Rajputana Stainless IPO
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Rajputana Stainless IPO details
Schedule of Rajputana Stainless
| Issue open date | 09 Mar 2026 |
| Issue close date | 11 Mar 2026 |
| UPI mandate deadline | 11 Mar 2026 (5 PM) |
| Allotment finalization | 17 Mar 2026 |
| Refund initiation | 18 Mar 2026 |
| Share credit | 18 Mar 2026 |
| Listing date | 19 Mar 2026 |
| Mandate end date | 26 Mar 2026 |
| Lock-in end date for anchor investors (50%) | 11 Apr 2026 |
| Lock-in end date for anchor investors (remaining) | 10 Jun 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Rajputana Stainless
Rajputana Stainless Limited (“RSL”) was incorporated on April 2, 1991, as Rajputana Steel Castings Private Limited and was subsequently converted into a public limited company in 2007. The Company was renamed Rajputana Stainless Limited in July 2007. The Company is promoted by Shankarlal Deepchand Mehta, Babulal D. Mehta, Jayesh Natvarlal Pithva and Yashkumar Shankarlal Mehta.RSL is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL”. Its portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats and pattis, offered in over 80 stainless-steel grades. The Company operates on a B2B model, serving manufacturers and traders across industries such as pipes, forging, engineering, casting, fasteners, utensils, pumps, shafts and automobiles. With a diversified product mix, wide grade capability and strong presence in domestic markets, RSL positions itself as a reliable stainless-steel solutions provider focused on quality, operational scale and customer-centric growth.
Financials of Rajputana Stainless
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 254.98 |
| Fresh Issue – Proceeds go to the company | 178.73 |
| Offer for sale – Proceeds go to the existing investors | 76.25 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure for Proposed Facility (SS Seamless Pipes) | 18.57 (10.39%) |
| Repayment / Prepayment of secured borrowings | 98 (54.83%) |
| General corporate purposes | 62.16 (34.78%) |
Strengths
- Diversified portfolio of 80+ stainless steel grades under the “RSL” brand.
- Strong B2B presence across multiple end-use industries.
- Established promoter group with a long operating history since 1991.
- Strategic expansion into seamless pipes for forward integration.
- Consistent revenue base with improving profitability metrics..
Risks
- High revenue dependence on top customers without long-term contracts.
- Significant ongoing litigations and contingent liabilities.
- Geographic concentration of manufacturing operations in Gujarat.
- Dependence on limited key raw material suppliers.
- The majority of revenue is derived from domestic markets, especially select states.
Allotment Status for Rajputana Stainless
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Rajputana Stainless
As per media reports (Link), the Grey Market Premium (GMP) of Rajputana Stainless is reported at ₹1 over the IPO price. This metric is unreliable; to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on March 11, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 20.90 | 52.40 | 2.51x |
| NII | 56.43 | 146.40 | 3.74x |
| Retail | 131.67 | 35.40 | 0.27x |
| Total | 209 | 234.20 | 1.12x |