Rajputana Stainless is opening its Rs 255 crore IPO from 9 to 11 March, aiming to expand its Gujarat facility and cut debt. The issue combines a fresh offer and an offer-for-sale, with listing planned for 16 March.

IPO details and key dates

The IPO includes a fresh issue of Rs 179 crore and an offer-for-sale worth Rs 76 crore, taking the total issue size to Rs 255 crore. The price band has been fixed at Rs 116 to Rs 122 per share. Investors can bid in lots of 110 shares, which means a minimum investment of Rs 13,420 at the upper end for retail applicants.

The issue will open on 9 March and close on 11 March 2026. Share allotment is expected on 12 March, with credits and refunds likely on 13 March. The shares are scheduled to list on the BSE and NSE on 16 March.

The company has appointed Nirbhay Capital Services as the book-running lead manager, while Kfin Technologies will act as the registrar.

How Rajputana plans to use the funds

Rajputana Stainless plans to use around Rs 18.57 crore to expand its Panchmahal, Gujarat facility through forward integration into stainless steel seamless pipes. A further Rs 98 crore will go towards repaying outstanding borrowings, while the remaining funds will be used for general corporate purposes and issue-related expenses.

The company says the expansion into seamless pipes is expected to improve margins and widen its stainless steel product range.

Stainless steel focus and business strength

Rajputana Stainless makes long and flat stainless steel products under the “RSL” brand, including billets, ingots, black and bright bars, flats and patti. It offers over 80 grades.

The company operates on a pure B2B model, supplying manufacturers and traders across industries such as seamless pipes, forging, wire, fasteners, engineering, utensils and automotive components.

Rolled black bars bring in the highest share of revenue at 57.57 percent in H1FY26, followed by billets and bright bars. Almost all sales, about 99.94 per cent, come from the Indian market, with Maharashtra, Gujarat, and Uttar Pradesh together contributing more than 91 percent of total revenue.

Its Halol-based plant spans over 35,000 sq. m., with installed melting capacity of 48,000 MTPA and rolling capacity of 36,000 MTPA. Capacity utilisation in FY25 stood close to 100%, reflecting strong demand.

With over 370 customers and long-standing client relationships, the company aims to strengthen its financial position, reduce debt and expand its stainless steel footprint further.