Rajputana Stainless IPO Day 1: Check Latest GMP, Subscription Status, Key Highlights, and More
The Rajputana Stainless IPO is open for public subscription today, 9 March 2026.
Prior to the IPO opening, the company had raised ₹10 crore from a single anchor investor, Shine Star Build Cap Investors, on March 6, 2026. However, later it was withdrawn, as the anchor book attracted only one anchor investor, which does not fit the SEBI criteria.
“The minimum number of anchor investors required for allocation under the anchor investor portion, as specified under Regulation 10 of Schedule XIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, did not participate in the offer,” said the company in its filing to exchanges on Friday.
Rajputana Stainless IPO: Issue Details
Issue Type: The IPO is a book-build issue of ₹254.98 crore, consisting of a fresh issue of ₹178.73 crore and an Offer-for-Sale (OFS) of ₹76.25 crore.
Lot Size: 110 shares
Price Band: ₹116-₹122 per share
Minimum Investment: ₹13,420 (for retail investors)
IPO Closing Date: March 11, 2026
Allotment Date: The basis of allotment will be finalised by March 12, 2026.
Listing Date: The tentative listing date on BSE and NSE is March 16, 2026.
Book Running Lead Manager: Nirbhay Capital Services Private Limited
Registrar: KFin Technologies Limited
Rajputana Stainless IPO Day 1 Subscription Status
[9-March-2026 17:00:00 hrs]
|
Investor Category |
Subscription (Times) |
|
Qualified Institutional Buyers (QIBs) |
0.99 |
|
Non-Institutional Investors |
0.65 |
|
Retail Individual Investors (RIIs) |
0.04 |
|
Total |
0.30 |
Utilisation of IPO Proceeds
The net proceeds from the fresh issue will be used to fund the expenses towards the following objectives:
- Fund capital expenditure towards expansion of the existing manufacturing facility in the Panchmahal district, Gujarat, through forward integration and diversification of the product portfolio, i.e., stainless steel seamless pipes.
- Repay/prepay outstanding borrowings
- General corporate purposes
Explore other Upcoming IPOs on BSE and NSE.
Rajputana Stainless IPO GMP
As per media reports, the Grey Market Premium (GMP) of Rajputana Stainless is reported at ₹2 over the IPO price.
Rajputana Stainless Business Overview
Rajputana Stainless manufacture and supply over 80 grades of stainless steel under the brand name “RSL”. Their product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats, pattis, and other value-added stainless-steel products.
The company operates primarily under a business-to-business (B2B) model and supplies products to manufacturers, processors, and traders.
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