Rajputana Stainless (RSL) received bids for 63,04,430 shares as against 2,09,00,000 shares on offer, according to stock exchange data at 17:00 IST on Monday (9 March 2026). The issue was subscribed 0.30 times.
The issue opened for bidding on 9 March 2026, and it will close on 11 March 2026. The price band of the IPO is fixed between Rs 116 and 122 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof.
The Rs 254.98 crore IPO comprises a fresh issue of 1,46,50,000 equity shares to raise Rs 178.73 crore and an offer for sale (OFS) of up to 62,50,000 equity shares worth up to Rs 76.25 crore at higher price band of Rs 122. Shankarlal Deepchand Mehta will offload a part of his stake in the OFS.
RSL will utilise Rs 18.57 crore from the net fresh issue proceeds to fund expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio, Rs 98 crore for repayment of its borrowings, and the remaining funds will be utilised for general corporate purposes.
Rajputana Stainless (RSL) manufactures long and flat stainless-steel products. The company sells its products under the brand name ‘RSL”. The company offers a range of stainless-steel products, including billets, forging ingots, rolled black and bright bars, flat & patti, and other ancillary products, in over 80 diverse grades. RSL currently operates exclusively on business-to-business (B2B), catering to a customer base that primarily comprises manufacturers and traders
The company primarily sells its products domestically through direct sales and traders. Itis also exporting to nine countries including Turkey, UAE, Poland, Portugal, USA, South Africa, South Korea, Czech Republic and Kuwait.
For the six months ended 30 September 2025, the firm recorded a consolidated net profit of Rs 24.41 crore and sales of Rs 501.53 crore.