“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.

The post Rajputana stainless ipo gmp appeared first on bangalinews.