Long and flat stainless steel products manufacturer Rajputana Stainless will launch its initial public offering (IPO) for public subscription on March 9. This will be the second mainboard IPO of the current month, following Sedemac Mechatronics.
The one-day anchor book will open on March 6, while the public issue will close on March 11. The share allotment is expected to be finalized by March 12, and the company’s shares will be listed on the stock exchanges on March 16.
The price band for the IPO has been fixed at Rs 116–122 per share. At the upper end of the price band, the company is valued at Rs 1,019.5 crore.
The Gujarat-based company aims to raise Rs 254.98 crore through the IPO of 2.09 crore equity shares. The issue comprises a fresh issue of 1.46 crore shares and an offer-for-sale (OFS) of 62.5 lakh shares by promoter Shankarlal Deepchand Mehta.
Rajputana Stainless filed its IPO papers with SEBI in June 2025, and the draft documents were approved by the capital markets regulator in November.
Half of the total issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and the remaining 35 percent for retail investors.
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Investors can bid for a minimum of 110 equity shares and in multiples of 110 shares thereafter. Retail investors will need to invest a minimum of Rs 13,420, while the maximum investment allowed for them is Rs 1,87,880.
Incorporated in 1991, Rajputana Stainless manufactures long and flat stainless steel products, including billets, forging ingots, and rolled black bars, under the brand name RSL. The company primarily sells its products domestically through direct sales and a network of traders. It also exports to nine countries, including Turkey, the UAE, Poland, Portugal, and the USA.
Out of the fresh issue proceeds, Rs 18.57 crore will be used to expand the existing manufacturing facility at Panchmahal, Gujarat, through forward integration and diversification into stainless steel seamless pipes.
Additionally, Rs 98 crore will be utilized for debt repayment, while the remaining funds will be allocated for general corporate purposes.
On the financial front, the company reported a profit of Rs 39.85 crore for the year ended March 2025, marking a 26 percent increase from Rs 31.6 crore in the previous year. Revenue during the same period rose 2.5 percent to Rs 932.2 crore from Rs 909.8 crore.
For the six-month period ended September 2025, profit stood at Rs 24.4 crore on revenue of Rs 501.5 crore.
Nirbhay Capital Services is acting as the sole book-running lead manager for the Rajputana Stainless IPO.
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