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, highlighting the company’s positioning as it opens its IPO.
The IPO of Rajputana Stainless Ltd has 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 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 various 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 is ₹2, suggesting that investors are approaching the issue with caution. This sentiment is echoed by market analysts who note that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.
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.
Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products used across various industries. For the six months ended 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 most likely date for share allocation is March 12, 2026, with the IPO proposed for listing on the BSE and NSE, expected to occur 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 rates and overall investor sentiment, which could influence the final outcomes of this public offering.
