Rajputana Stainless IPO: Allotment Deferred To March 17; Check GMP, Other Key Details

Rajputana Stainless, which was initially expected to make its debut in the stock market on March 16, 2026, has deferred the allotment of its shares to March 17, 2026. Now the shares are likely to list on the bourses on March 19. The initial public offering (IPO) was open for subscription from March 9-11 and the original date of allotment and listing on the bourses was March 12 and March 16, respectively. 

The company recently announced that investors who had applied for the issue have the option to withdraw their bids during market sessions from March 12-16.

“We wish to bring to attention of the investors that all investors/bidders (all categories/sub categories), have an option to withdraw their Bids on March 12, 2026 (Thursday), March 13, 2026 (Friday) and March 16, 2026 (Monday) between 10 am and 5 pm on the said days” the company said in a release.

During the subscription period till March 11, the IPO was booked 1.12 times the 20.9 million shares on offer. Non-institutional investors booked 2.6 times their quota, applying for 14.64 million shares. Qualified institutional buyers (QIBs) booked 2.5 times their share, subscribing for nearly 5.24 million shares. Elsewhere, retail individual investors had only subscribed for nearly 3.54 million shares, or 27 per cent of their quota.

Ahead of the allotment on the stock exchanges, shares of Rajputana Stainless were indicating a grey market premium (GMP) of Rs. 2, according to various websites.

Rajputana Stainless IPO Details

Rajputana Stainless’ IPO was a book-build issue worth Rs. 254.98 crore. The public issue was a mix of 14.7 million fresh issue of equity shares and 6.3 million shares as offer-for-sale (OFS). 

The price band in the primary market was fixed at Rs 116-122 per share, with a minimum lot size of 110 shares. Retail individual investors were required to invest a minimum of Rs 13,420 to apply for the issue.

Nirbhay Capital Services was the book running lead manager, while Kfin Technologies was the registrar of the issue.

Rajputana Stainless IPO: Special Withdrawal Option

Rajputana Stainless’ special withdrawal option opened on March 12 and will end on March 16. 

The Securities and Exchange Board of India (Sebi) said that the special withdrawal option was given after the circulation of emails and video materials inviting investors to participate in the IPO. Investors who choose to keep their bids and not withdraw their application by the end of March 16, will be deemed valid and considered for allotment on March 17.

"The above-mentioned option to withdraw can be exercised by submitting a request for the same to the concerned Designated Intermediary, who shall assist in such withdrawal of Bid cum Application Form. Investors/bidders should note that bidding in the offer shall close on March 11, 2026 and accordingly no further bids will be accepted in the offer," the company said.

Accordingly, the new timeline of allotment of shares are expected to be finalised on March 17. Refunds and credit of shares according to the allotment will be made on March 18. The new tentative date of listing of Rajputana Stainless’ shares on the NSE and BSE is March 19. 

Rajputana Stainless IPO: GMP Today

According to the latest GMP, the estimated listing price of Rajputana Stainless shares is Rs 124 apiece, Rs 2 higher than the upper end of the issue price in the primary market. The GMP of the stock has hovered around the issue price, and indicates muted gains on listing.