Rajputana Stainless IPO Update
“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 competitive positioning in the market.
The Rajputana Stainless IPO, which opened for subscription on March 9, 2026, aims to raise ₹255 crore, with a price band set between ₹116 to ₹122 per share. The public offering includes ₹76 crore reserved for the Offer for Sale (OFS), while the remaining ₹179 crore is to be raised through the issuance of fresh shares.
As of 12:42 PM on the first day of bidding, the public issue was subscribed 0.07 times, with the retail portion seeing a subscription rate of 0.03 times. The lot size for the IPO comprises 110 company shares, making it accessible for retail investors.
“Given the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a ‘SUBSCRIBE’ rating for this issue with a medium to long-term investment horizon,” advised BP Wealth, indicating positive sentiment towards the IPO.
The most likely date for share allocation is March 12, 2026, with the proposed listing date set for March 16, 2026. Currently, the IPO GMP stands at ₹2, reflecting a modest premium over the issue price.
Rajputana Stainless, incorporated in 1991, specializes in manufacturing long and flat stainless steel products. The company operates in a cyclical industry that is sensitive to commodity price fluctuations and demand cycles.
“The stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles,” a market analyst noted, emphasizing the challenges faced by companies in this sector.
As the IPO progresses, market participants are keenly observing subscription trends and the overall response from investors. Details remain unconfirmed regarding the final subscription rates as the bidding period continues.
