As of Day 2 of the subscription, the IPO has been subscribed 71% overall, indicating a strong market interest. The Qualified Institutional Buyers (QIB) portion was notably subscribed 1.18 times, while the Non-Institutional Investors (NII) and retail portions were subscribed 0.38 times and 0.58 times, respectively. This level of subscription reflects a positive sentiment among institutional investors, which is often seen as a bellwether for broader market confidence.

In the grey market, the premium (GMP) for the IPO stands at +₹2, suggesting that investors are anticipating a listing price of approximately ₹177. This estimated listing price, which exceeds the upper price band, indicates a favorable outlook for the stock post-IPO. Analysts from SBICAP Securities have noted that at the upper price band of ₹175, the issue is valued at a price-to-earnings (P/E) ratio of 27.1x based on FY25 earnings, and 19.2x based on annualized 9MFY26 earnings, which is considered reasonable for a company with strong growth metrics.

Financial performance data reveals that Om Power Transmission has demonstrated robust growth, with revenue, EBITDA, and PAT increasing at compound annual growth rates (CAGR) of 52%, 73%, and 88%, respectively, between FY23 and FY25. This impressive performance has been underpinned by a strong order book exceeding ₹744 crore, which positions the company favorably within the competitive landscape of power transmission.

Experts from Exencial Research Partners have characterized Om Power Transmission as a compelling investment opportunity, citing its strong return metrics and improving financial landscape. They recommend subscribing to the IPO for a favorable long-term outlook, reinforcing the notion that the company is well-positioned for future growth.

The basis of allotment for the IPO will be finalized on April 15, with refunds initiated on April 16. Shares are expected to be credited to demat accounts on the same day, with listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) anticipated on April 17. This timeline is crucial for investors looking to capitalize on the potential upside of the stock.

As the IPO progresses, market observers are keenly watching the subscription rates and overall investor sentiment. The initial response suggests a strong appetite for shares of Om Power Transmission, which could lead to a successful listing. However, as with any investment, potential investors should remain cautious and consider market conditions and company fundamentals before making decisions.

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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,” stated Anand Rathi, highlighting the company’s positioning in the market.

The IPO of Rajputana Stainless Ltd has opened today and will remain open until 11 March 2026. The company aims to raise ₹255 crore through this public offering, with ₹76 crore reserved for Offer for Sale (OFS) and ₹179 crore through fresh shares. The IPO price band is set between ₹116 to ₹122 per share, and the lot size is 110 shares.

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 NII segment subscribed 0.20 times. The Grey Market Premium (GMP) for the IPO today stands at ₹2, suggesting that investors are approaching the issue cautiously.

BP Wealth has recommended a ‘SUBSCRIBE’ rating for this issue, citing the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives. This recommendation is aimed at investors with a medium to long-term investment horizon.

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

Despite the positive outlook, the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. This context adds a layer of complexity to the investment landscape surrounding the IPO.

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

As the IPO progresses, market participants will be closely monitoring subscription rates and investor sentiment to gauge the overall success of the offering. Details remain unconfirmed regarding the final subscription figures as the bidding period continues.

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