Rajputana Stainless IPO Opens 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, highlighting the company’s competitive positioning as its IPO opens today.
The IPO of Rajputana Stainless Ltd is set to raise ₹255 crore, with a price band ranging from ₹116 to ₹122 per share. The offering will remain open until 11 March 2026, with ₹76 crore allocated for Offer for Sale (OFS) and ₹179 crore 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.
“Given the company’s 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,” noted BP Wealth, emphasizing the positive outlook for the company.
The Grey Market Premium (GMP) for the IPO today stands at ₹2, indicating a cautious approach from investors as they weigh the potential risks and rewards associated with the offering.
Rajputana Stainless Ltd, incorporated in 1991, specializes in manufacturing long and flat stainless steel products utilized across various industries. For the six months ending September FY26, the company reported revenue of ₹501 crore and a profit after tax of ₹24.4 crore.
In FY25, Rajputana Stainless posted a revenue of ₹932 crore and a net profit of ₹40 crore, showcasing its growth trajectory in the stainless steel market.
The IPO is proposed for listing on the BSE and NSE, with the most likely listing date set for 16 March 2026. The share allocation is expected to occur on 12 March 2026, pending confirmation.
Details remain unconfirmed regarding the overall market conditions affecting the IPO, as the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.
KFin Technologies has been appointed as the official registrar for the public issue, ensuring a streamlined process for investors participating in this IPO.
