Rajputana Stainless IPO Opens with Moderate Interest
“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 in the market.
The Rajputana Stainless IPO opened on March 9, 2026, and is set to close on March 11, 2026. The company aims to raise ₹255 crore through the offering, with a price band set between ₹116 to ₹122 per share.
Of the total amount, ₹76 crore is reserved for the Offer for Sale (OFS), while ₹179 crore will be raised through the issuance of fresh shares. The lot size for the IPO is 110 shares.
As of 12:42 PM on the first day of the IPO, subscription rates indicate a mixed response, with the overall subscription at 0.07 times. The retail portion saw a subscription of 0.03 times, while the Non-Institutional Investor (NII) segment was subscribed 0.20 times.
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.
Despite the positive outlook, it is important to note that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.
The allotment date for the IPO is likely to be March 12, 2026, with the listing date expected on March 16, 2026. Investors are keenly awaiting these developments as the IPO progresses.
Rajputana Stainless was incorporated in 1991 and has established itself in the manufacturing of long and flat stainless steel products. This background adds to the context of the current IPO offering.
Details remain unconfirmed regarding the final subscription rates and investor interest as the IPO period continues.
