Rajputana Stainless Announces IPO

The total issue size is 2.09 crore shares, which comprises a fresh issue of 1.47 crore shares and an offer for sale (OFS) of 0.63 crore shares. The IPO is scheduled to be listed on both the BSE and NSE, with a tentative listing date of March 16, 2026. Nirbhay Capital Services Pvt. Ltd. is the book running lead manager for the issue. Proceeds from the fresh issue will be used for capital expenditure to set up a new manufacturing facility for stainless steel seamless pipes, amounting to ₹18.57 crore. A significant portion, ₹98 crore, is allocated for the full or partial repayment and/or prepayment of certain existing secured borrowings. The remainder will be used for general corporate purposes. Incorporated in 1991, Rajputana Stainless Limited manufactures a wide range of long and flat stainless-steel products. The company offers over 80 different grades of stainless steel products, including billets, forging ingots, and rolled bars. Its manufacturing facility is located in Kalol, Gujarat. The company's products are supplied to various industries such as aerospace, forging, oil & gas, defense, and automotive. While the majority of its sales are domestic, Rajputana Stainless also exports its products to several countries, including the UAE, USA, Turkey, Kuwait, and Poland. The promoters of the company are Shankarlal Deepchand Mehta, Babulal D Mehta, Jayesh Natvarlal Pithva, and Yashkumar Shankarlal Mehta. The offer for sale component of the IPO consists of up to 62.5 lakh shares being sold by promoter Shankarlal Deepchand Mehta. The promoter group held a 78.22% stake in the company before the issue. For the fiscal year 2024, the company reported a profit after tax of ₹31.63 crore on a revenue of ₹915.5 crore. The net worth of the company as of March 31, 2024, was ₹112.26 crore, with total borrowings at ₹79.76 crore.