Rajputana Stainless IPO Review
Rajputana Stainless Limited, a premier manufacturer of special steel in the country, is planning to raise ₹255 crore through an Initial Public Offering.
[Fresh Issue ₹179 Cr + OFS ₹76 Cr]
Rajputana stainless ipo price is ₹116 – ₹122 per share
Rajputana Stainless: History
The Company was originally incorporated as Rajputana Steel Castings Private Limited, a private limited company, under the Companies Act, 1956, on April 2, 1991.
The Company was then converted into a public limited company under a special resolution passed by the shareholders on June 1, 2007.
Its name was subsequently changed to Rajputana Stainless Limited under a fresh certificate of incorporation issued by the Registrars of Companies on July 12, 2007.
Rajputana Stainless: Business
Rajputana Stainless Limited is engaged in the business of manufacturing long and flat stainless-steel products.
It is among the top Steel manufacturers in the country, with over three decades of experience and expertise in the steel industry.
Rajputana offers a diverse array of products, including.
- Billets,
- Flat & Patti,
- Forging Ingots,
- Rolled Black & Bright Bars, and
- Other Ancillary Products.
The Company’s products caters as the raw material for various industries such as aerospace, defense, automotive, engineering, forging, oil and gas, pump and shaft, seamless pipes, aviation, precision engineering, etc.
The Company markets and sells its products under the ‘RSL’ brand.
Rajputana currently sell its products in thirteen (13) states and two (2) union territories in the country through direct sales and a traders’ network.
In addition to catering to the domestic market, the company’s products are being exported to (5) five countries in the international market, i.e., Kuwait, UAE, USA, Turkey, and Poland.
Manufacturing Facility
The Company operates through its sole manufacturing facility measuring approximately 35,196.98 Sq.m (including the open area), located at Kalol, Panchmahal, Gujarat, India.
Human Resources
As of September 30, 2025, the company had 408 workers (comprising skilled and unskilled workers) and permanent employees.
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Strategies Ahead
- Setting up of Stainless-Steel Seamless Pipes Unit.
- Strengthening foothold in existing markets and expanding client base.
- Improve operations and profitability through strategic initiatives.
- Made efforts towards training manpower.
- Focus on rationalizing indebtedness.
Company Promoters
- Shankarlal Deepchand Mehta,
- Babulal D Mehta,
- Jayesh Natvarlal Pithva,
- Yashkumar Shankarlal Mehta
Refer to Rajputana Stainless Limited DRHP for detailed information.
IPO Details
IPO date: 9 – 11 March 2026
Minimum Amount: ₹13,420
Minimum Bid: 110 Shares
Face Value: ₹10
Listing On: NSE, BSE
Object of the IPO
(1) Funding CAPEX requirements for setting up of a manufacturing facility
(2) Funding Working Capital requirement
(3) Full (part) repayment of outstanding secured borrowings, and
(4) General corporate purposes.
Financial
Book Running Lead Manager
Nirbhay Capital Services
CONCLUSION
Considering financial performance, general business conditions, and the above-listed factors in mind, FinBlab recommends ‘MAY SUBSCRIBE‘ ratings on Rajputana Stainless IPO.
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