Raksan Transformers IPO
LISTEDSMEListing Performance
▲ 0.00%
Issue Price
₹273
Listing Price
₹273
Listed On
18 Sep 2026
- Price Band
- ₹258 – ₹273
- Lot Size
- 400
- Lot Value
- ₹1,09,200
- Open Date
- 10 Sep10 Sep 2026
- Close Date
- 15 Sep15 Sep 2026
- Min Investment
- ₹1,09,200
About Raksan Transformers
Manufactures transformers and electrical equipment components for industrial and commercial applications.
Use of IPO Proceeds
Total allocation: ₹62.14 Cr (excludes issue expenses)
Promoters
Sanjeev Kanda
Chairman and Managing Director · age 56
31 years of experience in Power & Distribution Industry
Pre-issue: 85.58% · Post-issue: 62.24%
Dievam Singh Kanda
Whole Time Director · age 27
around four years of experience in Power & Distribution Industry
Pre-issue: 2.88% · Post-issue: 2.27%
Renu Kanda
Non-Executive Director · age 54
around 14 years of experience in Power & Distribution Industry
Pre-issue: 5.76% · Post-issue: 4.55%
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Adherence to stringent quality standards and precise manufacturing tolerances
- •Established customer relationships with long-term purchase orders
- •Robust manufacturing infrastructure with capital-intensive setup
Risk Factors (6)
- •This is the issuer's first offer with no formal market history for securities, making price discovery uncertain and active trading post-listing unassured.
- •Significant accounting differences exist between Indian GAAP, Ind AS, IFRS, and U.S. GAAP, potentially materially impacting investor financial assessments.
- •Equity share investments carry high financial risk; investors may lose entire investment if unable to tolerate such risk exposure.
- •Floor, cap, and offer prices determined via book building should not be considered indicative of post-listing market prices for equity shares.
- •SEBI has not recommended or approved equity shares issued in the offer, nor guarantees accuracy or adequacy of the prospectus.
- •No assurance regarding active or sustained trading in equity shares or the price at which shares will trade after listing.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 44.08x (QIB 70.51x, NII 45.00x, Retail 28.45x) 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 | 400 | ₹1,09,200 |
| Retail (max) | 1 | 400 | ₹1,09,200 |
| S-HNI (min) | 2 | 800 | ₹2,18,400 |
| S-HNI (max) | 9 | 3,600 | ₹9,82,800 |
| B-HNI (min) | 10 | 4,000 | ₹10,92,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 5 |
|---|---|---|---|
| QIB | 1.00x | 3.87x | 70.51x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.13x | 0.34x | 28.45x |
| Total | 0.34x | 1.29x | 44.08x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
28.45x
Allotment Ratio
1 lot per 29 applicants
Allotment Probability
~3.5%
Non-Institutional Investors (NII / HNI)
Subscription
45.00x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
70.51x
Allotment Type
Discretionary allotment
Total Subscription
44.08x
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
10 Sep 2026 · Thu
Issue Closes
15 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
15 Sep 2026 · 5:00 PM IST
Allotment
16 Sep 2026 · Wed
Listing
18 Sep 2026 · Fri
Issue Opens
10 Sep 2026 · Thu
Issue Closes
15 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
15 Sep 2026 · 5:00 PM IST
Allotment
16 Sep 2026 · Wed
Listing
18 Sep 2026 · Fri
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹150.50 Cr |
| Fresh Issue | ₹4.41 Cr |
| OFS Size | ₹1.10 Cr |
| Lead Managers | HEM SECURITIES LIMITED |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 363.11 | 33.6 | 20.39 | 13.39 | 43.41% |
| FY25 | 324.21 | 20.38 | 12.36 | 22.08 | 46.23% |
| FY24 | 160.95 | 7.59 | 4.61 | 59.28 | 32.03% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 162.52 | 324.78 | 363.63 |
| EBITDA | 10.19 | 29.51 | 46.72 |
| Net Worth | 23.7 | 44.07 | 77.42 |
| Cash Flow — Operating | 7.43 | 5.36 | 14.89 |
| Cash Flow — Investing | -7.42 | -22.55 | -11.19 |
| Cash Flow — Financing | 3.58 | 12.76 | -3.68 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
13.4x
Price ÷ EPS
EPS (FY26)
₹20
Earnings per share
RoNW
43.41%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
12.9%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | ₹25.00 Cr |
| Issued Capital | — |
| Paid-up Capital | ₹16.48 Cr |
| Equity Shares (Pre-Issue) | 1,64,80,600 |
| Equity Shares (Post-Issue) | — |
| Convertibles | No outstanding convertible instruments as on the date of this Red Herring Prospectus |
Source: Raksan Transformers offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Raksan Transformers's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Raksan Transformers's filing.
Source: Raksan Transformers offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Sanjeev Kanda₹1.10 Cr
Source: Raksan Transformers offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Sanjeev Kanda₹1.51 Cr p.a.
Chairman and Managing Director
Bachelor's Degree in Arts from Delhi University
31 years in Power & Distribution Industry
- Dievam Singh Kanda₹0.48 Cr p.a.
Whole-Time Director
Master's Degree in Science (Management) from Cranfield University
4 years in Power & Distribution Industry
- Renu Kanda
Non-Executive Director
Master's Degree in Arts (Economics) from Himachal Pradesh University
14 years in Power & Distribution Industry
- Kamal Dev Arora
Independent Director
M.A. (Economics) & B.Sc. from Meerut University
40 years, worked as Assistant General Manager in Bank of Baroda
- Lokesh Vats
Independent Director
Company Secretary and Bachelor's Degree in Commerce from Kurukshetra University
5 years in Secretarial Laws
Key Managerial Personnel (2)
- Arvind
Chief Financial Officer
Master's in Business Administration (Finance Management) and Master's in Science (Computer Science)
23 years in finance and accounts
- Mukesh Sharma
Company Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India, Bachelor of Commerce
4 years in secretarial and corporate law compliances
Source: Raksan Transformers offer document (DRHP/RHP).
Industry & Market
Per IBEF (Indian Engineering Industry Analysis Presentation), Ministry of Power, National Load Despatch Centre (NLDC), Motilal Oswal, a report commissioned by the company (not independent).
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Private Limited→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 Raksan Transformers IPO opening?
The Raksan Transformers IPO opens on 10 Sep 2026 and closes on 15 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Raksan Transformers IPO?
The price band for the Raksan Transformers IPO is ₹258 to ₹273. 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 Raksan Transformers IPO?
The minimum lot size is 400 shares with a minimum investment of ₹1,09,200. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Raksan Transformers IPO today?
The latest Grey Market Premium for Raksan Transformers is ₹50 (+18.32%). GMP is unofficial data and is not a guarantee of listing price.
When will the Raksan Transformers IPO list on NSE and BSE?
The Raksan Transformers IPO is expected to list on 18 Sep 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Raksan Transformers IPO allotment status?
The registrar for this IPO is Bigshare Services Private Limited. 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 Raksan Transformers IPO a mainboard or SME issue?
Raksan Transformers 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 Raksan Transformers IPO?
You can apply for the Raksan Transformers 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 Raksan Transformers IPO?
The GMP-implied price (unofficial, not a forecast) is ₹323: the upper price band of ₹273 plus the latest grey market premium of ₹50, as of 28 Sep 2026, 01:01 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Raksan Transformers IPO?
Based on the retail subscription of 28.45x, the estimated allotment ratio is 1 lot per 29 applicants (approximately 3.5% chance of allotment). This is an estimate and actual allotment may vary.
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| Pind Hospitality | 06 Oct 2026 | -20.00% |
| Shivchem Agro | 06 Oct 2026 | +0.00% |
| Acme Universal Safezone 9 | 06 Oct 2026 | +42.25% |
Related IPOs
Related Articles
How to Use 10 Minutes of Research to Validate Any IPO Video You Watch
SEBI now requires issuers to publish a 10-minute IPO disclosure video. Here is a practical, source-by-source method to verify what you watch against the DRHP and official exchange records in about ten minutes.
Read more →
How-ToHow to Read Past IPO Data to Set Realistic Listing Gain Targets
Median listing gains fell to 3.8% in 2025 from 15.2% in 2024. Here is how to read past IPO data, GMP, and subscription numbers to set realistic listing day expectations instead of chasing hype.
Read more →
How-ToHow to Compare an IPO With Listed Peers Using Key Ratios and Growth Metrics
A practical framework for Indian retail investors on comparing an IPO with its listed peers using P/E, P/B, EV/EBITDA and growth metrics, illustrated with the NSE vs BSE case study.
Read more →