Rajputana Stainless IPO Overview
Rajputana Stainless Limited is a Gujarat-based stainless steel manufacturing company that produces long and flat stainless-steel products used across industries such as aerospace, oil & gas, automotive, defence, aviation and precision engineering. The company plans to expand its manufacturing capacity and reduce debt through the IPO proceeds.
The company is launching its mainboard IPO on BSE and NSE, aiming to raise about ₹255 crore through a combination of fresh issue and Offer for Sale (OFS). The price band is ₹116–₹122 per share, and the minimum lot size is 110 shares, meaning retail investors need about ₹13,420 to apply at the upper price band.
The IPO opens on 9 March 2026 and closes on 11 March 2026, with the expected listing on 16 March 2026.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built Issue SME |
| IPO Open Date | 9 March 2026 |
| IPO Close Date | 11 March 2026 |
| Allotment Date | 12 March 2026 (Expected) |
| Refund Initiation | 13 March 2026 |
| Shares Credit to Demat | 13 March 2026 |
| Listing Date | 16 March 2026 |
| Listing Exchange | BSE & NSE |
| Face Value | ₹10 per share |
| Price Band | ₹116 – ₹122 |
| Lot Size | 110 shares |
| Minimum Retail Investment | ₹13,420 |
| IPO Size | ~₹255 crore |
| Fresh Issue | ~1.46 crore shares |
| Offer For Sale | ~62.5 lakh shares |
| Total Shares Offered | ~2.09 crore shares |
Issue Break-up
| Category | Allocation |
| QIB (Qualified Institutional Buyers) | 50% |
| NII (Non-Institutional Investors) | 15% |
| Retail Investors | 35% |
Selling Shareholders (OFS)
The Offer for Sale (OFS) portion includes shares sold by promoter shareholder:
- Shankarlal Deepchand Mehta
Funds raised from OFS go to the selling shareholder and not to the company.
Objects of the Issue (Fund Utilization)
The company plans to use IPO proceeds for the following purposes:
- Capex for new manufacturing facility – around ₹18.57 crore will be used to establish a stainless steel seamless pipes manufacturing unit.
- Debt repayment – approximately ₹98 crore will be used to repay or prepay existing borrowings.
- General corporate purposes – remaining funds for working capital, business expansion, and operational improvements.
Lead Managers & Registrar
- Book Running Lead Manager: Nirbhay Capital Services Pvt. Ltd.
- Registrar to the Issue: KFin Technologies Limited
Promoters & Management
Promoters of Rajputana Stainless Limited include experienced industry professionals with decades of experience in the steel industry.
Key Promoter:
- Shankarlal Deepchand Mehta
The promoter group previously held about 78% stake before the IPO.
Company Details
Founded in 1991, the company manufactures stainless-steel long and flat products such as:
- Billets
- Forging ingots
- Rolled black bars
- Rolled bright bars
- Flat & patti products
The company operates a manufacturing facility in Kalol, Gujarat, covering about 35,000+ sq. meters, equipped with an induction furnace, AOD, rolling mill, heat treatment facility and bright bar shop.
The company distributes products through direct sales and trader networks across India, with exports to countries including UAE, USA, Turkey, Kuwait and Poland.
Production Capacity
- Melting Capacity: 48,000 MTPA
- Rolling Capacity: 36,000 MTPA
- Bright Bar Capacity: 6,000 MTPA
The company has maintained very high capacity utilization close to 100% in recent years.
Financial Snapshot
| Period | Revenue | Profit After Tax |
| FY25 | ₹932.2 Cr | ₹39.85 Cr |
| FY24 | ₹909.8 Cr | ₹31.63 Cr |
| FY23 | ₹947.6 Cr | ₹24.04 Cr |
Revenue growth is moderate but profit has grown significantly, showing improving margins and operational efficiency.
Company Strengths
- Strong industry experience – promoters have decades of experience in the steel sector.
- Wide product portfolio covering multiple stainless-steel grades and industrial uses.
- Strong manufacturing infrastructure with high capacity utilization.
- Diversified end-user industries including aerospace, defence, oil & gas, and engineering sectors.
- Consistent long-term growth – revenue and profits have grown significantly over the years.
Key Risks & Challenges
- Dependence on steel demand – slowdown in industrial sectors may impact demand.
- Customer concentration risk – a significant portion of revenue comes from a limited number of customers.
- Supplier dependence – reliance on a few suppliers for raw materials could disrupt production.
- Regional concentration – majority of sales come from certain Indian states.
- Legal and contingent liabilities could affect financial position if realized.
Disclaimer
This document is for educational and informational purposes only. Investors should read the Red Herring Prospectus (RHP) and consult financial advisors before investing in any IPO. Stock market investments involve risk, and past performance does not guarantee future returns.
