Rajputana Stainless Limited, an infrastructure construction company involved in executing civil construction projects across India, has launched its Initial Public Offering (IPO) for investors.

The IPO opened for subscription on March 9, 2026, and will remain open until March 11, 2026.

Through this public issue, the company aims to raise ₹254.98 crore.

After the IPO process is completed, the company’s shares are expected to list on the NSE on March 16, 2026, subject to regulatory approvals.

The offering is structured as a Book Built Issue, allowing investors to bid within a specified price band.

About Rajputana Stainless Limited

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

The company undertakes construction work such as:

• Roads and highways
• Bridges and flyovers
• Buildings and infrastructure facilities
• Irrigation projects
• Industrial construction works

These projects are primarily executed for government departments and public sector undertakings (PSUs).

Infrastructure companies like Rajputana Stainless contribute to developing transportation networks, public infrastructure, and industrial facilities.

Business Model and Revenue Generation

The company earns revenue mainly through construction contracts awarded by government agencies and infrastructure authorities.

Projects are typically secured through competitive bidding processes.

The company executes work through:

• Engineering Procurement and Construction (EPC) contracts
• Item-rate contracts

EPC Contracts

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

Item-Rate Contracts

In item-rate contracts, the company is paid based on the quantities of work completed, such as excavation, road laying, or concrete work.

This model is widely used in government infrastructure projects.

Project Execution Capabilities

Rajputana Stainless executes its projects using a combination of in-house engineering teams, construction equipment, and subcontractors.

Its project execution involves:

• Planning and engineering design
• Deployment of construction machinery
• Material procurement and logistics
• Site supervision and project management

The company operates across multiple construction sites in Odisha, managing project timelines and quality standards.

Rajputana Stainless IPO Structure

The Rajputana Stainless IPO is structured as a Book Built Issue.

Key details of the issue include:

• Total Issue Size: ₹254.98 crore
• Fresh Issue: ₹178.73 crore
• Offer for Sale (OFS): ₹76.25 crore

The fresh issue proceeds will be received by the company, which may use the funds for business expansion, working capital, equipment procurement, or other corporate purposes.

The offer for sale portion allows existing shareholders to partially exit their investment.

IPO Price Band and Valuation

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

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

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

IPO Timeline

Important dates related to the Rajputana Stainless IPO include:

• 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

These dates provide the expected schedule from subscription to listing.

Lot Size and Minimum Investment

The IPO has a defined lot size requirement.

• Lot Size: 110 shares

Retail investors can apply for a minimum of one lot, which equals 110 shares.

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

• ₹13,420

For High-Net-Worth Individuals (HNIs):

• Minimum Application: 15 lots
• Total Shares: 1,650 shares
• Minimum Investment: ₹2,01,300

This relatively smaller lot size allows retail investors to participate with a lower initial investment compared to many SME IPOs.

IPO Management and Registrar

The IPO process is being handled by several financial intermediaries.

• Book Running Lead Manager: Nirbhay Capital Services Private Limited
• Registrar to the Issue: KFin Technologies Limited

The lead manager is responsible for coordinating the IPO process, while the registrar manages investor applications, allotment of shares, and refunds.

Rajputana Stainless IPO Grey Market Premium

The Grey Market Premium (GMP) for the Rajputana Stainless IPO is currently around ₹0.

The grey market refers to an informal market where IPO shares are traded before the official listing on stock exchanges.

However, investors should understand that:

• Grey market trading is unregulated
• Prices depend only on informal demand and supply
• GMP does not guarantee listing performance

Therefore, it should be considered only as an informal indicator rather than a reliable prediction of listing gains.

Infrastructure Construction Industry in India

The infrastructure construction sector plays a vital role in India’s economic growth.

The government continues to invest heavily in infrastructure projects such as:

• Highways and roads
• Railways and bridges
• Irrigation systems
• Urban infrastructure

Construction companies like Rajputana Stainless help execute these projects and expand infrastructure capacity across the country.

The sector is also supported by initiatives aimed at improving transportation networks and industrial development.

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