol, Panchmahal Halol, Gujarat – 389330
Phone: +91 63 5816 4770
Email: compliance@rajputanastainless.com
Website: https://www.rajputanastainless.com/
Registrar: Kfin Technologies Ltd.
Registrar Phone: 04067162222, 04079611000
Registrar Email: rsl.ipo@kfintech.com
Registrar Website: https://ipostatus.kfintech.com/
Issue Summary
Objectives of Issue
- The company plans to use IPO proceeds for:
- Capital expenditure for expansion of manufacturing capacity / new facility (including seamless pipes).
- Working capital requirements for the proposed facility.
- Repayment or prepayment of borrowings.
- General corporate purposes and business growth initiatives.
Ownership
Promoter Holdings
Pre Issue
78.22%
Post Issue
57.01%
Allocation
Reservation Details
QIB
—
NII
—
RII
—
Employee
—
Documents
Important Links
Qualitative Factors
Strengths & Risks
Company Strengths
- Integrated Manufacturing Facility
- End-to-end production setup improves cost efficiency and quality control.
- Diverse Product Portfolio
- Wide range of stainless steel grades serving multiple industries reduces dependence on one segment.
- Established Customer Base
- Long-standing relationships with B2B customers across domestic and export markets.
- Strategic Location
- Gujarat location provides logistics advantages and industrial ecosystem benefits.
- Export Presence
- International revenue exposure helps diversify demand risk.
Company Risks
- Customer Concentration Risk
- Significant revenue comes from top customers without long-term contracts.
- Loss of a major customer could impact revenue materially. 
- Commodity Price Volatility
- Stainless steel business is highly sensitive to raw material price fluctuations (nickel, steel scrap).
- Cyclical Industry
- Steel sector performance depends on economic cycles and infrastructure demand.
- High Capital Requirement
- Manufacturing expansion requires continuous capital expenditure and working capital.
- Competition Risk
- Facing competition from established steel manufacturers in India and globally.
Schedule
Timeline
Open Date
2026-03-09
Close Date
2026-03-11
Allotment Date
2026-03-12
Refund Date
2026-03-13
Listing Date
2026-03-16
Legal Disclaimer
Information is sourced from publicly available exchange filings and company offer documents. GMP is unofficial and indicative. IPOCraft does not provide investment advice.
Subscription
Live Subscription Details
| Day | QIB | NII | sNII (< ₹10L) | bNII (> ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Latest | —x | —x | —x | —x | —x | —x |
Subscription Progress
Subscription data sourced from exchange updates. Values represent times subscribed (x).
Learn how subscription categories are allocated by reading our guide on QIB, HNI and Retail IPO quota structure.
If you are tracking GMP alongside subscription demand, see our grey market premium guide for a structured comparison framework.
Application
How to Apply
UPI Method (ASBA)
Log in to your broker's app or net banking, navigate to the IPO section, select this IPO, enter lot quantity, and authorise via UPI mandate. Funds are blocked, not debited, until allotment.
ASBA via Net Banking
Log in to your bank's net banking portal, go to the IPO / ASBA section, fill in the bid details, and submit. Your bank will block the required amount automatically.
Allotment & Refund
Allotment status is typically available within 6 days of the IPO close date. Refunds for unallotted bids are credited within 2 working days post allotment.
You may also review the complete IPO allotment process explanation to understand lottery mechanics and refund timelines.
Risk Disclosure
Investments in IPOs are subject to market risks. Grey Market Premium (GMP) is unofficial and indicative only — it does not guarantee listing price or returns. Read the official offer documents (DRHP / RHP) and consult a SEBI-registered financial advisor before applying. IPOCraft does not provide investment advice.
Research Before You Apply