Rajputana Stainless shares make muted debut on NSE, BSE; tumble 9% post-listing

Rajputana Stainless IPO shares listed at Rs 123.95 apiece as against the issue price of Rs 122, translating into a premium of 1.60 per cent on debut on the BSE. On the NSE, the stock opened flat at Rs 122. However, after listing, the scrip declined around 9 per cent to register an intraday low of Rs 111.16.

Rajputana Stainless IPO subscription highlights

Overall, the IPO received bids for 2.34 crore shares against an offer of 2.09 crore shares, resulting in a 1.12 times the overall subscription.

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Category-wise subscription details are:

Qualified Institutional Buyers (QIBs) booked 2.51 times, with 52.39 lakh shares bid against 20.90 lakh shares.

Non-Institutional Investors (NIIs) subscribed 2.59 times, with 1.46 crore shares bid against 56.43 lakh reserved.

Retail Individual Investors (RIIs) portion saw weak demand and booked only 0.29 times with 35.39 lakh shares out of 1.31 crore shares allotted.

Rajputana Stainless IPO details

The Rajputana Stainless IPO was a book-built issue comprising a mix of fresh issue of 1.47 crore equity shares, and offer for sale (OFS) of 0.63 crore shares aggregating to a total of Rs 254.98 crore.

Price band: The price band for the IPO was fixed at Rs 116 to Rs 122 per share, valuing the company at approximately Rs 1,019.53 crore at the upper end of the price band.

Subscription date: The subscription window remained open from March 9 to March 11, 2026, with the investors allowed to withdraw their bids till March 16.

Lot size: Investors could apply in a lot size of 110 shares and in multiples thereof.

Rajputana Stainless IPO lead manager and registrar details

Nirbhay Capital Services Pvt Ltd acted as the book-running lead manager to the issue, while Kfin Technologies Ltd had been appointed as the registrar.

About Rajputana Stainless Limited

Incorporated in 1991, Rajputana Stainless Limited is a manufacturer of stainless steel products, producing both long and flat varieties. The company’s product portfolio includes billets, forging ingots, rolled black and bright bars, flat and patti, along with other ancillary stainless steel items, available in over 80 different grades.

Rajputana Stainless primarily caters to the domestic market through direct sales and distributor networks. In addition, the company exports its products to international markets, including the UAE, USA, Turkey, Kuwait, and Poland.

The company supplies raw materials to a range of industries, leveraging its manufacturing capabilities and infrastructure. Its products find applications in sectors such as seamless pipes, aerospace, forging, oil and gas, defence, automotive, aviation, and precision engineering.