Rajputana Stainless makes flat D-street debut; crashes 8% post listing

Rajputana Stainless IPO: Rajputana Stainless, a stainless steel manufacturer, made a muted debut on the bourses on Thursday, March 19, following the completion of its initial public offering (IPO) through which it raised ₹255 crore. 

 

Shares of Rajputana Stainless started trading on the NSE at ₹122 per share, the same as the IPO issue price. However, post-listing the stock fell nearly 8 per cent to hit a low of ₹122.35.

 

On the BSE, Rajputana Stainless shares opened at ₹123.95 per share, up 1.6 per cent from the issue price. The stock fell around 9 per cent to hit a low of ₹111.25.

 

 

Rajputana Stainless IPO listing came slightly below grey market expectations. Ahead of the D-Street debut, the company’s unlisted shares were quoted at ₹125 per share. This translates to a marginal grey market premium (GMP) of ₹3 per share, or 2.46 per cent, over the IPO issue price.

Rajputana Stainless IPO details

Rajputana Stainless IPO comprised a fresh issue of 14.7 million equity shares, raising ₹178.73 crore, and an offer for sale (OFS) of 6.3 million equity shares, amounting to ₹76.25 crore. The shares were offered at a price band of ₹116-122 per share, with a lot size of 110 shares per application. The issue was open from March 9 to March 11, 2026.

 

The allotment for the Rajputana Steel IPO was finalised on Tuesday, March 17. Investors were allowed to withdraw their bids between March 12 and March 16.

 

The public offering received a lacklustre response from investors, with an overall subscription of around 1.12 times, according to NSE data. The company fixed the issue price at ₹122 per share.

 

As per the Red Herring Prospectus (RHP), the company will not receive any proceeds from the OFS, which will be given to the selling promoters and shareholders.

 

Rajputana Stainless, however, the company plans to use ₹18.57 crore from the net fresh issue proceeds for the expansion of the existing manufacturing facility at Panchmahal district, Gujarat, through forward integration and diversification of product portfolio. Additionally, ₹98 crore will be used for repayment or prepayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes. 

 

Kfin Technologies is the registrar. Nirbhay Capital Services is the sole book-running lead manager for the issue.