Summary of this article
Rajputana Stainless made its debut on stock exchanges at slight gains
IPO was subscribed around 1.6 times the shares on offer
Shares of Rajputana Stainless made their debut on the stock exchanges on March 19. On BSE, shares of Rajputana Stainless were listed nearly 2 per cent higher than the issue price. Ahead of the listing, the grey market premium (GMP) of the stock indicated a 2.5 per cent gain from the issue price at listing.
On the NSE, shares of Rajputana Stainless opened at Rs. 122 apiece, the same as the upper end of the issue price band, but fell to Rs. 114.99 per share, at a 5.8 per cent loss from issue. Meanwhile, on BSE, shares of the company opened at Rs. 123.95 per share, but fell to Rs. 114.40 per share, a loss of 6.2 per cent from the issue price. The fall indicates a broader risk-averse sentiment in the market, with the Nifty and Sensex both trading over 2 per cent lower than the previous session.
The listing date of Rajputana Stainless was deferred from March 16. The company initially attracted muted demand from investors, after which the company extended the bidding window till March 17, during which investors could also withdraw their bids.
At the end of the subscription window, the issue was booked 1.6 times, with investors across classes applying for 14.36 million shares. Non-institutional investors booked over 3 times their quota, applying for nearly 5.90 million shares. Qualified institutional buyers booked 2.7 times their quota, subscribing for 6.65 million shares. Meanwhile, retail individual investors booked only 40 per cent of their quota, applying for 1.83 million shares by the end of the issue. The share allotment of the IPO was finalised on March 17.
Rajputana Stainless IPO Details
Rajputana Stainless’ IPO was worth Rs. 254.98 crore through a book-build issue. The IPO included both fresh issue of 14.7 million equity shares and an offer-for-sale component of 6.3 million shares. In the primary market, shares were offered at a price band of Rs. 116-122 per share at a minimum lot size of 110 shares. The minimum investment amount for retail individual investors was Rs, 13,420 at the upper end of the price band.
Nirbhay Capital Services was the book-running lead manager of the issue, and Kfin Technologies was the registrar.
Rajputana Stainless IPO: Key Financials
Rajputana Stainless’ net profit stood at Rs. 24.41 crore on an operating revenue of Rs. 501.53 crore by the end of the first six months of the financial year 2025-26. In FY25, operating revenue of the company rose marginally to Rs. 923.16 crore from Rs. 909.81 crore the previous year. Net profit of the company also rose slightly to Rs. 39.85 crore in FY25 from Rs. 31.63 crore in FY24.
