Rajputana Stainless IPO GMP remains muted on Day 3; subscription nears 50%

Rajputana Stainless IPO Day 3 update: Check latest subscription data, GMP, reviews, allotment date, listing date and other key details

Rajputana Stainless IPO GMP today: The grey market premium (GMP) of stainless steel maker Rajputana Stainless remained muted on the final day of subscription of its initial public offering (IPO). Valued at ₹254.98 crore, the issue, which opened for subscription on Monday, March 9, 2026, has received a lacklustre response from investors.

 

Rajputana Stainless IPO, offered in a price band of ₹116–₹122 per share with a lot size of 110 shares, received bids for 1,02,42,430 shares against 2,09,00,000 equity shares available for subscription as of 12:03 PM on Wednesday, March 11, showed NSE data. This translates into an overall subscription of 49 per cent.

 

 

Except for the non-institutional investors (NIIs) segment, other investor categories are yet to be fully subscribed. The NIIs portion has been fully subscribed 1.05 times. Meanwhile, qualified institutional buyers (QIBs) and retail investors have subscribed to 0.98 per cent and 0.17 per cent of their respective quotas.    Grey market sentiment also remained muted on the final day of subscription. Sources tracking grey market activity said the unlisted shares of Rajputana Stainless were trading at around ₹123 per share. This translates into a grey market premium (GMP) of ₹1 per share, or 0.82 per cent over the upper end of the issue price of ₹122 per share. 

 

Brokerages, meanwhile, remain divided on the outlook of the public issue. SBICAP Securities has asked investors to subscribe to the issue, while Anand Rathi Shares & Stock Brokers has assigned a ‘subscribe for long term’ rating on the Rajputana Stainless IPO. Swastika Investmart, meanwhile, has assigned an ‘avoid’ tag on the public offering. READ MORE

Rajputana Stainless IPO details

Rajputana Stainless IPO comprises a fresh issue of 14.7 million equity shares, estimated to be worth ₹178.73 crore, and an offer for sale (OFS) in which promoter Shankarlal Deepchand Mehta will divest up to 6.3 million equity shares worth ₹76.25 crore.

 

Investors can bid for a minimum of 110 shares and in multiples thereof. At the upper end of the price band, a retail investor would need at least ₹13,420 to apply for one lot, while the maximum retail application of 13 lots (1,430 shares) would require ₹1,74,460.

 

With the public issue closing today, the basis of allotment is likely to be finalised on Thursday, March 12, 2026.

 

Shares of Rajputana Stainless are expected to list on the bourses on Monday, March 16, 2026.

 

According to the red herring prospectus (RHP), the company will not receive any proceeds from the offer for sale, and the selling shareholder will be entitled to the proceeds from the divestment of his stake.

 

“The proceeds of the Offer for Sale shall be received by the Selling Shareholder. Our Company will not receive any proceeds from the Offer for Sale. The Selling Shareholder will be entitled to the Offer Proceeds, to the extent of the equity shares offered by him in the Offer, net of his respective share of the Offer-related expenses and relevant taxes thereon. Our Company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds,” the company said in its red herring prospectus (RHP). 

 

The company, however, intends to utilise the proceeds from the fresh issue for funding capital expenditure requirements for the expansion of its existing manufacturing facility at Panchmahal district, Gujarat, through forward integration and diversification of its product portfolio, including stainless steel seamless pipes (the “Proposed Facility”).

 

The proceeds will also be used for full or part repayment and/or prepayment of certain outstanding borrowings. Rajputana Stainless will deploy the remaining funds for general corporate purposes.    ======================================================= 

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