The Rajputana Stainless Limited IPO has opened for subscription with a total issue size of ₹254.98 crore. The public issue is structured as a book built issue comprising a fresh issue of shares along with an offer for sale by existing shareholders.

The IPO subscription period began on March 9, 2026 and will close on March 11, 2026. After the subscription window closes, the basis of allotment is expected to be finalised on March 12, 2026.

The company’s shares are expected to list on the National Stock Exchange (NSE) with a tentative listing date of March 16, 2026.

Rajputana Stainless IPO Issue Structure

The IPO consists of two components: a fresh issue of shares and an offer for sale (OFS).

The fresh issue includes 0.47 crore shares, which will raise approximately ₹178.73 crore for the company. These funds will typically be used for business expansion, working capital needs and other corporate purposes.

The offer for sale includes 0.63 crore shares, aggregating to ₹76.25 crore, where existing shareholders sell part of their holdings to the public.

In total, the IPO comprises around 1.10 crore equity shares.

Rajputana Stainless IPO Price Band

The price band for the Rajputana Stainless IPO has been fixed between ₹116 and ₹122 per equity share.

At the upper price band of ₹122 per share, the company is expected to have a market capitalisation of approximately ₹1,019.53 crore after the listing.

Investors can bid for shares within the specified price range during the subscription period.

Rajputana Stainless IPO Lot Size and Investment

The lot size for the IPO is 110 shares, which represents the minimum number of shares an investor must apply for.

For retail investors, the minimum investment requirement is:

• 1 lot (110 shares)
• Minimum investment amount ₹13,420

For High Net Worth Individuals (HNIs), the minimum application size is higher:

• 15 lots (1,650 shares)
• Minimum investment amount ₹2,01,300

Investors can apply for additional lots depending on their investment capacity and category limits.

Rajputana Stainless IPO Key Dates

Important dates related to the IPO are as follows:

• IPO opening date: March 9, 2026
• IPO closing date: March 11, 2026
• Expected allotment date: March 12, 2026
• Tentative listing date: March 16, 2026

These timelines are subject to final confirmation based on regulatory and procedural processes.

Rajputana Stainless Limited Business Overview

Rajputana Stainless Limited operates as an infrastructure construction company in India.

The company primarily focuses on executing civil construction projects for government departments and public sector undertakings.

Its major project segments include:

• Roads and highways
• Bridges and flyovers
• Buildings and industrial structures
• Irrigation infrastructure
• Other public infrastructure projects

The company undertakes projects mainly through Engineering Procurement Construction (EPC) contracts and item rate contracts, which are usually awarded through competitive government tenders.

Project Execution Model

Rajputana Stainless executes projects using a combination of in house engineering capabilities, construction equipment and subcontractor networks.

This model allows the company to manage multiple projects simultaneously across different locations.

Currently, a large part of the company’s project execution activities are spread across multiple sites in Odisha, where it undertakes government infrastructure development work.

Efficient project management and cost control are key aspects of the company’s operating strategy.

Revenue Generation Model

The company generates revenue primarily from government infrastructure contracts.

These contracts are typically awarded through competitive bidding processes, where companies submit project proposals and price quotations.

Once awarded, the company executes the project and receives payments in stages based on project milestones and completion progress.

Such projects often provide stable revenue streams but require efficient cost management and timely execution.

IPO Management and Registrar

The book running lead manager for the Rajputana Stainless IPO is Nirbhay Capital Services Private Limited.

The registrar to the issue is KFin Technologies Limited, which is responsible for managing the IPO application process, investor records and allotment procedures.

These institutions play an important role in ensuring the IPO process is conducted smoothly and in compliance with regulatory requirements.

Rajputana Stainless IPO Grey Market Premium

According to current market indications, the Grey Market Premium (GMP) for the Rajputana Stainless IPO is around ₹0.

This suggests that the shares are currently not commanding a premium in the unofficial grey market before listing.

However, it is important to note that grey market trading is unofficial and not regulated by stock exchanges.

Prices in the grey market are influenced purely by informal demand and supply dynamics, and they do not guarantee the actual listing performance of the IPO.

Investors should therefore treat GMP data as informational rather than a reliable indicator of listing gains.

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