RAJPUTANA STAINLESS LIMITED
₹ 116 - ₹ 122
09-Mar-2026 - 11-Mar-2026
₹ 13420.00

/ 110 Shares

RAJPUTANA STAINLESS LIMITED

09-Mar-2026 - 11-Mar-2026

₹ 116 - ₹ 122

Price Band

₹ 13420.00

Minimum Investment

110

Bid Lot

20,900,000

Shares

  • Face Value - ₹ 10/- Per Share

  • Listing at NSE BSE

  • 66,500 Application Required in Retail for 1 Time.

  • Registrar : KFin Technologies Limited

IPO Details

Fresh Issue of up to 1,46,50,000 Equity Shares and Offer for Sale of up to 62,50,000 Equity Shares

Category % Shares/Amount
QIB 50% 10,450,000 Shares RS.127.49 CR
HNI 1 5% 1,045,000 Shares RS.12.75 CR @ 633 FORM 1X
HNI 2 10% 2,090,000 Shares RS.25.50 CR @ 1267 FORM 1X
Retail 35% 7,315,000 Shares RS.89.24 CR @ 66500 FORM 1X

BRLMs: Nirbhay Capital Services Pvt. Ltd

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
66500 FORM 1X 633 FORM 1X 1267 FORM 1X

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 110 ₹ 13,420
Retail (Upto 2 Lakh) 14 1540 ₹ 187,880
S-HNI (2 Lakh to 10 Lakh) 15 1650 ₹ 201,300
S-HNI (2 Lakh to 10 Lakh) 74 8140 ₹ 993,080
B-HNI (Above 10 Lakh) 75 8250 ₹ 1,006,500

IPO Timeline

  • Open Date

    09-Mar-2026

  • Close Date

    11-Mar-2026

  • Basis of Allotment Date

    12-Mar-2026

  • Initiation of Refunds

    13-Mar-2026

  • Credit Shares to Demat A/c

    13-Mar-2026

  • IPO Listing Date

    16-Mar-2026

Subscription as on
11-Mar-2026 17:04

Category Book Size Subscription No. of Times
QIB 4,180,000 ₹ 51.00 Cr. 5,239,630 ₹ 63.92 Cr. 1.25x
HNI (<10 LAKH) 1,045,000 ₹ 12.75 Cr. 577,280 ₹ 7.04 Cr. 0.55x
HNI2 (>10 LAKH) 2,090,000 ₹ 25.50 Cr. 14,063,060 ₹ 171.57 Cr. 6.73x
RETAIL 7,315,000 ₹ 89.24 Cr. 3,537,710 ₹ 43.16 Cr. 0.48x
Total 14,630,000 23,417,680 1.60x
Category Book Size Subscription No. of Times
QIB 4,180,000 ₹ 51.00 Cr. 5,239,630 ₹ 63.92 Cr. 1.25x
HNI (<10 LAKH) 1,045,000 ₹ 12.75 Cr. 577,280 ₹ 7.04 Cr. 0.55x
HNI2 (>10 LAKH) 2,090,000 ₹ 25.50 Cr. 14,063,060 ₹ 171.57 Cr. 6.73x
RETAIL 7,315,000 ₹ 89.24 Cr. 3,537,710 ₹ 43.16 Cr. 0.48x
Total 14,630,000 23,417,680 1.60x

*Excluding Anchor

Total No. of Application Approx : ~21922 (0.33 Appwise)

Appwise Subscription
Category Total App App wise
HNIBT 287.43 633 (For 1x) 0.45x
HNIAT 1082.82 1267 (For 1x) 0.85x
RETAIL 6927.00 66500 (For 1x) 0.10x

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • q The company was originally incorporated as Rajputana Steel Castings Private Limited on April 2, 1991. The name was changed to Rajputana Steel Castings Limited on June 18, 2007. Subsequently, the name was changed to Rajputana Stainless Limited on July 12, 2007.
  • q The company offer its products in more than 80 diverse grades of stainless steel. The company is engaged in the business of manufacturing long and flat stainless-steel products, comprising billets, forging ingots, rolled black bar, rolled bright bar, flat & patti, and other ancillary products under the brand name “RSL”.
  • q The company operates exclusively on a Business-to-Business (B2B) basis, catering to a customer base primarily comprising manufacturers and traders.
  • q Apart from domestic sales, the company exports its products to 9 countries, including Turkey, UAE, Poland, Portugal, USA, South Africa, South Korea, Czech Republic, and Kuwait.
  • q The company’s manufacturing facility is spread across 35,196.98 Sq.m (including unused land of ~17,610 Sq. m), at Kalol, Gujarat.
  • q As of September 30, 2025, the company had an installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA and bright bar capacity of 6,000 MTPA, a heat treatment facility of 2,000 MT and Oxygen and Nitrogen plants having installed capacities of 350 cum/hour and 200 cum/hour, respectively.
  • q The Company is accredited with ISO 9001:2015 for manufacturing and supplying long stainless-steel and allied products and holds the AD 2000-Merkblatt W0 certification from TÜV NORD Systems GmbH & Co. KG as a material manufacturer. It has also obtained BIS certification IS 6603:2001 for stainless-steel bars and flat products. In addition, the Company is accredited with AS 9100D from TÜV India Pvt. Ltd for manufacturing stainless-steel ingots, billets and round bars for aerospace applications.
  • q Between FY 2022 and FY 2025, revenue grew at a CAGR of 5.45% to ? 932.16 Cr. Revenue from operations stood at ?501.53 cr for the 6-month period ended September 30, 2025. 
Read More

Strengths

Competitive Strength 

Business Strategies 

  • Setting up of Stainless-Steel Seamless Pipes Unit
  • Strengthening the foothold in our existing markets and expanding the customer base
  • Continue to improve operations and profitability through strategic initiatives
  • Continue our efforts towards the training of manpower
  • Focus on rationalizing the indebtedness

Company Promoters

Company Financials

Company Financials (Restated)

Period Ended 30 Sep 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 448.80 420.36 324.01 297.34
Total Income 502.77 937.49 915.50 950.69
Profit After Tax 24.41 39.85 31.63 24.04
EBITDA 45.92 73.79 59.41 43.85
NET Worth 176.65 151.95 112.27 81.17
Reserves and Surplus 108.16 83.75 78.36 46.73
Total Borrowing 85.91 99.75 79.76 79.83
Amount in ? Crore

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects Est Amt (? Cr.)
1 Funding capital expenditure requirements for setting up of manufacturing facility for Stainless Steel Seamless Pipes to expand the product portfolio (“Proposed Facility”); 18.57
2 Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company; and 98.00
3 General corporate purposes  
  Total 116.57

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