Rajputana Stainless IPO booked 30% on first day; GMP rises marginally. Check key details
Rajputana Stainless PO has seen 30% bidding so far, primarily from institutional investors, while the grey market premium suggests a potential listing price of ₹124.5.
Rajputana Stainless IPO: The initial public offering (IPO) of Rajputana Stainless was off to a slow start on Monday, March 9, garnering just 30% bids amid strong buying from qualified institutional buyers (QIBs).
The offer is available for bidding till Wednesday, March 11.
Rajputana Stainless IPO garnered bids for 63,04,540 shares as against 2,09,00,000 shares on offer, resulting in 30% bids, according to BSE data. The QIB segment was booked the most at 99%, followed by the non-institutional investor (NII) quota at 65% and the retail segment at 4%.
Rajputana Stainless IPO GMP
The grey market premium (GMP) for the ongoing public offer rose marginally on the first day of the bidding. According to websites tracking the unofficial market, Rajputana Stainless IPO GMP today is ₹2.5. This means that shares of Rajputana Stainless are trading ₹2.5 higher than the offer price.
At the prevailing GMP, Rajputana Stainless IPO listing price could be ₹124.5, a premium of 2.05%.
Rajputana Stainless IPO Details
The ₹225-crore Rajputana Stainless IPO is a combination of fresh issuance of up to 1.46 crore equity shares and an offer-for-sale of up to 62.5 lakh shares by promoter Shankarlal Deepchand Mehta.
Ahead of the opening of the initial share sale, Rajputana Stainless launched its anchor book on March 6. However, failure to attract significant demand from investors resulted in failure to meet the SEBI rule.
Rajputana Stainless IPO price band has been fixed at ₹116-122 per share. Investors can subscribe to the offer in lots of 110 shares.
The company plans to use the proceeds from the fresh share sale to set up a manufacturing facility at Panchmahal district, Gujarat, expand its product portfolio, repay debt, and cover general corporate purposes.
The company is a manufacturer of long and flat stainless-steel products comprising billets, forging ingots, rolled black bar, rolled bright bar, flat & patti and other ancillary products under the brand name of RSL.
It offers products in more than 80 diverse grades of stainless steel, reflecting our ability to meet varied technical and application-specific requirements.
In addition to catering to the domestic market, presently its products are being exported to nine countries in the international market, including market of Turkey, UAE, Poland, Portugal, USA, South Africa, South Korea, Czech Republic and Kuwait.
On the financial front, the company's revenue from operations stood at ₹932 crore in FY25, compared to ₹910 crore in FY24. Its net profit was ₹40 crore as against ₹31.6 crore.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.
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Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.<br> At Mint, Saloni has been part of the markets team for nearly two years, where she currently works as Chief Content Producer. In this role, she plays a key part in shaping market coverage, driving editorial strategy, and ensuring timely, accurate, and insightful reporting across. She has been closely involved in breaking news coverage and in crafting stories that help decode the complex financial developments.<br> Before joining Mint, Saloni worked with some of India’s leading business newsrooms, including The Economic Times and Business Standard. Throughout her career, she has worn multiple hats—ranging from reporting and editing to contributing in-depth features and identifying new storytelling formats and market trends.<br> Her experience in fast-paced digital newsrooms has given her an edge in simplifying complex market concepts without losing analytical depth. Outside of work, Saloni enjoys reading books and spending time with her pet.
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