Rajputana Stainless IPO: 50% Shares Booked On Day 3; GMP Indicates Muted Listing Prospects

Rajputana Stainless initial public offering (IPO) is in its final day of the subscription window on March 11. The issue window opened on March 9, and so far, half of the shares offered in the primary market have been subscribed, with the demand led by non-institutional investors (NIIs). Currently, based on the grey market premium (GMP), the stock indicates muted listing prospects on the NSE and BSE.

Rajputana Stainless IPO: Subscription Status

On the final day of the issue window, IPO of Rajputana Stainless was subscribed 50 per cent, with investors applying for 10.51 million shares out of a total of 20.9 million shares on offer. QIBs have booked 99 per cent of the shares reserved for them, booking around 2.07 million shares, the same as the day before.

NIIs have shown firm demand so far, booking 1.09 times their quota, or around 6.15 million shares applied so far. Retail individual investors have shown muted interest in the issue, booking for only 17 per cent of their quota so far.

Rajputana Stainless IPO: Offer Size, Price Band

Rajputana Stainless IPO is worth Rs. 254.98 crore, which includes a combination of fresh issue of 14.7 million equity shares and offer-for-sale (OFS) component of 6.3 million shares. The price band of the book-build issue is set at Rs. 116-122 per share with a minimum lot size of 110 shares. For retail individual investors, a minimum of Rs. 13,420 based on the upper end of the price band needs to be invested, in order to apply for the issue.

Nirbhay Capital Services is the book-running lead manager of the issue, and Kfin Technologies is the registrar.

The share allotment of the issue is expected to be finalised on March 12 after the issue window closes. Shares of the company are expected to be listed on the exchanges on March 16.

Rajputana Stainless IPO: GMP Today

Rajputana Stainless IPO indicates muted listing prospects, as per the GMP of various websites. The current GMP is at Rs. 0.5 above the upper end of the price band at issue, or at Rs. 122.5. The GMP was at Rs. 2.5 on March 9, the day when the issue window opened in the primary market.

Rajputana Stainless IPO: Key Financials

Rajputana Stainless reported a net profit of Rs. 24.41 crore during the first six months of the financial year 2025-26. In April-September 2025, Rajputana Stainless posted its operating revenue at Rs. 501.53 crore.

The company earned operating revenue of Rs. 923.16 crore in FY25, rising from Rs. 909.81 crore in FY24. The company’s net profit also rose to Rs. 39.85 crore in FY25, from Rs. 31.63 crore a year before.