Raksan Transformers IPO
ListedSMECapital Goods - Electrical Equipment
47.43×
Subscribed
Price band
₹273 – ₹273
Lot size
400
1 lot = ₹1,09,200
Issue size
₹150.5 Cr
Open – close
10 Sept 2026
to 15 Sept 2026
Listing
18 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 5 of 6 signals read positive
Strength84/100
- Out-earns its peersReturn on net worth of 43.4% against a peer median of 32.2%
- Strong revenue growthRevenue compounding at 50.2% across the reported years
- Profit growth outpaces salesPAT up 110.4% a year against revenue at 50.2% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 43.4%
- Conservative balance sheetDebt/equity of 0.27×
- Institutions bid heavilyQIB portion subscribed 70.51×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens10 Sept 2026
- Closes15 Sept 2026
- Allotment16 Sept 2026
- Listing18 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB70.51x
Non-institutionalNII / HNI60.46x
Big NIIabove ₹10L71.88x
Small NII₹2L – ₹10L37.57x
Retail individualRII28.66x
83,085 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 15 Sept 2026.
Chance of allotment
Retail28.66× subscribed
~1 in 28.7
Minimum 2 lots · 800 shares · ₹2,18,400 blocked
Retail is 28.66× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 28.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII60.46× subscribed
~1 in 60.5
Minimum 1 lot · 400 shares · ₹1,09,200 blocked
HNI is 60.46× subscribed. This category is allotted proportionately, so a bid receives roughly 1/60.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹61+22.3%
over the upper band · last seen 22 Sept 2026 · rising since 13 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹273 – ₹273
Face value₹10
Lot size400shares
Minimum application₹1,09,200at cut-off
Total issue size₹150.5 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
Return on equity43.41%
Debt / equity0.27×
ROCE46.72%
RoNW43.41%
PAT Margin9.25%
EBITDA Margin12.87%
NAV14.38
Price to Book Value18.98
ISININE1S7M01017
RegistrarBigshare Services Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 26,17,200 | 47.47% |
| Anchor Investor | 15,70,000 | 28.48% |
| QIB (Ex. Anchor) | 10,47,200 | 19.00% |
| NII (HNI) | 7,86,000 | 14.26% |
| bNII > ₹10L | 5,25,000 | 9.52% |
| sNII < ₹10L | 2,61,000 | 4.73% |
| Retail | 18,33,600 | 33.26% |
| Market Maker | 2,76,000 | 5.01% |
Total issue 55,12,800 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,18,4002 lots · 800 sh
Individual investors (IND) (Max)₹2,18,4002 lots · 800 sh
S-HNI (Min)₹3,27,6003 lots · 1,200 sh
S-HNI (Max)₹9,82,8009 lots · 3,600 sh
B-HNI (Min)₹10,92,00010 lots · 4,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted15,70,000
Anchor portion₹42.86 Cr
Bid date09 Sept 2026
Lock-in ends (50%)16 Oct 2026
Lock-in ends (rest)15 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, Haryana₹62.14 Cr
- 02To meet working capital requirements₹35 Cr
- 03Repayment of certain borrowing availed by our Company, in part or full₹7.28 Cr
- 04General Corporate Purposenot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 31 March 2024 | 160.946 | — | 7.591 | 23.691 | 9.802 |
| 31 March 2025 | 324.21 | — | 20.377 | 44.075 | 23.509 |
| 31 March 2026 | 363.108 | — | 33.605 | 77.416 | 20.777 |
Revenue CAGR 50.2%PAT CAGR 110.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Raksan Transformers Limitedthis issue | 20.39 | — | 46.97 | 43.41% |
| Marsons Limited | 2.69 | 133.50 | 12.64 | 49.63% |
| Shilchar Technologies Limited | 138.25 | 4074.85 | 429.05 | 32.22% |
| Supreme Power Equipment Limited | 8.15 | 226.20 | 47.30 | 27.75% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of revenue (50.73%, 72.99%, 56.13% in FY 2026, 2025, 2024 respectively) is derived from government and public utility customers, making the business highly dependent on government policies, project allocations, and payment cycles.
mediumThe business is highly dependent on a limited number of government-controlled clients, and any adverse development such as reduced orders, delays in tendering, loss of eligibility, or poor performance ratings could significantly affect revenue and profitability.
Litigation
As on the date of this Red Herring Prospectus, there are no outstanding criminal proceedings initiated against the Company, no outstanding criminal proceedings initiated by the Company, no outstanding material litigation initiated against the Company, and no outstanding material litigation initiated by the Company. Further, except as disclosed in this Red Herring Prospectus, there are no findings or observations of any of the inspections by SEBI or any other regulatory authority in India, which are material and which needs to be disclosed.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.27x.
Strong revenue growth
Restated revenue CAGR of 50.2%.
Healthy return on equity
ROE of 43.4%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Himalayan Solarsame segment
1.2× sub-17.5%
Bench Mark Infotechsame segment
96.0× sub+0.0%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Raksan Transformers
Raksan Transformers is an ISO 9001:2015 certified company, which manufactures transformers across different voltage ratings. Its product portfolio includes distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, which are used in power generation, transmission and distribution networks, and various industrial and infrastructure projects. The company began operations in 1995, initially providing repair and servicing of distribution and power transformers, and started manufacturing transformers in 2005-06. As of March 31, 2026, the company operates two manufacturing facilities at HSIIDC Industrial Estate, Rai, District Sonepat, Haryana, with a combined area of approximately 3,037.5 sq. mtrs. The facilities have an installed production capacity of approximately 1,500,000 KVA for distribution transformers and 1,350 MVA for power transformers. The company also has a backward integration arrangement through its group company, SHR Powers Private Limited, which manufactures transformer tanks and bodies used in its production. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Distt. Sonepat, Haryana — Rs 62.14 crore To meet working capital requirements — Rs 35 crore Repayment of certain borrowing availed by the company, in part or full — Rs 7.28 crore General corporate purposes
Founded 1995MD Mr Sanjeev KandaSector Capital Goods - Electrical Equipment
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Raksan Transformers IPO GMP today?
The most recent grey-market premium recorded for Raksan Transformers is ₹61 per share — about 22.3% over the ₹273 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Raksan Transformers IPO subscribed?
Raksan Transformers is subscribed 47.43× overall (QIB 70.51×, NII 60.46×, retail 28.66×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Bigshare Services Pvt Ltd.
What is the minimum investment in the Raksan Transformers IPO?
One lot is 400 shares, so a retail application at the ₹273 cut-off price blocks ₹1,09,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Raksan Transformers IPO?
The retail portion is subscribed 28.66×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 29. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Raksan Transformers IPO allotment date?
Allotment is scheduled for 2026-09-16, with listing on 2026-09-18. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Bigshare Services Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.