Rajputana Stainless IPO opened on March 9, 2026, with a grey market premium of ₹2, indicating cautious investor sentiment.
Rajputana Stainless IPO Opens with Caution
“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 competitive positioning.
The Rajputana Stainless IPO opened on March 9, 2026, aiming to raise ₹255 crore. The price band for the IPO is set between ₹116 and ₹122 per share, with ₹76 crore reserved for the Offer for Sale (OFS) and the remaining ₹179 crore to be raised through the issuance of fresh shares.
The lot size for the IPO is 110 shares, and it is proposed for listing on both the BSE and NSE. As of 12:42 PM on the first day of bidding, the IPO was subscribed 0.07 times, indicating a cautious approach from investors.
“The IPO’s grey market premium suggests investors are approaching the issue cautiously,” a market analyst noted, as the Grey Market Premium (GMP) for the IPO stands at ₹2.
BP Wealth has recommended a ‘SUBSCRIBE’ rating for this issue, citing the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives. They suggest a medium to long-term investment horizon for potential investors.
Adroit Financial Services added that the company’s expansion into value-added products, such as stainless steel seamless pipes, could improve margins and strengthen its market position.
Rajputana Stainless, incorporated in 1991, specializes in manufacturing long and flat stainless steel products. The company’s focus on innovation and product diversification has been a key aspect of its growth strategy.
The likely date for share allotment is March 12, 2026, with the IPO listing expected on March 16, 2026. Investors are keenly awaiting these developments as they assess the company’s market potential.
Details remain unconfirmed regarding the overall subscription rates, which currently stand at 0.07, with the retail portion at 0.03 and the NII segment at 0.20.
