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 mixed sentiment surrounding the company’s initial public offering (IPO).
The Rajputana Stainless IPO, which opened for subscription on March 9, 2026, is priced within a band of ₹116 to ₹122 per share. The company aims to raise ₹255 crore, with ₹76 crore reserved for the Offer for Sale (OFS) and the remaining ₹179 crore to be raised through the issuance of fresh shares.
As of 12:42 PM on the first day of bidding, the public issue was subscribed 0.07 times, with the retail portion subscribed at 0.03 times. This cautious approach is further underscored by the IPO’s grey market premium, which currently stands at ₹2.
BP Wealth has recommended a ‘SUBSCRIBE’ rating for this issue, citing the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives. They suggest a medium to long-term investment horizon for potential investors.
Adroit Financial Services noted that the company’s expansion into value-added products, such as stainless steel seamless pipes, could enhance margins and strengthen its market position.
The IPO will close on March 11, 2026, with the most likely date for share allocation set for March 12, 2026. The proposed listing date is March 16, 2026, as investors await further developments.
Rajputana Stainless was incorporated in 1991 and has established itself as a manufacturer of long and flat stainless steel products. The current IPO marks a significant step in its growth trajectory.
Details remain unconfirmed regarding the overall market response as the subscription period progresses, but the cautious sentiment among investors is evident.
