Rajputana Stainless' ₹255-Cr IPO to Open on Mar 9

Rajputana Stainless Ltd on Monday fixed a price band of Rs 116-122 per share for its upcoming Rs 255 crore initial public offering (IPO).

The company's maiden public offering will open on March 9 and conclude on March 11, according to its statement.

The IPO is a combination of a fresh issuance of up to 1.46 crore equity shares and an offer-for-sale of up to 62.5 lakh shares by promoter Shankarlal Deepchand Mehta. This aggregates the total fund raising to Rs 255 crore at the higher end of the price band.

The company will use the proceeds from the fresh issue to set up a manufacturing facility at Panchmahal district, Gujarat, expand its product portfolio, repay debt, and cover general corporate purposes.

Incorporated in 1991 as Rajputana Steel Castings, the company transitioned into Rajputana Stainless in 2007 after a strategic restructuring.

Rajputana Stainless specialises in manufacturing long and flat stainless-steel products which include billets, forging ingots and rolled black bars.

It primarily serves the domestic market through direct sales and network of traders. Additionally, the company exports its products to five international markets namely the UAE, US, Turkey, Kuwait and Poland.

On the financial front, the company's revenue from operations stood at Rs 932 crore in FY25, compared to Rs 910 crore in FY24. Its net profit was Rs 40 crore as against Rs 31.6 crore.