Rajputana Stainless IPO opens for subscription today: Should you apply for it?
Gujarat-based Rajputana Stainless is selling its shares in the price band of Rs 116-122 apiece, applied for a minimum of 110 shares and its multiples to raise Rs 255 crore between March 09-11.
- Mar 9, 2026,
- Updated Mar 9, 2026 9:56 AM IST
The initial public offering (IPO) of Rajputana Stainless shall open for subscription on Monday, March 09. The company is selling its shares in the range of Rs 116-122 apiece, with investors applying for a minimum of 110 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, March 11.
The Rs 255 crore of Rajputana Stainless includes a fresh share sale of 1,46,50,000 equity shares worth Rs 179 crore, while an offer-for-sale (OFS) of up to 62,50,000 equity shares worth Rs 76 crore. The net proceeds from the issue shall be utilized towards funding capital expenditure for manufacturing facility, repayment and/or prepayment of debt and general corporate purposes.
Incorporated in 1991, Gujarat-based Rajputana Stainless is engaged in manufacturing long and flat stainless-steel products. It 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.
The company has reserved 50 per cent of the issue for qualified institutional bidders (QIBs), while retail investors have a 35 per cent of allocation in the IPO. Non-institutional investors will have 15 per cent of allocation in the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 2 apeice, suggesting a nearly 2 per cent gains for investors.
For the six months ended on September 30, 2025, Rajputana Stainless reported a net profit of Rs 24.41 crore with a revenue of Rs 502.7 crore. The company clocked a net profit of Rs 39.85 crore with a revenue of Rs 937.49 crore for the financial year 2024-25. At the current valuations, the company commands a valuation close to Rs 1,020 crore.
Rajputana Stainless has withdrawn the anchor allocation from the issue. Nirbhay Capital Services is the sole book running lead manager for the Rajputana Stainless and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on March 16. Here's what a host of brokerages firms say about the IPO of Rajputana Stainless:
SBI Securities
Rating: Subscribe
Rajputana Stainless operates an integrated production setup, ensuring consistently high-capacity utilization. Both its melting and rolling operations typically run at nearly full capacity, maintaining utilization rates close to 100 per cent. Its planned forward integration into stainless‑steel seamless pipes is expected to enhance product diversification and strengthen long‑term growth visibility, said SBI Securities.
"It intends to reduce its total debt/equity to 0.2 times, improving balance sheet strength and generating savings in finance costs. The issue is valued at a P/E of 25.6 times and EV/Ebitda of 12.6 times on a post‑issue basis, and given its superior profitability metrics relative to peers, the valuation appears relatively attractive," it added with a 'subscribe' rating for long-term basis.
Anand Rathi Share & Stock Brokers
Rating: Subscribe
Rajputana Stainless primarily sells its products in the domestic market through direct sales and a network of traders. In addition to its strong domestic presence, it also exports stainless-steel products to nine countries, including Turkey, UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic and Kuwait, said Anand Rathi Share & Stock Brokers.
"The issue is valued at 21 times P/E (post issue) on FY25 earnings and is valued fairly in relation to its competitors. Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing to the IPO," it said.
Swastika Investmart
Rating: Avoid
Rajputana Stainless has reported flat revenue growth in recent periods, indicating limited expansion in its top line performance. It operates in a highly competitive and fragmented stainless-steel products industry, which may impact margins and market share. Based on its recent financial performance, Rajputana is priced at a slight discount to peers, making valuation reasonable, said Swastika Investmart.
"The concerns from the DRHP still hold — high contingent liabilities (68 per cent of net worth), rising related-party transactions (28 per cent of revenues in FY25), and flat revenue growth despite rising profits. Considering the valuation and growth outlook, investors may consider avoiding this IPO for now and wait for better clarity on future performance," it added.
Ventura Securities
Rating: Subscribe
Rajputana Stainless manufactures stainless steel products across more than 80 grades and various dimensional specifications to meet industrial requirements. It derives revenue from domestic markets through direct industrial customers and trader networks, while also supplying to select international markets, said Ventura Securities.
India’s stainless steel long products market continues to witness steady demand driven by infrastructure development, industrial expansion and increasing usage of corrosion-resistant alloys across manufacturing sectors. Rajputana focuses on optimizing capacity utilization, expanding value-added product offerings and strengthening customer relationships," it said with a 'subscribe' tag.
BP Equities
Rating: Subscribe
Rajputana Stainless is valued at a P/E multiple of 21.1 times based on FY25 earnings, said BP Equities. "Given its improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a 'subscribe' rating for this issue with a medium-to-long term investment horizon," it said.
Adroit Financial Services
Rating: Subscribe
Rajputana Stainless' used across a diverse range of industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensils manufacturing, pump and shaft and auto industry. In addition to deriving revenue from manufacturing and supply of stainless steel products, said Adroit Financial Services.
"It intends to utilize the proceeds to support its long term growth strategy and strengthen its operational and financial position to reduce outstanding debt, helping improve the balance sheet, lower finance costs, and enhance financial flexibility. It is recommended to 'subscribe' to the IPO for long term investment, considering its growth potential and valuation," it said.
The initial public offering (IPO) of Rajputana Stainless shall open for subscription on Monday, March 09. The company is selling its shares in the range of Rs 116-122 apiece, with investors applying for a minimum of 110 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, March 11.
The Rs 255 crore of Rajputana Stainless includes a fresh share sale of 1,46,50,000 equity shares worth Rs 179 crore, while an offer-for-sale (OFS) of up to 62,50,000 equity shares worth Rs 76 crore. The net proceeds from the issue shall be utilized towards funding capital expenditure for manufacturing facility, repayment and/or prepayment of debt and general corporate purposes.
Incorporated in 1991, Gujarat-based Rajputana Stainless is engaged in manufacturing long and flat stainless-steel products. It 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.
The company has reserved 50 per cent of the issue for qualified institutional bidders (QIBs), while retail investors have a 35 per cent of allocation in the IPO. Non-institutional investors will have 15 per cent of allocation in the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 2 apeice, suggesting a nearly 2 per cent gains for investors.
For the six months ended on September 30, 2025, Rajputana Stainless reported a net profit of Rs 24.41 crore with a revenue of Rs 502.7 crore. The company clocked a net profit of Rs 39.85 crore with a revenue of Rs 937.49 crore for the financial year 2024-25. At the current valuations, the company commands a valuation close to Rs 1,020 crore.
Rajputana Stainless has withdrawn the anchor allocation from the issue. Nirbhay Capital Services is the sole book running lead manager for the Rajputana Stainless and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on March 16. Here's what a host of brokerages firms say about the IPO of Rajputana Stainless:
SBI Securities
Rating: Subscribe
Rajputana Stainless operates an integrated production setup, ensuring consistently high-capacity utilization. Both its melting and rolling operations typically run at nearly full capacity, maintaining utilization rates close to 100 per cent. Its planned forward integration into stainless‑steel seamless pipes is expected to enhance product diversification and strengthen long‑term growth visibility, said SBI Securities.
"It intends to reduce its total debt/equity to 0.2 times, improving balance sheet strength and generating savings in finance costs. The issue is valued at a P/E of 25.6 times and EV/Ebitda of 12.6 times on a post‑issue basis, and given its superior profitability metrics relative to peers, the valuation appears relatively attractive," it added with a 'subscribe' rating for long-term basis.
Anand Rathi Share & Stock Brokers
Rating: Subscribe
Rajputana Stainless primarily sells its products in the domestic market through direct sales and a network of traders. In addition to its strong domestic presence, it also exports stainless-steel products to nine countries, including Turkey, UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic and Kuwait, said Anand Rathi Share & Stock Brokers.
"The issue is valued at 21 times P/E (post issue) on FY25 earnings and is valued fairly in relation to its competitors. Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing to the IPO," it said.
Swastika Investmart
Rating: Avoid
Rajputana Stainless has reported flat revenue growth in recent periods, indicating limited expansion in its top line performance. It operates in a highly competitive and fragmented stainless-steel products industry, which may impact margins and market share. Based on its recent financial performance, Rajputana is priced at a slight discount to peers, making valuation reasonable, said Swastika Investmart.
"The concerns from the DRHP still hold — high contingent liabilities (68 per cent of net worth), rising related-party transactions (28 per cent of revenues in FY25), and flat revenue growth despite rising profits. Considering the valuation and growth outlook, investors may consider avoiding this IPO for now and wait for better clarity on future performance," it added.
Ventura Securities
Rating: Subscribe
Rajputana Stainless manufactures stainless steel products across more than 80 grades and various dimensional specifications to meet industrial requirements. It derives revenue from domestic markets through direct industrial customers and trader networks, while also supplying to select international markets, said Ventura Securities.
India’s stainless steel long products market continues to witness steady demand driven by infrastructure development, industrial expansion and increasing usage of corrosion-resistant alloys across manufacturing sectors. Rajputana focuses on optimizing capacity utilization, expanding value-added product offerings and strengthening customer relationships," it said with a 'subscribe' tag.
BP Equities
Rating: Subscribe
Rajputana Stainless is valued at a P/E multiple of 21.1 times based on FY25 earnings, said BP Equities. "Given its improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a 'subscribe' rating for this issue with a medium-to-long term investment horizon," it said.
Adroit Financial Services
Rating: Subscribe
Rajputana Stainless' used across a diverse range of industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensils manufacturing, pump and shaft and auto industry. In addition to deriving revenue from manufacturing and supply of stainless steel products, said Adroit Financial Services.
"It intends to utilize the proceeds to support its long term growth strategy and strengthen its operational and financial position to reduce outstanding debt, helping improve the balance sheet, lower finance costs, and enhance financial flexibility. It is recommended to 'subscribe' to the IPO for long term investment, considering its growth potential and valuation," it said.