“The IPO response was not very convincing,” commented an industry analyst, reflecting the sentiment surrounding the Rajputana Stainless IPO, which has recently concluded its subscription period.

The Rajputana Stainless IPO, valued at Rs 255 crore, opened for subscription on March 9, 2026, and closed on March 11, 2026. Despite the significant amount of capital involved, the IPO was only subscribed 44% on its final day, indicating a lack of enthusiasm among potential investors.

In terms of specific segments, the retail portion of the IPO was subscribed just 0.13 times, while the Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) portions were subscribed 0.99 times and 0.98 times, respectively. This uneven interest across different investor categories raises questions about the overall appeal of the offering.

The Grey Market Premium (GMP) for the IPO is currently set at Rs 1, further highlighting the muted investor sentiment. Market analysts have noted that the issue is valued at 21 times P/E (post issue) based on FY25 earnings, which could be a factor in the cautious approach taken by investors.

Rajputana Stainless plans to utilize Rs 18.57 crore for expanding its manufacturing facility and Rs 98 crore for partial repayment of debt. However, the company has shown limited momentum in revenue growth over recent periods, which may have contributed to the hesitance among investors.

Investor sentiment toward the IPO is muted, with some analysts suggesting that, “Considering the valuation and growth outlook, investors may consider avoiding this IPO for now.” The share allotment date is expected to be March 12, 2026, with a tentative listing date for the shares set for March 16, 2026.

As the market awaits the results of the share allotment, details remain unconfirmed regarding any potential shifts in investor interest or market conditions that could affect the IPO’s performance post-listing.

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“Rajputana Stainless Steel, valued at ~21x P/E (post issue) on FY25 earnings (at the upper band) is valued fairly in relation to its competitors,” noted Anand Rathi, highlighting the company’s market positioning as it opens its IPO today.

The IPO of Rajputana Stainless Ltd has commenced and will remain open until March 11, 2026. The price band for the offering is set between ₹116 to ₹122 per share, with the company aiming to raise ₹255 crore. This includes ₹76 crore reserved for an Offer for Sale (OFS) and ₹179 crore through fresh shares.

The lot size for the IPO is 110 shares, making it accessible for retail investors. As of 12:42 PM on the first day of bidding, the IPO was subscribed 0.07 times overall, with the retail portion subscribed 0.03 times and the Non-Institutional Investor (NII) segment subscribed 0.20 times.

“Given the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a ‘SUBSCRIBE’ rating for this issue with a medium to long-term investment horizon,” stated BP Wealth, reflecting a positive outlook despite cautious investor sentiment.

The Grey Market Premium (GMP) for the IPO today stands at ₹2, indicating a measured approach from investors towards this public offering. The stainless steel industry, in which Rajputana operates, remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles.

Rajputana Stainless, incorporated in 1991, specializes in manufacturing long and flat stainless steel products used across various industries. For the six months ending September FY26, the company reported a revenue of ₹501 crore and a profit after tax of ₹24.4 crore, while for FY25, it posted revenue of ₹932 crore and a net profit of ₹40 crore.

The most likely date for share allocation is March 12, 2026, with the IPO proposed for listing on the BSE and NSE, expected on March 16, 2026. KFin Technologies has been appointed as the official registrar for this public issue.

As the IPO progresses, market watchers will be keen to see how investor sentiment evolves in the coming days. The cautious approach reflected in the grey market premium suggests a wait-and-see attitude among potential investors.

Details remain unconfirmed.

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