Rajputana Stainless Limited IPO subscribed 30% on Day 1 of IPO QIB portion Leads Demand, 99% Subscribed on Day 1

The Initial Public Offering of Rajputana Stainless Limited was subscribed 0.30 times on the first day of bidding, demonstrating strong demand from qualified institutional buyers and non-institutional investors for this IPO.

The issue received bids of 63,04,540 equity shares against the offered 2,09,00,000 equity shares, according to data available on the stock exchanges.

The Qualified Institutional Buyers (QIB) portion was subscribed 0.99 times, while the Non-Institutional Investors (NII) and Retail portions were subscribed 0.65 times and 0.04 times, respectively.

The issue kicked off for subscription on Monday, March 09, 2026 and will close for subscription on Wednesday, March 11, 2026.

Leading brokerage firms like Adroit Financial Services, Anand Rathi, BP Equities, GEPL Capital and Ventura Securities have given their “Subscribe” recommendation to Rajputana Stainless Limited. The business

Anand Rathi highlights the company’s business model is driven by value-added processing, efficient raw material sourcing and maintaining consistent product quality standards. The company benefits from growing demand for stainless steel products in infrastructure development, real estate construction, railways modernization and industrial fabrication.

On the valuation front, the company is valued at a P/E of nearly 21 times (post-issue) on FY25 earnings (at the upper band) and is valued fairly in relation to its competitors. Considering the company’s consistent track record and superior financial metrics, recommend a Subscribe rating.

Adroit Financial highlights the company produces a wide array of long and flat stainless- steel products, such as billets, forging ingots, rolled black and bright bars, and wire rods, offered in over 80 diverse grades. This diversification reduces the company's dependency on any single product, effectively derisking its revenue streams across multiple industrial applications.

On the valuation front, the issue is at a P/E of 20.9 times (based on upper price band) and recommended Subscribe rating, considering growth potential and valuations.

GEPL Capital highlights the company’s integrated setup enables flexible production, allowing the company to convert billets into long and flat stainless-steel products or sell billets independently based on market demand. On the valuation front, based on the FY25 earnings, relative to the company's paid-up capital, the issue is priced at a P/E ratio of 21 times. The issue is fairly valued compared to its peers, healthy financial performance, planned forward integration, and reduction of debt levels. Therefore, recommend a Subscribe rating for the issue.  

 

The table below shows subscription data for all the categories of investors:

Rajputana Stainless Limited Last updated on 09 Mar 2026 | 05:00:00 PM
Sr.No.	Category	No.of shares offered / reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	20,90,000	20,65,690	0.99
1(a)	Foreign Institutional Investors (FIIs)	-	12,29,470	-
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)	-	-	-
1(c)	Mutual Funds	-	-	-
1(D)	Others	-	8,36,220	-
2	Non Institutional Investors(NIIS)	56,43,000	36,56,620	0.65
2.1	Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)	37,62,000	35,62,350	0.95
2.1(a)	Corporates	-	49,500	-
2.1(b)	Individuals (Other than RIIs)	-	32,32,350	-
2.1(c)	Others	-	2,80,500	-
2.2	Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)	18,81,000	94,270	0.05
2.2(a)	Corporates	-	-	-
2.2(b)	Individuals (Other than RIIs)	-	94,270	-
2.2(c)	Others	-	-	-
3	Retail Individual Investors (RIIs)	1,31,67,000	5,82,230	0.04
3(a)	Cut Off	-	4,76,300	-
3(b)	Price Bids	-	1,05,930	-
4	Employee Reserved	-	-	-
4(a)	Employee (Cut off)	-	-	-
4(b)	Employee (Price)	-	-	-
5	Reservation PortionShareholder	-	-	-
5(a)	RPS (Cut off)	-	-	-
5(b)	RPS (Price)	-	-	-
	Total	2,09,00,000	63,04,540	0.30