The shares of Rajputana Stainless Ltd are likely to make a muted stock market debut next week, with grey market signals indicating limited listing gains for the stainless-steel products manufacturer. According to market trackers, the grey market premium (GMP) for the Rajputana Stainless IPO currently stands at around 0%, suggesting expectations of a largely flat listing when the company’s shares begin trading on March 16 on the BSE and NSE.

The company’s Rs 255 crore IPO was open for subscription between March 9 and March 11 and received a modest overall response from investors. The issue was subscribed 1.12 times at the close of bidding.

Institutional and high-net-worth investors drove most of the demand in the issue. The qualified institutional buyers (QIB) portion was subscribed 2.51 times, while the non-institutional investor (NII) category saw a subscription of 2.59 times. In contrast, the retail investor segment remained largely subdued, receiving bids for just 0.27 times the shares reserved for it.

Rajputana Stainless public offer comprised a fresh issue of 1.47 crore shares worth Rs 178.73 crore and an offer for sale of 0.63 crore shares aggregating to Rs 76.25 crore by existing shareholders.

The proceeds from the fresh issue are slated to be used mainly to repay or prepay certain outstanding borrowings, as well as to fund capital expenditure for a new stainless steel seamless pipes manufacturing facility and for general corporate purposes.

Founded in 1991, Rajputana Stainless manufactures a wide range of long and flat stainless-steel products, including billets, forging ingots, rolled bars and flat products across more than 80 grades of stainless steel.

Its products are used as raw materials in multiple industries such as oil and gas, aerospace, defence, automotive, aviation and precision engineering. While the company primarily caters to domestic demand, it also exports its products to the UAE, the US, Turkey, Kuwait and Poland.Financially, Rajputana Stainless reported total income of Rs 937.49 crore in FY25, compared with Rs 915.50 crore in FY24. Profit after tax rose to Rs 39.85 crore in FY25 from Rs 31.63 crore a year earlier.

Despite the steady earnings growth, analysts note that the stainless-steel products segment remains highly competitive and fragmented, which could keep investor sentiment cautious in the near term.

With the grey market premium currently indicating no listing gains, the stock’s debut will likely depend on broader market conditions and investor appetite for manufacturing sector listings.

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