Rajputana Stainless IPO Details

 

Rajputana Stainless IPO is a book build issue of ₹254.98 crores. The issue is a combination of fresh issue of 1.47 crore shares aggregating to ₹178.73 crores and offer for sale of 0.63 crore shares aggregating to ₹76.25 crores.

Rajputana Stainless IPO bidding opened for subscription on Mar 9, 2026 and will close on Mar 11, 2026. The allotment for the Rajputana Stainless IPO is expected to be finalized on Mar 12, 2026. Rajputana Stainless IPO will list on BSE, NSE with a The tentative listing date fixed as Mar 16, 2026.

Nirbhay Capital Services Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Refer to Rajputana Stainless IPO RHP  for detailed Information.

About Rajputana Stainless Ltd.

Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products.

The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.

The company primarily sells its products domestically through direct sales and traders, while also exporting to five countries: UAE, USA, Turkey, Kuwait, and Poland.

The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering.

The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production.

Product Portfolio:

• Billet: The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling.
• Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling.
• Hexagon al Bars: The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts.

As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.

Competitive Strengths:

• Established, integrated manufacturing setup at a strategic location.
• Diverse Product Portfolio.
• Established customer base and strong relationships.
• Strong Promoters and Experienced Management Team.
• Track Record of healthy growth.

IPO Open

Mon, Mar 9, 2026

IPO Close

Wed, Mar 11, 2026

Price Band

₹116 to ₹122

Market Cap (Pre-IPO)

₹1,019.53 Cr

IPO Details

IPO Date	9 to 11 Mar, 2026
Listing Date	Mon, Mar 16, 2026T
Face Value	₹10 per share
Price Band	₹116 to ₹122
Lot Size	110 Shares
Sale Type	Fresh capital cum OFS
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE

Total Issue Size	2,09,00,000 shares (agg. up to ₹255 Cr)
Fresh Issue	1,46,50,000 shares (agg. up to ₹179 Cr)
Offer for Sale	62,50,000 shares of ₹10 (agg. up to ₹76 Cr)
Share Holding Pre Issue	6,89,17,658 shares
Share Holding Post Issue	8,35,67,658 shares

IPO Timetable (Tentative)

• IPO OpenMon, Mar 9, 2026
• IPO CloseWed, Mar 11, 2026
• AllotmentThu, Mar 12, 2026
• RefundFri, Mar 13, 2026
• Credit of SharesFri, Mar 13, 2026
• ListingMon, Mar 16, 2026

IPO Reservation

Investor Category	Shares Offered	Max Allottees
QIB Shares Offered	20,90,000	NA
− QIB (Ex. Anchor) Shares Offered	20,90,000	NA
NII (HNI) Shares Offered	56,43,000 (27.00%)	NA
− bNII > ₹10L	37,62,000 (18.00%)	2,280
− sNII < ₹10L	18,81,000 (9.00%)	1,140
Retail Shares Offered	1,31,67,000 (63.00%)	1,19,700
Total Shares Offered	2,09,00,000 (100.00%)

IPO Lot Size

Investors can bid for a minimum of 110 shares and in multiples thereof. 

Application	Lots	Shares	Amount
Retail (Min)	1	110	₹13,420
Retail (Max)	14	1,540	₹1,87,880
S-HNI (Min)	15	1,650	₹2,01,300
S-HNI (Max)	74	8,140	₹9,93,080
B-HNI (Min)	75	8,250	₹10,06,500

Company Financials (Restated)

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	448.80	420.36	324.01	297.34
Total Income	502.77	937.49	915.50	950.69
Profit After Tax	24.41	39.85	31.63	24.04
EBITDA	45.92	73.79	59.41	43.85
NET Worth	176.65	151.95	112.27	81.17
Reserves and Surplus	108.16	83.75	78.36	46.73
Total Borrowing	85.91	99.75	79.76	79.83
Amount in ₹ Crore

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

#	Issue Objects	Est Amt (₹ Cr.)
1	Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”);	18.57
2	Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and	98.00
3	General corporate purposes
	Total	116.57

Key Performance Indicator (KPI)

KPI	Sep 30, 2025	Mar 31, 2025
ROE	14.86%	30.17%
ROCE	16.55%	31.72%
Debt/Equity	0.49	0.66
RoNW	13.82%	26.23%
PAT Margin	4.87%	4.28%
EBITDA Margin	9.16%	7.92%
Price to Book Value		5.53

Pre IPO	Post IPO
EPS (₹)	5.78	5.84
P/E (x)	21.1	20.88
Promoter Holding	78.22%	57.01%
Market Cap	₹1,019.53 Cr.

Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta are the promoters of the company.

Disclaimer:

• The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
• The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
• The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.

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