Rajputana Stainless IPO GMP indicates muted listing prospects
IPO subscribed 37 per cent, QIBs nearly fully book their quota
Rajputana Stainless’ initial public offering (IPO) opened for subscription on March 9. On the second day of the subscription window, the IPO has garnered the most interest from qualified institutional buyers (QIBs), with investors across categories applying for 33 per cent of the issue so far. The issue window will close on March 11, and currently, the grey market premium (GMP) indicates muted listing prospects of the company stock on NSE and BSE.
After the issue window closes on March 11, the share allotment is expected to be finalised by March 12. Shares of the company are expected to be listed o the exchanges on March 16.
Rajputana Stainless IPO: Subscription Status
On the second day of the issue window, Rajputana Stainless’ IPO was subscribed 33 per cent, or 6.88 million shares. QIBs have booked almost the entirety of the shares reserved for them, applying for around 2.07 million shares.
Non-institutional investors (NIIs) have also shown good demand so far, with 68 per cent of their quota, or 3.86 million shares, applied so far. Meanwhile, retail individual investors have shown tepid interest in the issue so far, subscribing to only 7 per cent of the shares so far.
Rajputana Stainless IPO: Offer Size, Price Band
Rajputana Stainless is planning to raise a total of Rs. 254.98 crore through a combination of fresh issue of 14.7 million shares and offer-for-sale (OFS) of 6.3 million shares. The book-build IPO is set at a price band of Rs. 116-122 per share. The minimum lot size to apply to the issue is 110 shares. Retail individual investors must invest a minimum of Rs. 13,420 based on the upper end of the price band, to apply in the issue.
Nirbhay Capital Services is the book-running lead manager, and Kfin Technologies is the registrar of the issue.
Rajputana Stainless IPO: GMP Today
Rajputana Stainless IPO is currently indicating muted listing prospects, according to the GMP across various websites. The latest GMP is at Rs. 1.5 above the upper end of the price band at issue. The GMP has fallen from Rs. 2.5 on the first day of the issue window.
Rajputana Stainless IPO: Key Financials
Rajputana Stainless earned a net profit of Rs. 24.41 crore during the first six months of the financial year 2025-26. During the same time, the company earned operating revenue of Rs. 501.53 crore.
The company posted operating revenue of Rs. 923.16 crore in FY25, higher than Rs. 909.81 crore in the previous fiscal. The company earned a net profit of Rs. 39.85 crore in FY25, up from Rs. 31.63 crore in FY24.
