New Delhi, March 2 Rajputana Stainless Ltd announced a price band of ₹116-₹122 per share for its upcoming initial public offering (IPO) worth ₹255 crore.
The company's first public offering will open on March 9 and close on March 11, according to its statement.
The IPO consists of a fresh issuance of up to 1.46 crore equity shares, along with an offer-for-sale of up to 62.5 lakh shares by promoter Shankarlal Deepchand Mehta. This totals to a fund-raising of ₹255 crore at the higher end of the price band.
The company will use the proceeds from the fresh issue to set up a manufacturing facility in Panchmahal district, Gujarat, expand its product portfolio, repay debt, and cover general corporate expenses.
Incorporated in 1991 as Rajputana Steel Castings, the company transitioned into Rajputana Stainless in 2007 after a strategic restructuring.
Rajputana Stainless specializes in manufacturing long and flat stainless-steel products, including billets, forging ingots, and rolled black bars.
The company primarily serves the domestic market through direct sales and a network of traders. Additionally, it exports its products to five international markets, namely the UAE, US, Turkey, Kuwait, and Poland.
On the financial front, the company's revenue from operations stood at ₹932 crore in FY25, compared to ₹910 crore in FY24. Its net profit was ₹40 crore, compared to ₹31.6 crore.