Rajputana Stainless IPO GMP: Grey Market Premium and Listing Update
₹255 crore IPO from a 3-decade-old stainless steel maker — priced at 21x P/E, 63% retail allocation, but GMP near zero. Should you apply?
Team Sahi
The Rajputana Stainless IPO GMP (grey market premium) was in the range of ₹0–₹2 ahead of listing on March 16, 2026. This indicated the grey market was not pricing in a significant premium above the issue price of ₹122.
Rajputana Stainless IPO: Key Details
| Detail | Information |
|---|---|
| IPO Open Date | March 9, 2026 |
| IPO Close Date | March 11, 2026 |
| Listing Date | March 16, 2026 |
| Price Band | ₹116 – ₹122 per share |
| Issue Size | ₹254.98 crore |
| GMP (Pre-Listing) | ₹0 – ₹2 |
| Exchange | BSE and NSE |
What Was the Rajputana Stainless IPO GMP Today?
The grey market premium for Rajputana Stainless IPO ranged between ₹0 and ₹2 during the subscription period (March 9–11, 2026). This placed the expected listing price between ₹122 and ₹124 per share.
A GMP in this range indicates low grey market excitement. It suggests the broader market was not expecting a significant listing gain.
About Rajputana Stainless Limited
Rajputana Stainless Limited is a manufacturer of stainless steel products. Its product range includes:
- Stainless steel billets
- Round bars
- Flat bars
The company is also planning to expand into seamless stainless steel pipes. This new facility is expected to be funded partly through the IPO proceeds.
Rajputana Stainless operates in a cyclical sector. Stainless steel demand is linked to industrial and infrastructure activity, which can be affected by economic cycles.
Rajputana Stainless Financial Highlights (FY25)
| Metric | Value (FY25) |
|---|---|
| Revenue | ₹937 crore |
| PAT (Profit After Tax) | ₹39.85 crore |
| Return on Equity (ROE) | 26% |
| Return on Capital Employed (ROCE) | 31% |
Use of IPO Proceeds
The company planned to use the ₹254.98 crore raised through the IPO for two main purposes:
- Debt repayment: Reducing existing borrowings to lower finance costs.
- New seamless pipes facility: Capital expenditure for setting up a new plant to manufacture seamless stainless steel pipes.
Key Risks Mentioned in the DRHP
The Draft Red Herring Prospectus (DRHP) for Rajputana Stainless Limited highlighted the following risks:
- Customer concentration: A significant portion of revenue comes from a limited number of clients. Loss of any major client could affect revenue materially.
- Legal proceedings: The company had certain legal and regulatory proceedings pending at the time of the IPO filing.
- Cyclical sector: The stainless steel industry is cyclical. Demand and prices fluctuate with broader economic and industrial conditions.
Rajputana Stainless IPO Listing Price Update
Rajputana Stainless Limited listed on BSE and NSE on March 16, 2026. The GMP of ₹0–₹2 ahead of listing suggested a near-flat debut close to the issue price of ₹122.
The actual listing price can be verified on BSE or NSE using the company name or stock symbol.
Once listed, the stock trades on the regular market segment. GMP is no longer applicable post-listing.
Rajputana Stainless IPO Allotment
The IPO closed on March 11, 2026. Allotment was scheduled before the listing date of March 16, 2026. Applicants can check allotment status through:
- BSE IPO allotment page
- NSE IPO allotment page
- The IPO registrar's portal (using PAN, application number, or DP/client ID)
Understanding GMP for SME and Mainboard IPOs
Grey market premium data is available for both mainboard and SME IPOs in India. Rajputana Stainless Limited listed on NSE and BSE's mainboard segment.
GMP figures are often reported by financial forums, grey market data trackers, and IPO-focused websites. These are not official figures. SEBI does not recognise or regulate the grey market.
Investors should note that GMP can be inaccurate and is subject to manipulation. It should not be used as the only reference point for making IPO application decisions.