Rajputana Stainless IPO Launches with Cautious Investor Sentiment
“Rajputana Stainless Steel, valued at ~21x P/E (post issue) on FY25 earnings (at the upper band) is valued fairly in relation to its competitors,” stated Anand Rathi, reflecting the cautious optimism surrounding the company’s initial public offering (IPO).
The IPO of Rajputana Stainless Ltd opened today and will remain available for subscription until March 11, 2026. The price band for the shares is set between ₹116 to ₹122, with the company aiming to raise ₹255 crore through this offering. Of this amount, ₹76 crore is reserved for Offer for Sale (OFS) and ₹179 crore will be raised through fresh shares.
The lot size for the IPO is 110 shares, making it accessible for retail investors. As of 12:42 PM on the first day of bidding, the IPO was subscribed 0.07 times overall, with the retail portion subscribed 0.03 times and the Non-Institutional Investor (NII) segment subscribed 0.20 times.
The Grey Market Premium (GMP) for the IPO today stands at ₹2, suggesting that investors are approaching the issue with caution. This sentiment is echoed in the analysis from BP Wealth, which recommends a ‘SUBSCRIBE’ rating for the issue, citing the company’s improving margins and diversified product portfolio.
Rajputana Stainless, incorporated in 1991, specializes in manufacturing long and flat stainless steel products used across various industries. For the six months ended September FY26, the company reported a revenue of ₹501 crore and a profit after tax of ₹24.4 crore, while for FY25, it posted a revenue of ₹932 crore and a net profit of ₹40 crore.
Despite the positive outlook, analysts warn that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price fluctuations and demand cycles. This highlights the importance of careful consideration for potential investors.
The most likely date for share allocation is March 12, 2026, with the IPO proposed for listing on the BSE and NSE, expected on March 16, 2026. KFin Technologies has been appointed as the official registrar of the public issue.
As the IPO progresses, market participants will be closely monitoring subscription levels and investor sentiment to gauge the overall interest in Rajputana Stainless Ltd’s public offering.
