Rajputana stainless ipo gmp

Rajputana Stainless IPO Launches with Grey Market Premium

“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, highlighting the company’s positioning in the market.

The IPO of Rajputana Stainless Ltd has opened today and will remain accessible for subscription until March 11, 2026. The price band for the IPO is set between ₹116 to ₹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.

The lot size for the IPO is 110 shares, making it a significant opportunity for investors. As of 12:42 PM on the first day of bidding, the IPO was subscribed 0.07 times overall, with the retail portion subscribed 0.03 times and the NII segment subscribed 0.20 times.

The Grey Market Premium (GMP) for the IPO today stands at ₹2, indicating a cautious approach from investors. A representative from BP Wealth noted, “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.”

Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products used across various industries. For the six months ended September FY26, the company reported 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.

Details remain unconfirmed regarding the most likely date for share allocation, which is expected to be March 12, 2026. The IPO is proposed for listing on both the BSE and NSE, with the anticipated listing date on March 16, 2026.

Despite the positive outlook, the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. Investors are advised to consider these factors when evaluating the IPO.

KFin Technologies has been appointed as the official registrar of the public issue, ensuring a streamlined process for potential investors.