What are the open and close dates of the Rajputana Stainless IPO ?

Rajputana Stainless IPO will be open between 2026-03-09 and 2026-03-11.

What is the allotment date for the Rajputana Stainless IPO ?

Rajputana Stainless IPO allotment date is 2026-03-19. For Rajputana Stainless IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Rajputana Stainless IPO ?

For Rajputana Stainless IPO, the IPO registrar is KFin Technologies Limited . You can check Rajputana Stainless IPO allotment status on the website of the registrar.

Where is the Rajputana Stainless IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Rajputana Stainless IPO shares be credited to your demat account?

The Rajputana Stainless IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Rajputana Stainless IPO ?

The Rajputana Stainless IPO lot size is 110 and minimum order quantity is 110.

What is the price band for the Rajputana Stainless IPO ?

Rajputana Stainless IPO has set the price band for its IPO at 122 per equity share with a face value of 10.

Home
/
IPO

1.12x

subscribed

Rajputana Stainless IPO

Steel & Iron Products

listed

₹12,760Min. investment

Pre-apply
6 Mar
Bid start
9 Mar
Bid end
11 Mar
Allotment
17 Mar
Release of funds
18 Mar
Demat transfer
19 Mar
Listing
19 Mar

Rajputana Stainless Limited IPO Details

Issue size

₹255Cr

IPO type

Mainboard

Market Cap

₹1,019.53CrLower than sector avg

Price range

₹116 – ₹122

Listing ExchangeBSE, NSE

RevenueApr 2024 - Mar 2025

₹932.15CrLower than sector avg

Lot size

110 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

-0.82%

SectorSteel & Iron Products

Price range₹116 – ₹122

IPO type

Regular

Lot size110 shares

Issue size₹255Cr

Red Herring Prospectus

Read

Market Cap

₹1,019.53CrLower than sector avg

RevenueApr 2024 - Mar 2025

₹932.15CrLower than sector avg

Growth rate3Y CAGR

-0.82%

Rajputana Stainless Limited IPO Overview

Rajputana Stainless Limited IPO date

Rajputana Stainless IPO will open for subscription on March 09, 2026, and the closing date for the IPO is March 11, 2026. After this, investors are expected to be updated about the allotment status on March 12, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on March 13, 2026. The shares will be listed on the NSE and the BSE on Monday, March 16, 2026.

Rajputana Stainless IPO price band

The IPO includes a fresh issue and offer for sale. The IPO price band has been set between ₹116 to ₹122 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹179 crore and an offer for sale of ₹76 crore. Rajputana Stainless IPO listing price will be determined on March 16, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Rajputana Stainless Limited IPO lot size

Rajputana Stainless IPO details have been declared. The minimum lot size for an application is 110 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹255 crore.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

Risk analysis

Debt to Equity ratio

Promoter holdings

Shares pledged

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Compare

Companies in this sector

JSW Steel Ltd

Tata Steel Ltd

Jindal Stainless Ltd

Revenue

Higher revenue means strong sales and good market demand

This IPO

₹932.15Cr

This sector

₹3,652.65Cr

Compare with companies

PAT

Higher PAT means strong profitability and efficient cost management

This IPO

₹39.85Cr

This sector

₹112.07Cr

Compare with companies

Market cap

Higher market cap means strong confidence but may suggest overvaluation

This IPO

₹1,019.53Cr

This sector

₹6,638.34Cr

Compare with companies

P/E ratio

Lower ratio usually means stock is undervalued

This IPO

21.11

This sector

114.91

Compare with companies

D/E ratio

Lower ratio usually means fewer liabilities

This IPO

0.66

This sector

0.53

Compare with companies

Objectives

Repayment of borrowings

54.75%

General corporate purposes

34.88%

Capital expenditure

10.37%

Strength and Weakness

Fully integrated manufacturing facilities

The company’s large manufacturing facility is approximately 35,196.98 sq. m.; of this, there are approximately 17,610 sq. m. of unutilised land for observable future expansion. This facility contains all steps of the manufacturing process, from melting through refining and casting, rolling and treating materials, testing and storing the product, which creates tight quality control, faster turnaround times, and operational flexibility across all categories of product.

Diverse range of product

The company’s product mix consists of a full line of all types of stainless steel products; billets; forging ingots, rolled black bars, rolled bright bars, flat pattis, wire rods, and other ancillary products, thus, it offers more than 80 different grades of stainless steel in multiple sizes and specifications, meeting the industrial needs of customers in every sector. As a result, the product range meets all manufacturers in any sector and assures repeat orders from the customer base.

Long-term relationship with domestic customers

The company has built long-term relationships for more than 20 years, due to the customer-centred model established for producing stainless steel products according to their specific technical needs. During the period ending FY25, they had over 370 customers and around 167 customers had been associated with the company for over 3 years, contributing 75.83% of the total revenue from operations.

Established domestic revenue base

During the six months ended September 30, 2025 and in FY25, export revenues stood at ₹0.27crores and ₹15.28 crores, contributing 0.06% and 1.64% of revenue from operations, respectively. This indicates a strong domestic anchor while retaining export optionality for future scale-up.

About Rajputana Stainless Limited

Incorporated in 1991, Rajputana Stainless is engaged in the manufacturing of long and flat stainless steel products, which include billets and forging ingots, rolled black bars, rolled bright bars, flat products and patti and other ancillary products under the brand name "RSL".

The company provides its products in more than 80 different stainless steel grades to fulfil different technical specifications. It operates exclusively on a business-to-business (B2B) model, which serves manufacturers and traders as its main customer base. Its products find applications across a diverse range of end-use industries, which include bar processing, seamless pipes, forging and wire manufacturing, engineering and casting, fasteners and utensils manufacturing and pump and shaft and the auto industry.

Rolled black bars contributed 57.57% of revenue in H1FY26, while billets generated 17.07% of revenue and rolled bright bars accounted for 15.42%, flat & patti brought in 4.46%, and forging ingots generated 1.88% of revenue. The company sells 99.94% of its products through domestic markets, while Turkey and UAE and Poland account for 0.06% of its sales. The company operates direct sales and trader networks to distribute its products across 14 states and two union territories. The geographic distribution of sales in India shows that Maharashtra, Gujarat and Uttar Pradesh together generated 91.09% of total revenue from operations during the period.

Rajputana Stainless manufacturing plant is strategically located at Halol Kalol Road in Gujarat, spread across a total land area of 35,196.98 sq. m. (which includes an unutilized open area of approx. 17,610 sq. m. earmarked for a proposed seamless pipes unit). The integrated facility is equipped with an induction furnace, Argon Oxygen Decarburization (AOD) converter, Continuous Casting Machine (CCM), heat treatment facilities, an in-house oxygen and nitrogen plant, a rolling mill, and a bright bar shop. As of September 30, 2025, the installed melting capacity is 48,000 MTPA, rolling capacity is 36,000 MTPA, and bright bar capacity is 6,000 MTPA. Capacity utilisation has remained strong. In FY25, utilisation stood at 99.92% for melting and 99.97% for rolling.

The company has established long-term relationships with key institutional clients. During the period ending FY25, they had over 370 customers, and around 167 customers had been associated with the company for over 3 years, contributing 75.83% of the total revenue from operations. The company served 266 customers (220 of which are manufacturers and 46 are traders) as of H1FY26. Its top 10 customers that together account for approximately 45% of the total revenue, of these, the largest revenue accounts for approximately 11% of the total revenue for the H1FY26.

The sales strategy consists of a combination of direct relationships with commercial manufacturers and an established trader network. The majority of the raw materials used are produced from stainless steel scrap, mild steel scrap and ferro alloys (comprising nickel, copper, molybdenum and ferro chrome). The raw materials procured by the company are sourced from both national and global sources. The company's imports are primarily from the United Arab Emirates (UAE), Malaysia, South Korea, Hong Kong and the United States. The proportions of the top 10 suppliers represent approximately 40.14% of the total material.

The domestic stainless steel sector has experienced substantial growth trends over recent years. India is presently the world's second-largest consumer and third-largest producer of stainless steel, with a projected installed capacity of 6.6-6.8 million tonnes. Domestic demand for stainless steel has been driven by a commitment from the government to significant infrastructure projects that will be funded under various national programs, such as the National Infrastructure Pipeline and PM Gati Shakti project. It is anticipated that by 2030, domestic consumption of stainless steel in India will reach 5.5 million tonnes, at a CAGR of 6.59%. Being a manufacturer of stainless-steel products, the company has a production capacity of 48000 MTPA for melting and 36000 MTPA for rolling as of September 30 2025. It operates multiple product lines which serve various markets, including architecture, automotive and capital goods that support India's industrial and infrastructure development.

The company uses forward integration as its main strategy to produce stainless-steel seamless pipes, which helps the company to create new products with better profit margins. It keeps investing in advanced technologies, upgraded equipment and small-scale automation to enhance its operational capabilities. The company is expected to achieve financial stability and profitability through operational excellence while it works on reducing debt and expanding its international market presence.

Now, Rajputana Stainless Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹179 crore and an offer for sale of ₹76 crore. The total issue size of the IPO is ₹255 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the Rajputana Stainless IPO?

You can pre-apply for the Rajputana Stainless IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.

Follow these steps to pre-apply for the IPO:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Pre-Apply’
Accept the mandate on your UPI app

How to apply for the Rajputana Stainless IPO?

If you are interested in this investment opportunity but unsure how to apply for the Rajputana Stainless IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Rajputana Stainless IPO on Upstox:

Log in to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Rajputana Stainless IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

How to check Rajputana Stainless IPO Allotment Status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.

Here’s a step-by-step guide on how to check the Rajputana Stainless IPO allotment status:

Login to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, you will find the ‘View all’ option
Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
In the ‘IPO’ tab, click on ‘My applications’
In ‘My applications’, under the History section, your Rajputana Stainless IPO allotment status will be mentioned

IPO Analysis

IPO REVIEW

Rajputana Stainless IPO | Analysis Video

Rajputana Stainless IPO

Should you apply?

View Video

Rajputana Stainless IPO Subscription Status

Date	QIB	NII	Retail	Total
09-Mar-26	0.62 times (X)	0.64 times (X)	0.04 times (X)	0.3 times (X)
10-Mar-26	0.64X	0.92X	0.11X	0.42X
11-Mar-26	2.01X	2.48X	0.26X	1.12X

Latest News on Rajputana Stainless IPO

Rajputana Stainless IPO: The ₹254.98 crore initial share sale consists of a fresh issuance of shares aggregating to ₹178.73 crore and an offer for sale (OFS) of 62.50 lakh shares valued at ₹76.25 crore by promoter Shankarlal Deepchand Mehta.

2 min read

Rajputana Stainless Ltd filed preliminary papers with SEBI to raise funds through an IPO. It is a combination of fresh issuance of up to 1.9 crore equity shares and an Offer-For-Sale of up to 35 lakh.

2 min read

Rajputana Stainless IPO: The ₹254.98 crore issue consists of a fresh issuance of shares valued at ₹178.73 crore and an offer for sale of 62.50 lakh shares worth ₹76.25 crore by promoter selling shareholder Shankarlal Deepchand Mehta.

3 min read

Rajputana Stainless IPO: The ₹254.98 crore book-building issue is a combination of a fresh issuance of shares worth ₹178.73 crore and an offer for sale (OFS) component of ₹76.25 crore.

3 min read

Rajputana Stainless aims to raise ₹254.98 crore via a fresh issue component of ₹178.73 crore and an offer for sale of ₹76.25 crore by promoter Shankarlal Deepchand Mehta.

3 min read

Rajputana Stainless IPO was seeking to raise ₹254.98 crore via a fresh issue of ₹178.73 crore and an offer for sale (OFS) of ₹76.25 crore by promoter Shankarlal Deepchand Mehta.

3 min read

Rajputana Stainless IPO allotment: The initial share sale, with a price range of ₹116 to ₹122 per equity share, aimed to raise ₹254.98 crore by offering new shares valued at ₹178.73 crore and an offer for sale (OFS) component of ₹76.25 crore by promoter Shankarlal Deepchand Mehta.

3 min read

Frequently asked questions

How to invest in the Rajputana Stainless IPO ?

Investors can apply for the Rajputana Stainless IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Rajputana Stainless IPO ?

The issue size of the Rajputana Stainless IPO is 255 Cr.

What is 'pre-apply' for Rajputana Stainless IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Rajputana Stainless IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.