Mumbai, March 2, 2026 ( TGN ) : Rajputana Stainless Limited has fixed the price band of Rs 116 – to Rs 122 – per Equity Share of face value Rs 10/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, March 9, 2026, for subscription and close on Wednesday, March 11, 2026.
Investors can bid for a minimum of 110 Equity Shares and in multiples of 110 Equity Shares thereafter.
Equity shares outstanding as on date 6,89,17,658 Equity Shares of Rs 10 each.
The IPO is a fresh issue for up to 1,46,50,000 equity shares and an offer-for-sale for up to 62,50,000 shares by the promoter Selling Shareholder- Shankarlal Deepchand Mehta.
The proceeds from the fresh issue to the extent of Rs 18.57 crore will be for funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes (“Proposed Facility”), Rs 98 crore for full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company, and general corporate purpose.
Rajputana Stainless Limited, incorporated in 1991, the company is engaged in the business of manufacturing of long and flat stainless-steel products comprising of billets, forging ingots, rolled black bar, rolled bright bar, flat and patti and other ancillary products under the brand name, RSL. The company offers its products in more than 80 diverse grades of stainless steel and reflects its ability to meet varied technical and application-specific requirements.
The company’s versatile production capabilities enable it to cater to a wide range of industries and allow it to attend to its customers’ specifications. This flexibility distinguishes the company from its competitors and enhances its ability to serve a diverse client base. Presently, the company operates exclusively on a business-to-business (B2B) catering to a customer base that primarily comprises manufacturers and traders.
Its products are used across a diverse range of industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensils manufacturing, pump and shaft and auto industry.
During the period ending fiscal 2025, the company catered to over 370 customers, out of which around 167 customers have been associated with it for over 3 years.
The manufacturing facility is located in Panchmahal district, Gujarat, with direct logistical connectivity to the National Highway (NH 148N). It is equipped with an induction furnace, AOD, CCM, rolling mill, bright bar shop, heat treatment facilities, and in-house oxygen and nitrogen plants, enabling integrated production and quality control.
As of 30th September 2025, the company had an installed melting capacity of 48,000 MTPA, rolling capacity of 36,000 MTPA, and bright bar capacity of 6,000 MTPA.
The company propose to establish manufacturing of stainless-steel seamless pipes plant within the premise of its existing manufacturing facility. The basic raw material required for manufacturing of stainless-steel seamless pipes is rolled black/bright bar, which is being presently manufactured by the company in its existing manufacturing facility with rolling mill installed capacity of 36,000 MTPA.
The company holds an ISO 9001:2015 Certificate for its quality management systems.
The company’s revenue from operations for the six-months ended September 2025 was Rs 501.53 crore and its net profit was Rs 24.41 crore. Its revenue from operations was Rs 932.16 crore during FY25 vis-à-vis Rs 909.8 crore during FY24. Its net profit was Rs 39.85 crore during FY 25 vis-à-vis Rs 31.6 crore crore during FY24.
Nirbhay Capital Services Private Limited is the book-running lead manager; and KFin Technologies Limited is the registrar of the offer. The shares are proposed to be listed on the BSE and NSE.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
