Rajputana Steel IPO: The allotment and listing of Rajputana Steel’s initial public offering (IPO) have been postponed after the company announced a three-day window for investors to withdraw their bids following the stock market regulator’s action against the company.
The company shared unsolicited emails and video material, making an invitation to participate in the IPO to certain individuals and entities, promoting SEBI action, the company said. After this, Rajputana Steel has made an offer to investors to withdraw their bids in line with the SEBI directive.
Rajputana Steel IPO allotment date, which was earlier set as March 12, has now been shifted to March 17.
Investors, who placed their bids during the subscription period, can withdraw between March 12 and March 16, the company said today, March 12.
“As per SEBI directions, investors/bidders in the IPO of Rajputana Stainless Ltd. are provided an additional window to withdraw their bids on March 12, 2026 (Thursday), March 13, 2026 (Friday) and March 16, 2026 (Monday) between 10:00 AM to 5:00 PM due to circulation of emails and video material making invitation to participate in the IPO. Accordingly, investors/bidders who wish to withdraw their application may do so through their broker/SCSB/UPI mechanism,” the company stated in an advertisement in the Financial Express.
Bids that are not withdrawn within the specified window will remain valid and will continue to be considered during the share allotment process.
The company will initiate refunds for unsuccessful applicants on March 18, while shares will be credited to the demat accounts of successful allottees on the same day.
Meanwhile, the listing of the Rajputana Steel IPO has also been postponed to March 19. The shares will be listed on both BSE and NSE.
Rajputana Stainless IPO had witnessed a moderate demand, supported largely by institutional and non-institutional investors, while the retail segment remained under-subscribed.
The qualified institutional buyers (QIBs) quota was subscribed 2.51 times, while the non-institutional investor (NII) category was booked 2.59 times. In contrast, the retail portion saw a subscription of just 0.27 times.
Overall, the IPO was subscribed 1.12 times, receiving bids for 2,34,19,550 shares against the 2,09,00,000 shares on offer, according to exchange data.
How to check the allotment status of the Rajputana Steel IPO?
Once finalized, the investors can check the allotment status for Rajputana Steel IPO on March 17 on both exchanges, BSE and NSE, and the registrar’s website — KFin Technologies.
Steps to check allotment on BSE
1. Go to the BSE IPO allotment page: https://www.bseindia.com/investors/appli_check.aspx
2. Select Equity under the issue type, then choose Rajputana Stainless Limited from the company list.
3. Enter either your Application Number or PAN, and complete the captcha verification.
4. Click on ‘Search’ to view the allotment status.
Steps to check allotment on NSE
1. Visit the NSE IPO allotment page: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
2. Choose Rajputana Stainless IPO from the list of companies.
3. Enter your Application Number, PAN, or DP Client ID.
4. Complete the captcha verification.
5. Then click Submit to check the allotment status.
Steps to check IPO allotment on KFin Technologies
1. Visit the registrar KFin Technologies IPO allotment page: https://ipostatus.kfintech.com/
2. Choose the Rajputana Stainless IPO from the dropdown menu.
3. Enter your PAN, Application Number, or DP Client ID.
4. Then submit the details to view your allotment status.
Rajputana Steel IPO GMP today
The shares of Rajputana Steel are trading at a premium of ₹1.5 in the gray market ahead of allotment and listing. This means that Rajputana Steel IPO GMP is ₹1.5, according to InvestorGain.
If the current GMP prevails, the estimated listing price of Rajputana Steel IPO is likely to be ₹123.5, which is 1.23% higher than the IPO price of ₹122.
Rajputana Steel IPO details
The Rajputana Stainless IPO opened for subscription on Monday, March 9, and closed on March 11. The company fixed the price band for the issue at ₹116- ₹Rs 122 per share.
The IPO aimed to raise ₹255 crore and comprised a mix of a fresh issue and an offer for sale (OFS). The issue included a fresh issue of 1.47 crore shares worth ₹178.73 crore, along with an OFS of 0.63 crore shares aggregating ₹76.25 crore by promoter Shankarlal Deepchand Mehta.
Funds raised through the fresh issue will primarily be used to finance capital expenditure for expanding the company’s existing manufacturing facility in Gujarat, including forward integration and diversification of its product portfolio. Part of the proceeds will also go toward repaying certain outstanding borrowings, while the remaining funds will be utilized for general corporate purposes.
Nirbhay Capital Services Pvt. Ltd. is acting as the book-running lead manager for the issue, while Kfin Technologies Ltd. has been appointed as the registrar.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
