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Here are the important dates you need to know in order to participate in this IPO
Offer Start Date
9th Mar
Offer End Date
11th Mar
Allotment Date
17th Mar
Refund Initiation
18th Mar
Demat Transfer
18th Mar
Listing Date
19th Mar
Rajputana Stainless Limited, incorporated in 1991, operates in the manufacturing of long and flat stainless-steel products. The company’s product range includes billets, forging ingots, rolled black bars, rolled bright bars, flat and patti products, along with other ancillary stainless-steel items offered under the brand name “RSL”. These products are manufactured in more than 80 stainless-steel grades and are supplied primarily to industrial customers. The company follows a Business-to-Business (B2B) model, supplying materials to manufacturers and traders engaged in sectors such as engineering, forging, seamless pipes, wire manufacturing, fasteners, casting, pump and shaft production, utensils manufacturing, and the automotive segment.
The company operates a manufacturing facility located in Kalol, Gujarat, covering approximately 35,196.98 square metres. The facility is equipped with infrastructure such as an induction furnace, Argon Oxygen Decarburisation (AOD), continuous casting machines, heat treatment facilities, a rolling mill, and a bright bar shop. Rajputana Stainless Limited primarily supplies its products within the domestic market through direct sales and trading partners, while also exporting to countries including the UAE, the USA, Turkey, Kuwait, and Poland. As of 30 September 2025, the company reported a workforce of 408 permanent employees and workers supporting its manufacturing and operational activities.
| Pre-Issue | Post-Issue | |
|---|---|---|
| Promoter Group | 78.22% | 57.01% |
| Public Group | 21.78% | 42.99% |
| QIB Shares Offered | 8,36,000 (4%) |
| NII (HNI) Shares Offered | 56,43,000 (27%) |
| Retail Shares Offered | 1,31,67,000 (63%) |
| Anchor Investor Shares Offered | 12,54,000 (6%) |
| Total Shares Offered | 2,09,00,000 |
| Total Shares With Anchor Investor | 2,09,00,000 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,420 |
| Retail (Max) | 14 | 1,540 | ₹1,87,880 |
| S HNI (Min) | 15 | 1,650 | ₹2,01,300 |
| S HNI (Max) | 74 | 8,140 | ₹9,93,080 |
| B HNI (MIN) | 75 | 8,250 | ₹10,06,500 |
| Bid Date | March 06, 2026 |
| KFin Techologies Ltd | |
|---|---|
| Phone Number | +91 40 6716 2222 |
| Email Id | rsl.ipo@kfintech.com |
| Website | www.kfintech.com |
1. Nirbhay Capital Services Pvt Ltd
| March 31, 2025 | March 31, 2024 | March 31, 2023 | |
|---|---|---|---|
| Net Worth | ₹151.95 Cr | ₹112.27 Cr | ₹81.17 Cr |
| Reserves and Surplus | ₹83.03 Cr | ₹77.81 Cr | ₹46.71 Cr |
| Total Borrowing | ₹99.75 Cr | ₹79.76 Cr | ₹79.83 Cr |
| Category | No. of shares offered | No. of shares bid | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 20,90,000 | 52,39,630 | 2.507 |
| Non Institutional Investors (NIIs) | 56,43,000 | 1,46,40,340 | 2.5944 |
| Retail Individual Investors (RIIs) | 1,31,67,000 | 35,39,580 | 0.2688 |
| Total | 2,09,00,000 | 2,34,19,550 | 1.12 |
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The company manufactures a range of long and flat stainless-steel products, including billets, forging ingots, rolled bars, and flat products, which are used across multiple industrial applications such as engineering, forging, seamless pipes, and automotive components.
Its manufacturing operations are supported by an integrated production facility in Kalol, Gujarat, equipped with infrastructure such as an induction furnace, refining and casting equipment, rolling mills, and finishing facilities for stainless-steel processing.
The company supplies products primarily through a business-to-business model, catering to manufacturers and traders across different industrial sectors, which contributes to a diversified customer base.
In addition to domestic sales, the company also exports stainless-steel products to selected international markets, supporting its presence across multiple geographies.
India is among the major participants in the global stainless-steel industry, positioned as the second-largest consumer and the third-largest producer of stainless steel. The country’s estimated installed capacity for stainless steel production is around 6.6–6.8 million tonnes.
The domestic industry has the capability to manufacture a broad range of steel grades and product categories, including stainless steel and special steel. These materials are used across multiple industrial and commercial applications, supporting sectors such as infrastructure, manufacturing, construction, and consumer goods.
In terms of global stainless-steel output, India accounted for an average share of about 7% during the period 2016–2020. During this period, the country maintained its position as the second-largest stainless-steel producer globally, following China.
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your IPO allotment status for Rajputana Stainless IPO.
Rajputana Stainless Ltd IPO is a Mainboard IPO of 2,09,00,000 equity shares of a face value of ₹10 aggregating up to ₹254.98 Crores. The issue is priced at ₹116 to ₹122 per share. The minimum order quantity is 110 Shares. The IPO opens on March 09, 2026, and closes on March 11, 2026. KFin Techologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.
The Rajputana Stainless Ltd IPO opens on March 09, 2026 and closes on March 11, 2026.
Rajputana Stainless Ltd lot size is 110 shares, and the minimum amount required is ₹13,420.
You can apply in Rajputana Stainless Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:
The finalization of Basis of Allotment for Rajputana Stainless Ltd IPO will be done on March 17, 2026, and the allotted shares will be credited to your demat account by March 18, 2026.
The Rajputana Stainless Ltd listing date is March 19, 2026.
The registrar of Rajputana Stainless Ltd IPO is KFin Techologies Ltd
Nirbhay Capital Services Pvt Ltd will be the book-running lead manager of this IPO.
The fresh issue size is ₹178.73 Crores equity shares.
Retail investors can subscribe to a minimum of one lot, 110 shares and ₹13,420 amount.
To apply for Rajputana Stainless Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.
The price of each Rajputana Stainless Ltd share will be ranging in between ₹116 to ₹122 per share.
The cut-off time for the UPI mandate confirmation is 5:00 PM, March 11, 2026.
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