Rajputana Stainless came to market through an IPO that opened on 9 March 2026 and closed on 11 March 2026, and the shares listed on 19 March 2026 on BSE, NSE. The price band was ₹116 to ₹122 per share and one lot was 110 shares, so the minimum application was ₹13,420. The issue size was ₹254.98 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders. Kfin Technologies Ltd.
Reservation Category Retail : 63% HNI : 27% QIB : 10% was the registrar to the issue, and Nirbhay Capital Services Pvt.Ltd was the lead manager.
As of 11 March 2026.
| Day |
|---|
| 1 |
| 2 |
| 3 |
| 4 |
Incorporated in 1991, Rajputana Stainless Limited is engaged in manufacturing long and flat stainless-steel products. The company offers a range of stainless steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades.The company primarily sells its products domestically through direct sales and traders, while also exporting to five countries:
UAE, USA, Turkey, Kuwait, and Poland.The company uses its expertise and infrastructure to supply raw materials for various industries, including seamless pipes, aerospace, forging, oil and gas, defense, automotive, aviation, and precision engineering. The company operates a manufacturing facility of 35,196.98 Sq.m in Kalol, Gujarat, equipped with an induction furnace, AOD, CCM, heat treatment facilities, rolling mill, and bright bar shop for efficient production. Product Portfolio: Billet:
The company produces stainless steel billets, semi-finished products made from liquid steel, used as optimal inputs for hot working processes such as forging, rolling, and ring rolling. Cast ingots: The company produces cast ingots, metal masses poured into molds for easy storage, transportation, and further processing. These ingots are free from defects, marked for traceability, and used in open die forgings, re-rolling, and ring rolling. Hexagon al Bars:
The company produces hexagonal bars, stainless steel rolled into hexagonal shapes, used in manufacturing nuts, valves, hose ends, fasteners, and hex bolts. As of September 30, 2025, the company had 408 permanent employees and workers comprising skilled and unskilled workers.
As described in the offer document.
| Metric | 30-Sep-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|
Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, Yashkumar Shankarlal Mehta. Promoter holding 78.22% before the issue and 57.01% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Rajputana Stainless IPO was a ₹254.98 crore book-built issue, comprising a fresh issue of ₹178.73 crore and an offer for sale of ₹76.25 crore. It was priced at ₹116–₹122 per share with a lot size of 110 shares (₹13,420). The IPO was open from March 9 to March 11, 2026 and was subscribed 1.12x. Shares listed on BSE and NSE on March 19, 2026 at ₹122, in line with the issue price of ₹122. Kfin Technologies Ltd. is the registrar.
Nirbhay Capital Services Pvt. Ltd. is the book running lead manager.
The price band of Rajputana Stainless IPO is ₹116 to ₹122 per share.
The lot size of Rajputana Stainless IPO is 110 shares.
The minimum investment for Rajputana Stainless IPO is approximately ₹13,420 based on the upper price band.
The allotment date of Rajputana Stainless IPO is Mar 17, 2026.
Rajputana Stainless IPO listed on Mar 19, 2026. It was issued at ₹122.0(NSE) and is currently around ₹176.20 as on 2-Nov-2026 3:30 PM, which is approximately 44.4% versus issue price. The 52-week high is ₹202.22.
You can check Rajputana Stainless IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Rajputana Stainless IPO allotment status on Rupix for quick and easy access.
₹116 to ₹122 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 110 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹13,420.
₹13,420, for one lot of 110 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 9 March 2026 and closed on 11 March 2026.
The basis of allotment was published on 17 March 2026 by Kfin Technologies Ltd. Reservation Category Retail : 63% HNI : 27% QIB : 10%, and allotted shares were credited to demat accounts before listing.
The shares listed on 19 March 2026 on BSE, NSE.
The issue size was ₹254.98 crore. The fresh issue was 1,46,50,000 shares (aggregating up to ₹178.73 crore). The offer for sale was 62,50,000 shares (aggregating up to ₹76.25 crore).