Rajputana Stainless Limited IPO subscribed 42% on Day 2 of IPO Issue closes on Wednesday, March 11, 2026, for bidding

The Initial Public Offering of Rajputana Stainless Limited was subscribed 0.42 times on the second day of bidding.

The issue received bids of 88,17,930 equity shares against the offered 2,09,00,000 equity shares, according to data available on the stock exchanges.

Qualified Institutional Investors was subscribed 0.99 times. Non-institutional portion and Retail Portion were subscribed 0.94 and 0.11 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.

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 10 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	53,20,810	0.94
2.1	Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)	37,62,000	51,18,960	1.36
2.1(a)	Corporates	-	57,750	-
2.1(b)	Individuals (Other than RIIs)	-	47,23,290	-
2.1(c)	Others	-	3,37,920	-
2.2	Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)	18,81,000	2,01,850	0.11
2.2(a)	Corporates	-	1,650	-
2.2(b)	Individuals (Other than RIIs)	-	2,00,200	-
2.2(c)	Others	-	-	-
3	Retail Individual Investors (RIIs)	1,31,67,000	14,31,430	0.11
3(a)	Cut Off	-	11,58,520	-
3(b)	Price Bids	-	2,72,910	-
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	88,17,930	0.42