Rajputana Stainless Shares List at Par With IPO Issue Price of ₹122, Trade 3.53% Lower Than Issue Price On Debut

Mumbai, March 19, 2026: Rajputana Stainless Limited shares listed on the bourses on Thursday and were trading at ₹117.51 as of 11:42:48 IST, down ₹4.31 or 3.53% from the issue price of ₹122 per share. The stock opened at ₹122 and slipped during trade, touching a low of ₹111.16 and a high of ₹122.10, according to exchange data.

The subdued listing appears aligned with the modest overall subscription of the public issue, which was subscribed 1.12 times by the close of bidding on March 11, 2026, indicating measured investor participation across categories.

IPO Structure And Issue Size

Rajputana Stainless IPO was a book-built issue aggregating to ₹254.98 crore. The offering comprised a fresh issue of 1,46,50,000 shares worth ₹178.73 crore and an offer for sale of 62,50,000 shares amounting to ₹76.25 crore.

The price band for the issue was set at ₹116 to ₹122 per share, with the final issue price fixed at ₹122. The lot size for retail investors was 110 shares.

Subscription Data And Investor Participation

The IPO witnessed an overall subscription of 1.12 times. The Qualified Institutional Buyers (QIB) portion was subscribed 2.51 times, while the Non-Institutional Investors (NII) category saw 2.59 times subscription.

Retail investor participation remained lower at 0.27 times, suggesting limited demand from individual investors. Within the NII segment, bNII was subscribed 3.74 times, while sNII was subscribed 0.31 times, as per exchange data at the close of bidding on March 11, 2026.

Listing Day Price Movement Snapshot

On listing day, the stock opened at par with the issue price of ₹122 before declining. As of 11:42:48 IST, the stock was trading at ₹117.51. The volume-weighted average price (VWAP) stood at ₹120.63 during the session.

Movement showed initial weakness, followed by partial recovery before easing again, reflecting active price discovery during early trade.

IPO Timeline And Allotment Details

The IPO opened for subscription on March 9, 2026, and closed on March 11, 2026. The allotment was finalised on March 17, 2026, and shares were listed on both BSE and NSE on March 19, 2026.

The issue was managed by Nirbhy Capital Services Pvt. Ltd., while Kfin Technologies Ltd. acted as the registrar to the issue.

Closing Note

Rajputana Stainless’ listing reflects cautious investor response, with the stock trading below its issue price in early sessions. Market participants continue to track post-listing price discovery alongside broader market conditions.

Source: https://www.nseindia.com/get-quote/equity/RSL/Rajputana-Stainless-Limited