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The Rajputana Stainless IPO has opened for subscription on Day 1, with investors closely watching the gray market premium and subscription numbers. Check out key details such as price band, issue size, and analyst reviews that could influence investors’ decision to apply.
The initial public offering (IPO) of Rajputana Stainless Ltd has opened today and will remain open until 11 March 2026. The company has announced the IPO price band for Rajputana Stainless at Rs. 116-122 per share.
The company promoters aim to raise Rs. 255 crore, out of which Rs. 76 crore is reserved for the Offer for Sale (OFS). The remaining Rs. 179 crore is expected to be raised through the issuance of fresh shares. The Rajputana Stainless IPO lot size comprises 110 shares.
The company shares are available in the gray market ahead of the public issue opening. According to market reports, the Rajputana Stainless IPO GMP (Gray Market Premium) today is Rs. 2. It is important to note that GMP is an indicator of how the company's shares are priced in the unlisted market and is subject to rapid change.
By 11:18 AM on the first day of bidding, the public issue, retail portion, and NII segment were subscribed 0.05 times, 0.02 times, and 0.13 times, respectively.
Anand Rathi report mentioned: "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. Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing to the IPO."
BP Wealth has also assigned an 'apply' tag to the public issue and stated, "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."
Besides these, Adroit Financial Services, SBI Capital Securities, and Ventura Securities have assigned a 'subscribe' tag to the public issue. At the same time, Swastika Investmart has given an 'avoid' tag to the mainboard IPO.
Also Read: Elfin Agro India IPO Subscribed 0.47x on Day 1, Rs. 25.03 Crore Issue Priced at Rs. 47
As of September 30, 2025, ROE stood at 14.86% and ROCE at 16.55%, which reflects healthy capital deployment. The debt-to-equity ratio was 0.49, which suggests controlled leverage. EBITDA margin came in at 9.16%, while PAT margin was 4.87%, which highlights a steady operating performance.
The total income for the period ended September 2025 was Rs. 502.77 crore, compared to Rs. 937.49 crore in FY25 and Rs. 915.50 crore in FY24. Profit after tax stood at Rs. 24.41 crore, while net worth improved to Rs. 176.65 crore. Total borrowings were Rs. 85.91 crore, which indicates manageable debt levels.
The most likely date for share allocation is 12 March 2026. KFin Technologies has been appointed the official registrar of the public issue. The public issue is proposed for listing on the BSE and the NSE. According to market experts, the likely IPO listing date is 16 March 2026.
