Rajputana Stainless IPO: Growth Potential Meets Concerns Over Anchor Participation

Rajputana Stainless, a manufacturer of long and flat stainless-steel products under the RSL brand, opened its IPO for subscription on March 9, 2026. The issue will close on March 11, with a price band set between ₹116 and ₹122 per share. The company plans to list on both BSE and NSE.

IPO Structure And Financials
The IPO comprises a fresh issue of 14.7 million shares worth ₹179 crore and an offer for sale of 6.3 million shares amounting to ₹76 crore. While the company raised ₹10 crore from anchor investor Shine Star Build Cap, it withdrew its broader anchor book after limited institutional participation.

Analyst Perspectives
Market observers note that the grey market premium (GMP) is modest at ₹2, signaling cautious sentiment. Optimists point to rising stainless steel demand and Rajputana’s diversified product portfolio, while skeptics highlight risks around profitability, competition, and subdued anchor interest.

Key Highlights

• IPO size: ₹255 crore (₹179 crore fresh issue, ₹76 crore OFS)
• Price band: ₹116–₹122 per share
• Subscription window: March 9–11, 2026
• GMP trading at ₹2 premium
• Mixed analyst views on growth prospects and risks

Sources: Business Standard, Mint, CNBC TV18