Fusion CX IPO

The Rajputana Stainless IPO is a book-build issue of ₹254.98 crores, which is a combination of a fresh issue of 1.47 crore shares worth up to ₹178.73 crore and an offer for sale (OFS) of 0.63 crore shares worth up to ₹76.25 crores. The price band for this IPO is set at ₹116 to ₹122 per share and the lot size for an application is 110. The minimum amount of investment required by an individual investor (retail investor) is ₹13,420 (110 shares). The IPO will open for subscription from March 9 to 11, 2026, on the BSE and NSE platforms, with a tentative listing date fixed as March 16, 2026.

Company Background

Rajputana Stainless Ltd. was founded in 1991 and has established itself as a manufacturer of high-quality long and flat stainless steel products in Gujarat. The company has transformed itself into a versatile company in the metallurgical industry, producing more than 80 different grades of steel. They managed to maintain a healthy and efficient staff strength of 408 employees till the end of 2025, while at the same time utilizing their expertise gained over decades in servicing critical sectors like aerospace, defense and automotive.

Operations & Product Range

Rajputana Stainless Ltd. deals with the manufacturing of semi-finished and finished stainless steel products, offering a wide range of products, including billets for hot working, cast ingots for forging and hexagonal bars for high-precision fasteners and valves. Additionally, it offers black and bright bars, flats and pattis. The products can be regarded as raw materials for high-performance industries, including oil and gas, aviation and precision engineering.

Facilities & Capacity

Rajputana Stainless Ltd. has a versatile production facility with an operational area of 35,196.98 sq. meters located in Kalol, Gujarat. The facility is designed with sophisticated metallurgical equipment such as induction furnaces, Argon Oxygen Decarburization plants and continuous casting machines to create an integrated production process from liquid steel to finished industrial components without any defects by utilizing heat treatment facilities, a rolling mill and a bright bar shop.

Brands & Market Presence

Rajputana Stainless Ltd.'s market footprint is strong, as it covers the domestic market as well as the international market. In the domestic market, it caters to Indian industries through a combination of direct sales and a strong trader network. In the international market, it has a footprint in five major countries: the USA, UAE, Turkey, Kuwait and Poland. Its ability to cater to the stringent requirements of the aerospace and defense industry has helped it establish itself as a reliable supplier to the world market.

Revenue Channels

• • Serving large industrial end-users in the aerospace, defense and automotive industries.
• • Utilizing the services of intermediaries for widespread distribution across the Indian stainless steel market.
• • Accruing foreign exchange through the export of specialty products to North America, Europe and the Middle East.
• • Revenue earned from different types of steel products, along with specialty shapes such as hexagonal and bright bars.

Management and Shareholding

The management team of Rajputana Stainless Ltd. is characterized by a "Strong Promoter" model, backed by an experienced management team with deep technical expertise in steel manufacturing. The company’s governance structure is designed to oversee its 400-strong workforce efficiently while driving strategic expansion. The ownership remains concentrated among the founding promoters, ensuring stable decision-making and a long-term vision via the upcoming listing.

Promoter and Shareholding

The promoters of Rajputana Stainless Ltd. possess decades of experience in the industry and have been the main developers for the growth and development of the organization since 1991. In the pre-IPO, the high equity holding by the promoters can be considered a high level of commitment towards the operational success of the organization, while in the post-IPO, the shareholding pattern would change, allowing the organization to shift from a promoter-led organization to a publicly held corporation.

Board & Key Management

The board members of Rajputana Stainless Ltd. are a group of experienced professionals who guide the company on aspects of compliance and engineering, as well as market strategy. They are responsible for various departments of the Kalol plant, which are specialized in maintaining a defect-free production process as well as metallurgical traceability of the products. The team has effectively handled the expansion of the business to produce over 80+ steel grades, meeting the technical specifications of sectors such as aviation, as well as subsea oil and gas exploration.