Rajputana Stainless IPO
Rajputana Stainless Limited (RSL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 19 March 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -0.7% (likely range -39% to +15%), day's high +3.0%, chance of a gain 49%. Actual: 0.0% at the open, +0.1% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 20,90,000 | 52,39,630 | 2.51x | |
| NII (HNI) total | 56,43,000 | 1,46,40,340 | 2.59x | |
| Big NII (above ₹10 lakh) | 37,62,000 | 1,40,63,060 | 3.74x | |
| Small NII (₹2-10 lakh) | 18,81,000 | 5,77,280 | 0.31x | |
| Retail | 1,31,67,000 | 35,39,580 | 0.27x | |
| Total | 2,09,00,000 | 2,34,19,550 | 1.12x |
Bids on NSE and BSE together, as published by NSE, as of 11 Mar 2026, 06:24 PM. Shares offered exclude the anchor portion. 12% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Rajputana Stainless's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| BMW VenturesSep 2025 | 3.09x | 3.03x | 0.99x | 1.50x | ₹235 Cr | -21.2% | -21.2% |
| Abans HoldingsDec 2022 | 4.10x | 1.48x | 0.40x | 1.10x | ₹397 Cr | +1.1% | +1.1% |
| GTPL HathwayJun 2017 | 1.48x | 2.85x | 0.99x | 1.53x | ₹492 Cr | 0.0% | +2.9% |
| Keystone RealtorsNov 2022 | 3.84x | 3.03x | 0.53x | 2.01x | ₹668 Cr | +2.6% | +5.3% |
| GlottisOct 2025 | 1.87x | 2.97x | 1.42x | 2.05x | ₹314 Cr | -34.9% | -27.9% |
| ETHOSMay 2022 | 1.06x | 1.48x | 0.84x | 1.04x | ₹505 Cr | -6.0% | -4.3% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Nirbhay Capital Services | 2 | +2.6% | 50% |
Offer documents (NSE)
Frequently asked
What is the Rajputana Stainless IPO price band and lot size? ₹116–122 per share, with a lot of 110 shares, so the smallest retail bid is ₹13,420.
How many times has it been subscribed? 1.12x overall: QIB 2.51x, NII 2.59x, retail 0.27x.
How did it list? It opened at ₹122, +0.0% against the issue price of ₹122, and closed its first day -7.3%.
