Rajputana Stainless IPO listing delayed. Check new date & other details

The listing of Rajputana Stainless, originally scheduled for March 16, has been delayed after the share allotment for the IPO was postponed from March 12 to Tuesday, March 17. The change comes after the company allowed investors an additional window to withdraw their bids on March 12, March 13 and March 16.

The extra withdrawal window was provided following the circulation of emails and video material inviting participation in the IPO. The company said that, in line with SEBI directions, investors and bidders were given an opportunity to withdraw their applications between 10:00 AM and 5:00 PM on the specified dates. Those wishing to withdraw their bids could do so through their broker, SCSB or UPI mechanism.

Refunds for investors who do not receive an allotment will be processed on March 18. On the same day, shares will be credited to the Demat accounts of successful applicants.


Rajputana Stainless shares are now scheduled to list on the BSE and NSE on March 19. The company’s Rs 255 crore IPO was open for subscription between March 9 and March 11 and received a modest overall response from investors. The issue was subscribed 1.12 times at the close of bidding.

Institutional and high-net-worth investors drove most of the demand in the issue. The qualified institutional buyers (QIB) portion was subscribed 2.51 times, while the non-institutional investor (NII) category saw a subscription of 2.59 times. In contrast, the retail investor segment remained largely subdued, receiving bids for just 0.27 times the shares reserved for it.

Rajputana Stainless public offer comprised a fresh issue of 1.47 crore shares worth Rs 178.73 crore and an offer for sale of 0.63 crore shares aggregating to Rs 76.25 crore by existing shareholders.

The proceeds from the fresh issue are slated to be used mainly to repay or prepay certain outstanding borrowings, as well as to fund capital expenditure for a new stainless steel seamless pipes manufacturing facility and for general corporate purposes.

Founded in 1991, Rajputana Stainless manufactures a wide range of long and flat stainless-steel products, including billets, forging ingots, rolled bars and flat products across more than 80 grades of stainless steel.

Its products are used as raw materials in multiple industries such as oil and gas, aerospace, defence, automotive, aviation and precision engineering. While the company primarily caters to domestic demand, it also exports its products to the UAE, the US, Turkey, Kuwait and Poland.

Financially, Rajputana Stainless reported total income of Rs 937.49 crore in FY25, compared with Rs 915.50 crore in FY24. Profit after tax rose to Rs 39.85 crore in FY25 from Rs 31.63 crore a year earlier.

Despite the steady earnings growth, analysts note that the stainless-steel products segment remains highly competitive and fragmented, which could keep investor sentiment cautious in the near term.

With the grey market premium currently indicating no listing gains, the stock’s debut will likely depend on broader market conditions and investor appetite for manufacturing sector listings.

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