Raksan Transformers IPO: Price Band, Lot Size, Financials & Review
Raksan Transformers IPO listed on BSE on Fri, 18 Sep 2026. The issue was subscribed 47.51x overall.
- Open Date
- 10 Sep 2026
- Close Date
- 15 Sep 2026
Last updated
- Price band
- ₹258 – ₹273
- Lot size
- 400 shares
- Min. investment
- ₹2,18,400
- Issue size
- ₹150.5 Cr
- Last GMP
- +₹12
- Subscribed
- 🔥 47.51x
Raksan Transformers IPO details
Raksan Transformers IPO is a ₹150.5 Cr book-building IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹120.47 Cr (80.05%) with an offer for sale of ₹30.03 Cr (19.95%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Thu, 10 Sep 2026 to Tue, 15 Sep 2026. Allotment was finalised on Wed, 16 Sep 2026, and the shares listed on BSE on Fri, 18 Sep 2026.
The price band is ₹258 to ₹273 per share and the lot size is 400 shares, so the minimum retail application is ₹2,18,400. Retail investors can apply for up to 2 lots (800 shares, ₹2,18,400).
Bigshare Services Pvt Ltd is the registrar, and Hem Securities Ltd. is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Raksan Transformers IPO GMP before listing was +₹12 (+4.40% against the upper price band of ₹273), implying an estimated listing price of ₹285. Across 10 days of tracking, GMP ranged from +₹11 (17 Sep) to +₹61 (14 Sep).
| Last GMP | +₹12 |
|---|---|
| GMP vs upper band | +4.40% |
| Estimated listing price | ₹285 |
| Highest (14 Sep) | +₹61 |
| Lowest (17 Sep) | +₹11 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Raksan Transformers IPO day-wise GMP.
Subscription
Day-wise subscription →Raksan Transformers IPO was subscribed 47.51x overall: QIB 70.51x, NII 60.86x and retail 28.66x.
| Category | Subscribed |
|---|---|
| QIB | 70.51x |
| NII | 60.86x |
| └ bNII (above ₹10 lakh) | 72.40x |
| └ sNII (₹2–10 lakh) | 37.65x |
| Retail | 28.66x |
| Total | 47.51x |
Final figures at the close of bidding on 15 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Raksan Transformers IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 15,70,000 | 29.98% |
| Qualified Institutions | 10,47,200 | 20.00% |
| Non-Institutional | 7,85,400 | 15.00% |
| └ BNII | 5,24,400 | 10.01% |
| └ SNII | 2,61,000 | 4.98% |
| Retail Investors | 18,33,600 | 35.02% |
| Total | 52,36,200 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Raksan Transformers IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹2,18,400 |
| Retail (Max) | 2 | 800 | ₹2,18,400 |
| S-HNI (Min) | 3 | 1,200 | ₹3,27,600 |
| S-HNI (Max) | 9 | 3,600 | ₹9,82,800 |
| B-HNI (Min) | 10 | 4,000 | ₹10,92,000 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹120.47 Cr (80.05%) with an offer for sale of ₹30.03 Cr (19.95%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹273, the issue is priced at 13.39x pre-issue earnings and 16.98x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 29.47x (3 companies).
Promoter holding falls from 100.00% before the issue to 73.61% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹20.39 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 13.39x |
| EPS (post-issue) EPS on the enlarged share capital | ₹16.08 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 16.98x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 73.61% |
Raksan Transformers Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹324.78 Cr to ₹363.63 Cr, and profit after tax rose from ₹20.38 Cr to ₹33.6 Cr. The PAT margin for 31 Mar 2026 was 9.24%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 155.59 | 117.90 | 67.02 |
| Total Income | 363.63 | 324.78 | 162.52 |
| Profit After Tax | 33.60 | 20.38 | 7.59 |
| EBITDA | 46.72 | 29.51 | 10.19 |
| Net Worth | 77.42 | 44.07 | 23.70 |
| Reserve & Surplus | 60.94 | 43.20 | 22.83 |
| Total Borrowings | 20.74 | 23.51 | 9.81 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 55.32 | 60.14 | 38.14 |
| ROCE % | 46.72 | 43.09 | 34.00 |
| Debt / Equity | 0.27 | 0.53 | 0.41 |
| RoNW % | 43.41 | 46.23 | 32.03 |
| Pat Margin % | 9.25 | 6.28 | 4.72 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Raksan Transformers Ltd | 10 | — | 20.39 | 20.39 | 43.41% | 46.97 |
| Marsons Limited | 1 | 49.63 | 2.69 | 2.69 | 21.28% | 12.64 |
| Shilchar Technologies Ltd | 10 | 29.47 | 138.25 | 138.25 | 32.22% | 429.05 |
| Supreme Power Equipment Ltd | 10 | 27.75 | 8.18 | 8.15 | 17.49% | 47.30 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, Haryana |
| 2 | To meet working capital requirements |
| 3 | Repayment of certain borrowing availed by our Company, in part or full |
| 4 | General Corporate Purpose |
About Raksan Transformers Limited
Raksan Transformers Ltd.
Incorporated: 1995
Overview:
Raksan Transformers Ltd. is a leading company engaged in the repair, servicing, and manufacturing of distribution and power transformers. With decades of industry experience, the company is recognized for delivering reliable and efficient transformer solutions across various applications, including solar and special-purpose requirements.
Manufacturing Facilities:
As of March 31, 2025, the company operates through two manufacturing units located at Rai, District Sonepat, Haryana, with a combined area of approximately 3,037.5 sq. meters, detailed as follows:
- Unit I: Plot No. 1676–1677, Sector–38, Phase–I, HSIIDC Industrial Estate, Rai — approximately 2,025 sq. meters
- Unit II: Plot No. 1413, HSIIDC Industrial Estate, Rai — approximately 1,012.5 sq. meters
Product Portfolio:
Raksan Transformers Ltd. offers a comprehensive range of transformer products, including:
- Distribution Transformers
- Power Transformers
- Transformers for Solar Applications
- Special Purpose Transformers
Promoters
- Sanjeev Kanda
- Dievam Singh Kanda
- Renu Kanda
Contact details
Raksan Transformers Ltd.
Shop No. 16,
Local Shopping Centre-3,
Sector-8, Rohini, North Delhi,
New Delhi, New Delhi, 110085
Phone: +91 8199946578
Email: cs@raksantransformers.com
Website: http://www.raksantransformers.com/
Raksan Transformers IPO FAQs
- What is the Raksan Transformers IPO price band?
- The Raksan Transformers IPO price band is ₹258 to ₹273 per share.
- What is the Raksan Transformers IPO lot size and minimum investment?
- The Raksan Transformers IPO lot size is 400 shares. The minimum retail investment is ₹2,18,400 for one lot at the upper price band. Retail investors can apply for up to 2 lots (800 shares), costing ₹2,18,400.
- When was Raksan Transformers IPO open for subscription?
- Raksan Transformers IPO was open for subscription from Thu, 10 Sep 2026 to Tue, 15 Sep 2026.
- What is the Raksan Transformers IPO subscription status?
- Raksan Transformers IPO was subscribed 47.51x overall: QIB 70.51x, NII 60.86x and retail 28.66x. Day-wise and category-wise figures are on the subscription page.
- What was the Raksan Transformers IPO GMP before listing?
- The last Raksan Transformers IPO GMP before listing was +₹12 (+4.40% against the upper price band of ₹273), implying an estimated listing price of ₹285. Across 10 days of tracking, GMP ranged from +₹11 (17 Sep) to +₹61 (14 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Raksan Transformers IPO allotment date?
- The Raksan Transformers IPO basis of allotment was finalised on Wed, 16 Sep 2026. You can check your allotment status on the Bigshare Services Pvt Ltd website.
- What is the Raksan Transformers IPO listing date?
- Raksan Transformers IPO listed on BSE on Fri, 18 Sep 2026.
- Is the Raksan Transformers IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹120.47 Cr (80.05%) with an offer for sale of ₹30.03 Cr (19.95%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Raksan Transformers IPO?
- The registrar for the Raksan Transformers IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Hem Securities Ltd..
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.