Rajputana stainless ipo gmp
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, 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 IPO is set between ₹116 to ₹122 per share, with the company aiming to raise ₹255 crore. This amount includes ₹76 crore reserved for Offer for Sale (OFS) and ₹179 crore through fresh shares.
The lot size for the IPO is 110 shares, making it accessible for a range of 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 NII segment subscribed 0.20 times.
The Grey Market Premium (GMP) for the IPO today stands at ₹2, suggesting that while there is interest, investors are approaching the issue with caution. This sentiment is echoed in the analysis from BP Wealth, which recommends a ‘SUBSCRIBE’ rating for this issue, citing the company’s improving margins and diversified product portfolio.
Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products used 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, it posted revenue of ₹932 crore and a net profit of ₹40 crore.
The IPO is proposed for listing on the BSE and NSE, with the most likely listing date on March 16, 2026. KFin Technologies has been appointed as the official registrar of the public issue.
However, the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. This backdrop adds a layer of complexity to the investment landscape.
The most likely date for share allocation is March 12, 2026, as investors await further developments in the subscription process.
Details remain unconfirmed regarding the overall market reception as the IPO progresses.
