Rajputana Stainless Limited, an infrastructure construction company engaged in civil engineering projects across India, is launching its Initial Public Offering (IPO) on March 9, 2026.

The IPO will remain open for subscription until March 11, 2026, providing investors a three-day window to apply.

The company plans to raise ₹254.98 crore through the IPO, which includes a fresh issue of shares and an offer for sale (OFS) by existing shareholders.

Following the completion of the offering, the company’s shares are expected to list on the NSE with a tentative listing date of March 16, 2026.

About Rajputana Stainless Limited

Rajputana Stainless Limited operates in the infrastructure construction sector, focusing on executing civil engineering projects across India.

The company undertakes a wide range of infrastructure projects, including:

• Road construction

• Bridges

• Buildings

• Irrigation infrastructure

• Industrial construction projects

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

Infrastructure development projects are typically awarded through competitive bidding processes, where companies submit bids for government tenders.

Business Model and Revenue Sources

Rajputana Stainless generates revenue mainly through EPC contracts and item-rate contracts.

EPC Contracts

EPC stands for Engineering, Procurement, and Construction.

Under this model, the company is responsible for:

• Design and engineering

• Procurement of materials

• Execution of construction work

The contractor handles the entire project lifecycle from planning to completion.

Item-Rate Contracts

Under item-rate contracts, payments are made based on the quantity of work completed, such as cubic meters of excavation or kilometers of road construction.

Both contract models are widely used in government infrastructure projects across India.

Project Execution Capabilities

Rajputana Stainless executes projects using a combination of:

• In-house engineering teams

• Construction equipment

• Subcontractors

The company manages multiple construction sites simultaneously and coordinates engineering, procurement, and project management activities.

Its operations are spread across various project locations in Odisha, where the company has established its presence in infrastructure construction.

Rajputana Stainless IPO Structure

The Rajputana Stainless IPO will be launched as a Book Built Issue, where investors can bid within a specified price band.

Key details of the IPO include:

• Total Issue Size: ₹254.98 crore

• Fresh Issue: ₹178.73 crore

• Offer for Sale (OFS): ₹76.25 crore

• Total Shares Offered: 1.10 crore shares

The funds raised through the fresh issue will go to the company, while the offer for sale proceeds will go to the existing shareholders selling their shares.

Rajputana Stainless IPO Price Band and Valuation

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

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

Investors can place bids within this price range during the IPO subscription period.

IPO Timeline

The important dates for the Rajputana Stainless IPO are as follows:

• IPO Opening Date: March 9, 2026

• IPO Closing Date: March 11, 2026

• Allotment Finalisation: March 12, 2026 (Expected)

• Listing Date: March 16, 2026 (Tentative)

• Stock Exchange: NSE

The final dates may vary depending on regulatory processes.

Lot Size and Minimum Investment

The IPO has been structured with a defined lot size requirement for investors.

• Lot Size: 110 shares

For retail investors, the minimum application is 1 lot, which equals 110 shares.

At the upper price band of ₹122, the minimum investment required will be:

• ₹13,420

For High-Net-Worth Individuals (HNIs):

• Minimum Application: 15 lots

• Total Shares: 1,650

• Minimum Investment: ₹2,01,300

This relatively low minimum investment for retail investors makes the IPO accessible to a wider range of market participants.

IPO Management and Registrar

Several financial institutions are responsible for managing the IPO process.

• Book Running Lead Manager: Nirbhay Capital Services Private Limited

• Registrar to the Issue: KFin Technologies Limited

The lead manager handles the IPO marketing, pricing, and regulatory coordination, while the registrar manages investor applications, allotment of shares, and refund processing.

Rajputana Stainless IPO Grey Market Premium

Currently, the Grey Market Premium (GMP) for the Rajputana Stainless IPO is reported to be around ₹0.

The grey market refers to unofficial trading of IPO shares before their official listing on stock exchanges.

However, investors should understand that:

• The grey market is unregulated

• No official price discovery takes place

• GMP is based purely on demand and supply

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

Infrastructure Sector Growth in India

Companies like Rajputana Stainless operate in the infrastructure construction sector, which is a major focus area for India’s economic development.

The government continues to invest heavily in projects such as:

• Highways and expressways

• Urban infrastructure

• Industrial corridors

• Irrigation systems

Infrastructure construction companies play an important role in executing these large-scale development projects.

As a result, the sector often attracts attention from investors looking for exposure to long-term economic growth opportunities.

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