Rajputana Stainless IPO Launches with Cautious Investor Sentiment
“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, reflecting the market’s cautious approach to the newly launched IPO.
The IPO of Rajputana Stainless Ltd opened today and will remain accessible for subscription until March 11, 2026. The price band for the offering is set between ₹116 and ₹122 per share, with the company aiming to raise ₹255 crore. This includes ₹76 crore reserved for Offer for Sale (OFS) and ₹179 crore through fresh shares.
Investors can subscribe in lots of 110 shares, and as of 12:42 PM on the first day of bidding, the IPO was subscribed 0.07 times overall. The retail portion saw a subscription of 0.03 times, while the Non-Institutional Investor (NII) segment was subscribed 0.20 times.
“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 a positive outlook despite the cautious sentiment reflected in the Grey Market Premium.
The Grey Market Premium for the IPO today stands at ₹2, suggesting that investors are approaching the issue with caution. This sentiment is echoed by analysts who note that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.
Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products utilized across various industries. For the six months ended September FY26, the company reported a revenue of ₹501 crore and a profit after tax of ₹24.4 crore. In FY25, it posted revenue of ₹932 crore and a net profit of ₹40 crore.
The most likely date for share allocation is March 12, 2026, with the IPO proposed for listing on both the BSE and NSE, expected on March 16, 2026. KFin Technologies has been appointed as the official registrar of the public issue.
As the IPO progresses, market participants will be closely monitoring subscription levels and investor sentiment, which may influence the final listing performance.
Details remain unconfirmed regarding the overall market response as the IPO continues to unfold.
