The Rajputana Stainless Limited IPO has opened for subscription on March 9, 2026, offering investors an opportunity to invest in a company engaged in infrastructure construction and civil engineering projects in India.

The IPO will remain open for bidding until March 11, 2026, and the shares are expected to be listed on the NSE. According to the tentative schedule, the IPO allotment is expected to be finalised on March 12, 2026, while the shares are likely to be listed on the stock exchange on March 16, 2026.

The price band for the Rajputana Stainless IPO has been fixed between ₹116 and ₹122 per equity share, and at the upper price band the company is expected to have a market capitalisation of around ₹1,019.53 crore.

About Rajputana Stainless Limited

Rajputana Stainless Limited is an infrastructure construction company engaged in executing civil construction projects across India.

The company primarily undertakes projects related to:

• Road construction

• Bridges

• Buildings

• Irrigation infrastructure

• Industrial infrastructure projects

Most of the company’s projects are executed for government departments and public sector undertakings (PSUs).

These projects are typically awarded through competitive bidding processes, where companies submit proposals to secure contracts.

Business Model of the Company

Rajputana Stainless operates mainly under Engineering, Procurement and Construction (EPC) contracts and item-rate contracts.

EPC Contracts

Under EPC contracts, the company is responsible for design, procurement of materials, and construction of the project.

This type of contract allows the company to manage the entire project lifecycle, from planning to completion.

Item-Rate Contracts

In item-rate contracts, payment is based on the quantity of work completed, such as materials used or work executed.

Such contracts are commonly used in public infrastructure projects.

Project Execution Capabilities

The company executes its projects using:

• In-house engineering teams

• Construction equipment

• Subcontractors for specialised work

Projects are carried out across multiple locations in Odisha, where the company has established operational capabilities.

Managing multiple project sites requires effective coordination between engineers, labour teams, equipment operators and subcontractors.

Rajputana Stainless IPO Size and Structure

The Rajputana Stainless IPO is a Book Built Issue with a total issue size of ₹254.98 crore.

The IPO includes both fresh issue shares and an Offer for Sale (OFS).

IPO Structure

• Total Issue Size: ₹254.98 crore

• Fresh Issue: 0.47 crore shares worth ₹178.73 crore

• Offer for Sale: 0.63 crore shares worth ₹76.25 crore

The fresh issue proceeds will go to the company and may be used for business expansion, working capital requirements and general corporate purposes.

The Offer for Sale portion allows existing shareholders to sell part of their stake to the public.

Rajputana Stainless IPO Important Dates

Investors planning to apply for the IPO should keep the following dates in mind:

• IPO Opening Date: March 9, 2026

• IPO Closing Date: March 11, 2026

• Allotment Date (Tentative): March 12, 2026

• Listing Date (Tentative): March 16, 2026

• Listing Exchange: NSE

These timelines may change depending on regulatory approvals and administrative processes.

Rajputana Stainless IPO Price Band and Market Capitalisation

The price band for the IPO is set between ₹116 and ₹122 per share.

At the upper price band of ₹122, the company’s estimated market capitalisation is approximately ₹1,019.53 crore.

Market capitalisation helps investors understand the overall value of the company in the stock market after listing.

Rajputana Stainless IPO Lot Size

The minimum lot size for the IPO is 110 shares.

Investors must apply in multiples of the lot size.

Minimum Investment Requirement

Retail Investors

• Minimum application: 1 lot (110 shares)

• Minimum investment: ₹13,420

High Net-Worth Individuals (HNIs)

• Minimum application: 15 lots (1,650 shares)

• Minimum investment: ₹2,01,300

This relatively lower entry amount makes the IPO accessible for retail investors compared to many other public issues.

Lead Manager and Registrar

The IPO is being managed by experienced intermediaries responsible for conducting the public issue process.

• Book Running Lead Manager: Nirbhay Capital Services Private Limited

• Registrar to the Issue: KFin Technologies Limited

The lead manager handles pricing, marketing and coordination of the IPO, while the registrar manages application processing and share allotment.

Rajputana Stainless IPO Grey Market Premium (GMP)

According to the latest available information, the Grey Market Premium (GMP) for Rajputana Stainless IPO is currently around ₹0.

This indicates that there is no significant premium in the grey market at the moment.

Important Note on GMP

Investors should understand that:

• Grey market trading is unofficial and unregulated

• GMP is based on informal demand and supply

• It does not guarantee listing gains

Therefore, the GMP should be considered only for informational and educational purposes.

Infrastructure Sector Outlook

The infrastructure construction sector in India plays a crucial role in economic development.

Government initiatives focusing on road networks, irrigation projects, urban development and industrial infrastructure are expected to support demand for construction companies.

Companies involved in EPC contracts and civil construction often benefit from these infrastructure investments.

Factors Investors Should Consider

Before investing in the IPO, investors may consider several factors.

Government Infrastructure Spending

The company’s business depends significantly on government infrastructure projects and public sector contracts.

Project Execution Capabilities

Infrastructure projects require efficient execution, cost control and timely delivery.

Companies with strong engineering teams and operational capabilities may have an advantage in this sector.

Industry Risks

Infrastructure companies may face risks such as:

• Project delays

• Cost overruns

• Dependence on government contracts

Investors should carefully review the company’s financial performance and risk factors before investing.

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