Rajputana Stainless IPO Day 3: Last day to buy; check GMP, subscription status, and key details - Apply or not?

Rajputana Stainless IPO Day 3: The initial public offering (IPO) of Rajputana Stainless opened for subscription on Monday, March 9 and will close today, March 11. The Rajputana Stainless price band has been set in the range of ₹116-122 per share.

The company aims to raise ₹255 crore from this IPO, which is a mix of fresh shares and an offer for sale (OFS). The issue is a combination of fresh issue of 1.47 crore shares worth ₹178.73 crore and offer for sale of 0.63 crore shares by promoter Shankarlal Deepchand Mehta aggregating to ₹76.25 crore.

The IPO allotment is expected tomorrow, March 12, while successful applicants are likely to receive their shares on Friday, March 13. Refunds for non-allottees will also be processed on the same day. The stock is scheduled to list on the BSE and NSE with a tentative listing date on Monday, March 16.

Rajputana Stainless IPO GMP Today

Investor sentiment toward the IPO is muted, as Rajputana Stainless grey market premium (GMP) is ₹1 on March 11. This suggested that the stock was likely to debut at ₹123, a premium of 0.82% from IPO price of ₹122.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Rajputana Stainless IPO subscription status

The IPO was subscribed 0.46 times by 10:40 am on Day 3. The retail portion was subscribed 0.14 times, and NII portion was booked 1 time, Qualified Institutional Buyers (QIBs) portion received 0.99 times bids.

The company has received bids for 96.29 lakh shares against 2.09 crore shares on offer.

Rajputana Stainless: Should you subscribe?

Swastika Investmart | Rating: Avoid

Rajputana Stainless has shown limited momentum in revenue growth over recent periods, reflecting muted expansion in its overall top line. The company operates in a fragmented and highly competitive stainless-steel products market, which could potentially affect both profitability and market share. Despite these concerns, the company’s valuation appears to be at a slight discount compared with peers, making pricing appear reasonable based on recent financial performance, according to Swastika Investmart.

"The concerns from the DRHP still hold — high contingent liabilities (68 per cent of net worth), rising related-party transactions (28 per cent of revenues in FY25), and flat revenue growth despite rising profits. Considering the valuation and growth outlook, investors may consider avoiding this IPO for now and wait for better clarity on future performance," it added.

Anand Rathi Share & Stock Brokers | Rating: Subscribe

Rajputana Stainless derives the majority of its sales from the domestic market, distributing its products through direct sales channels as well as a network of traders. Alongside its strong presence in India, the company also exports stainless-steel products to nine international markets, including Turkey, UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic and Kuwait, according to Anand Rathi Share & Stock Brokers.

"The issue is valued at 21 times P/E (post issue) on FY25 earnings and is valued fairly in relation to its competitors. Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing to the IPO," it said.

Rajputana Stainless IPO Details

The proceeds from the fresh issue will be utilised to fund capital expenditure for expanding the company’s existing manufacturing facility in Gujarat, including forward integration and diversification of its product portfolio. A portion of the funds will also be used to repay certain outstanding borrowings of the company, while the remaining amount will be allocated toward general corporate purposes.

The lot size is 110 shares, requiring a minimum retail investment of ₹13,420 at the upper end of the price band.

The qualified institutional buyers' (QIBs) quota has been booked 99%, while the non-institutional investors' (NIIs) portion has been subscribed 94%. The category for retail individual investors (RIIs) was subscribed 11%.

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

About Rajputana Stainless

Rajputana Stainless produces a range of long and flat stainless steel products such as rolled black bars, rolled bright bars, billets, forging ingots and other related ancillary products. The company operates entirely on a business-to-business (B2B) model.

Its products cater to multiple industrial segments, including seamless pipes, forging, bar processing and wire manufacturing. In addition, the company supplies to sectors such as engineering, fasteners, utensil manufacturing, casting, pumps and shafts, as well as the automobile industry.

For the six months ended on September 30, 2025, Rajputana Stainless reported a net profit of ₹24.41 crore with a revenue of ₹502.7 crore. The company clocked a net profit of ₹39.85 crore with a revenue of ₹937.49 crore for the financial year 2024-25. At the current valuations, the company commands a valuation close to ₹1,020 crore.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.