Gujarat-based Rajputana Stainless has refiled its DRHP with SEBI in June 2025, reducing the fresh issue to INR 98 crore repayment and allocating INR 18.3 crore for a seamless‑pipes plant expansion.
Jun 23, 2025
Gujarat-based long and flat stainless steel products manufacturer, Rajputana Stainless, has refiled its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025, following a returned attempt in April. The IPO structure now proposes a fresh issue of 14.6 million shares alongside a promoter-led Offer for Sale (OFS) of 6.25 million shares, a sharp contrast to its December 2024 plan, which had 19 million fresh and 3.5 million OFS shares. This recalibration reflects the company’s dual strategy: fund growth while offering the promoter an opportunity to monetize in a favorable market.
The bulk of the fresh proceeds- INR 98 crore, will be allocated to pay down secured debt, which had driven the company’s debt-to-equity ratio to about 0.63× as of December 2024. An additional INR 18.3 crore will finance a new manufacturing line for stainless-steel seamless pipes, a key forward integration to expand its product mix from long and flat products to higher-margin pipes. The remaining funds will support general corporate requirements.
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The move is designed to optimize capital structure, deepen forward integration, and position the company in high-growth seamless pipe segments.
