Rajputana Stainless Reignites IPO Plans with Reduced Size

Gujarat's Rajputana Stainless has once again approached the markets regulator Sebi, aiming to float an Initial Public Offering (IPO) with a scaled-down issue size.

The IPO entails a fresh issuance of up to 1.46 crore equity shares, coupled with an offer for sale of 62.5 lakh shares by promoter Shankarlal Deepchand Mehta, as detailed in the draft red herring prospectus filed on Thursday.

Previously, the company had planned a larger issue of 1.9 crore shares but has now opted to focus more on the OFS component, which has increased from the originally proposed 35 lakh shares when draft papers were filed back in December 2024.

Sebi had returned these initial papers in April of the current year.

The IPO's proceeds, estimated at Rs 18.31 crore, are earmarked for capital expenditures and Rs 98 crore for debt clearance and general corporate ventures, per the DRHP.

Renowned for its production of long and flat stainless-steel products, Rajputana Stainless operates under the 'RSL' brand, featuring billets, forging ingots, and rolled black bars among its product range.

For the nine months culminating on December 31, 2024, the firm reported operational revenues of Rs 684.13 crore and a profit after tax amounting to Rs 31.58 crore.

This equity is set to list on both the NSE and the BSE, with Nirbhay Capital Services playing the role of the sole book-running lead manager, and KFin Technologies serving as the registrar for the issue.

(With inputs from agencies.)