Rajnandini Fashion India IPO
LISTEDSMEListing Performance
Listed
Issue Price
₹63
Listed On
03 Jun 2026
- Price Band
- ₹59 – ₹63
- Lot Size
- 2,000
- Lot Value
- ₹1,26,000
- Open Date
- 26 May26 May 2026
- Close Date
- 29 May29 May 2026
- Min Investment
- ₹1,26,000
About Rajnandini Fashion India
The company operates in textile and apparel trading and manufacturing, generating revenue from B2C e-commerce sales through third-party platforms and direct channels, as well as B2B trading activities.
Use of IPO Proceeds
Promoters
Vikesh Sushil Lunawat
Chairman and Managing Director · age 40
15 years of experience in the business.
Master's in Commerce, Advanced Program in Financial Planning
Pre-issue: 94.9%
Sushil Kumar Lunawat
Whole Time Director and CFO · age 65
47 years of experience in the business.
B.Com
Pre-issue: 2.27%
Priyanka Chopra
Non-Executive Director · age 38
16 years of experience in the business.
Bachelor of Commerce
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Diverse product portfolio across ethnic, casual, fusion wear at ₹250-₹2,000 price points
- •Multi-platform e-commerce presence including Amazon, Flipkart, Myntra, AJIO, Nykaa, LimeRoad
- •In-house manufacturing facilities for production
- •Experienced management team and promoters
- •Gold Seller recognition on Flipkart in Women's Ethnic Wear category
- •Star Seller status on Shopsy platform
Risk Factors (6)
- •Women's apparel company vulnerable to variations in demand and changes in consumer preferences affecting business and financial condition.
- •Economic slowdown in India could negatively impact business results of operations and financial conditions.
- •Natural disasters, pandemics, terrorist attacks and events beyond control may materially adversely affect business and profitability.
- •Absence of original supporting documentation for educational qualifications of one promoter may adversely affect reputation and business.
- •Reliance on industry reports involves inherent risks and may be inaccurate or incomplete for investment decisions.
- •First issue with no formal market for securities; no assurance of active trading or price after listing.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 189.02x (QIB 122.04x, NII 291.04x, Retail 167.82x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,26,000 |
| Retail (max) | 1 | 2,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,08,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 4 |
|---|---|---|---|---|
| QIB | 3.51x | 3.51x | 3.51x | 122.04x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 0.46x | 7.16x | 7.18x | 167.82x |
| Total | 1.58x | 6.53x | 6.55x | 189.02x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
167.82x
Allotment Ratio
1 lot per 168 applicants
Allotment Probability
~0.6%
Non-Institutional Investors (NII / HNI)
Subscription
291.04x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
122.04x
Allotment Type
Discretionary allotment
Total Subscription
189.02x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
26 May 2026 · Tue
Issue Closes
29 May 2026 · Fri
Bidding Cut-off (UPI Mandate)
29 May 2026 · 5:00 PM IST
Allotment
01 Jun 2026 · Mon
Listing
03 Jun 2026 · Wed
Issue Opens
26 May 2026 · Tue
Issue Closes
29 May 2026 · Fri
Bidding Cut-off (UPI Mandate)
29 May 2026 · 5:00 PM IST
Allotment
01 Jun 2026 · Mon
Listing
03 Jun 2026 · Wed
IPO Details
| Registrar | Bigshare Services Pvt.Ltd. |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹18.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Seren Capital Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 30.69 | 5.06 | 6.77 | — | 54.41% |
| FY24 | 23.32 | 2.29 | — | — | — |
| FY23 | 28.01 | 0.37 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 1.03 | 3.79 | 7.48 |
| Net Worth | 1.95 | 4.24 | 9.31 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
9.3x
Price ÷ EPS
EPS (FY25)
₹7
Earnings per share
RoNW
54.41%
Return on net worth
ROCE
40.00%
as reported in filing
EBITDA margin
24.4%
EBITDA ÷ revenue
Price/NAV
5.06x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
12 sections extracted from this filingCapital Structure
| Authorised Capital | ₹11.00 Cr |
| Issued Capital | ₹7.48 Cr |
| Paid-up Capital | ₹7.48 Cr |
| Equity Shares (Pre-Issue) | 74,80,000 |
| Equity Shares (Post-Issue) | — |
| Preference Shares | 0 |
Source: Rajnandini Fashion India offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Vikesh Sushil Lunawat(Promoter)+94.90%
- Sushil Kumar Lunawat(Promoter)+2.27%
- RGSL Investment LVF 1(Public)+2.81%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Rajnandini Fashion India's filing.
Source: Rajnandini Fashion India offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Rajnandini Fashion India offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Vikesh Sushil Lunawat₹0.12 Cr p.a.
Chairman and Managing Director
Master of Commerce
15 years professional experience including 14 years in textile sector
- Sushil Kumar Lunawat₹0.07 Cr p.a.
Whole Time Director and Chief Financial Officer
Bachelor of Commerce
47 years in textile industry
- Priyanka Chopra
Non-Executive Director
Bachelor of Commerce
16 years in textile industry
- Shubham Jain
Independent Director
Bachelor of Laws (LL.B.)
6 years practicing as Company Secretary
- Vaibhav Mandhana
Independent Director
Chartered Accountant
15 years post-qualification in valuation, audit, finance and advisory services
Key Managerial Personnel (3)
- Vikesh Sushil Lunawat₹0.12 Cr p.a.
Managing Director
Master of Commerce
15 years professional experience
- Sushil Kumar Lunawat₹0.07 Cr p.a.
Whole Time Director and Chief Financial Officer
Bachelor of Commerce
47 years in textile industry
- Jinkal Hardik Vora
Company Secretary and Compliance Officer
Company Secretary
5 years in secretarial and compliance functions
Source: Rajnandini Fashion India offer document (DRHP/RHP).
Industry & Market
Second-largest textile exporter globally; fifth-largest technical textiles market
Per Industry Report for Textiles and Apparel Market – May 2025 by India Brand Equity Foundation (IBEF), a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Rajnandini Fashion India Limited | — | 6.77 | 54.41 | 12.44 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 1 | 0.026 |
| Tax | Promoters | 1 | 0 |
The Company has one outstanding direct tax proceeding with an amount in dispute of ₹2.58 lakhs (approximately ₹2,58,260 in TDS defaults across multiple fiscal years including FY 2025-26, 2024-25, 2023-24, 2022-23, 2021-22, 2020-21, and 2019-20). One Promoter (Priyanka Chopra) has an outstanding income tax demand of ₹0.012 lakhs for assessment year 2025-26.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Pvt.Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Rajnandini Fashion India IPO opening?
The Rajnandini Fashion India IPO opens on 26 May 2026 and closes on 29 May 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Rajnandini Fashion India IPO?
The price band for the Rajnandini Fashion India IPO is ₹59 to ₹63. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Rajnandini Fashion India IPO?
The minimum lot size is 2000 shares with a minimum investment of ₹1,26,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Rajnandini Fashion India IPO today?
The latest Grey Market Premium for Rajnandini Fashion India is ₹7 (+11.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Rajnandini Fashion India IPO list on NSE and BSE?
The Rajnandini Fashion India IPO is expected to list on 03 Jun 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Rajnandini Fashion India IPO allotment status?
The registrar for this IPO is Bigshare Services Pvt.Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Rajnandini Fashion India IPO a mainboard or SME issue?
Rajnandini Fashion India is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Rajnandini Fashion India IPO?
You can apply for the Rajnandini Fashion India IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Rajnandini Fashion India IPO?
The GMP-implied price (unofficial, not a forecast) is ₹70: the upper price band of ₹63 plus the latest grey market premium of ₹7, as of 29 May 2026, 11:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Rajnandini Fashion India IPO?
Based on the retail subscription of 167.82x, the estimated allotment ratio is 1 lot per 168 applicants (approximately 0.6% chance of allotment). This is an estimate and actual allotment may vary.
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