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New Delhi: Gujarat-based Rajputana Stainless has refiled draft papers with markets regulator Sebi to raise funds through an initial public offering (IPO) with a reduced issue size.

The proposed IPO will comprise a fresh issue of up to 1.46 crore equity shares and an offer for sale (OFS) of 62.5 lakh shares by promoter Shankarlal Deepchand Mehta, according to the draft red herring prospectus (DRHP) filed on Thursday.

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The company had earlier planned a fresh issue of 1.9 crore shares but has reduced the size, while increasing the OFS component from the previously proposed 35 lakh shares at the time of filing draft papers in December 2024.

The regulator had returned these preliminary papers in April this year.

The proceeds from IPO to the tune of Rs 18.31 crore will be utilised for funding capital expenditure, Rs 98 crore for debt repayment and general corporate purposes, as per the DRHP.

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Rajputana Stainless specialises in manufacturing a wide range of long and flat stainless-steel products, including billets, forging ingots, rolled black bars, and other ancillary offerings under the brand name of 'RSL'.

For the nine months ended December 31, 2024, the company's revenue from operations stood at Rs 684.13 crore, and profit after tax was at Rs 31.58 crore.

The equity shares are proposed to be listed on the NSE and the BSE.

Nirbhay Capital Services is the sole book-running lead manager and KFin Technologies is the registrar of the issue.

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