Raksan Transformers IPO Date, Review, Price, Allotment Details
Raksan Transformers IPO is a SME issue open from 10-15 Sept. The company is raising ₹150 Cr at a price band of ₹258 to ₹273 per share. One lot is 400 shares.
Grey market premium
₹0
Implied listing gain: ₹- (0.00%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Raksan Transformers IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,09,200
400 shares at the upper band of ₹273
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~3 days
from the closing date to listing
Fresh issue share
75.3%
₹113 Cr of the ₹150 Cr issue
Revenue growth
+12%
31 Mar 2025 → 31 Mar 2026
Profit growth
+64.9%
PAT ₹20.38 Cr → ₹33.6 Cr
Net profit margin
9.2%
was 6.3% in 31 Mar 2025
Debt to equity
0.27
lower is safer
Return on equity
55.32%
ROE
Peer listing record
4 of 5 listed above issue price
median listing move +14.1%
Promoter holding
100% → 73.61%
diluted by 26.4 percentage points
Raksan Transformers is an SME issue raising ₹150 Cr, offered in a band of ₹258–₹273 per share. At the upper end that is 27.3 times the ₹10 face value, so ₹263 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Raksan Transformers needs one lot of 400 shares, which works out to ₹1,09,200 at the upper band of ₹273. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 10 lots.
For Raksan Transformers, bidding runs 10-15 Sept, allotment is finalised on 16 Sep 2026, the shares list on 18 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 3 days before listing decides what the holding is worth.
The issue is reserved 20.79% to qualified institutional buyers, 62.45% to non-institutional investors, 14.57% to retail. At 14.57%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹113 Cr of fresh capital (75.3%) and ₹30 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹324.78 Cr in 31 Mar 2025 to ₹363.63 Cr in 31 Mar 2026 (+12%), while profit after tax went from ₹20.38 Cr to ₹33.6 Cr (+64.9%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 14.5. Comparing that with the multiple implied by this issue's ₹258–₹273 band is a more useful test of pricing than looking at the grey market premium alone.
Bigshare Services Pvt.Ltd. is the registrar for this issue, which means the allotment status for Raksan Transformers is published on their portal from 16 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What looks good
- Profit is growing faster than revenue, suggesting improving operating efficiency.
- A debt-to-equity ratio of 0.27 points to a conservatively funded balance sheet.
- Return on equity of 55.32% is strong for the sector.
What to watch
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 10-15 Sept |
| Face Value | ₹10 Per Share |
| Price Range | ₹258 to ₹273 |
| Issue Size | ₹150 Cr |
| Lot Size | 400 Shares |
| Allotment Date | 16 Sep 2026 |
| Listing Date | 18 Sep 2026 |
| Registrar | Bigshare Services Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 14.57% |
| QIB (Qualified Institutional Buyers) | 20.79% |
| HNI (High Net Worth Individuals) | 62.45% |
IPO Details
| Total Issue Size | 55,12,800 shares (agg. up to ₹150 Cr) |
| Reserved for Market Maker | 2,76,000 shares (agg. up to ₹8 Cr)Hem Finlease Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 41,36,800 shares (agg. up to ₹113 Cr) |
| Offer for Sale | 11,00,000 shares of ₹10 (agg. up to ₹30 Cr) |
| Net Offered to Public | 52,36,800 shares (agg. up to ₹143 Cr) |
| Share Holding Pre Issue | 1,64,80,600 shares |
| Share Holding Post Issue | 2,08,93,400 shares |
IPO Timetable (Tentative)
| IPO Open | Thu, Sep 10, 2026 |
| IPO Close | Tue, Sep 15, 2026 |
| Allotment | Wed, Sep 16, 2026 |
| Refund | Thu, Sep 17, 2026 |
| Credit of Shares | Thu, Sep 17, 2026 |
| Listing | Fri, Sep 18, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|
| QIB | 26,17,200 | 21.26% | 20.79% |
| − Anchor Investor | 15,70,000 | | 12.47% |
| − QIB (Ex. Anchor) | 10,47,200 | | 8.32% |
| NII (HNI) | 78,60,000 | 63.85% | 62.45% |
| Retail | 18,33,600 | 14.89% | 14.57% |
| Firm Reservations |
| Market Maker | 2,76,000 | | 2.19% |
| Total | 1,25,86,800 | 100.00% | 100.00% |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Individual investors (IND) (Min) | 2 | 800 | ₹2,18,400 |
| Individual investors (IND) (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 |
Company Financials (Restated Consolidated)
| 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 |
| Reserves and Surplus | 60.94 | 43.20 | 22.83 |
| Total Borrowing | 20.74 | 23.51 | 9.81 |
| Amount in ₹ Crore |
Recently Listed IPOs in Heavy Electrical Equipment
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Anawil Wire & Engineering Ltd. | SME | ₹177.81 Cr | ₹270 | 14.53 | ₹346.10 | +28.19% | ₹396.35 |
| Accord Transformer & Switchgear Ltd. | SME | ₹25.59 Cr | ₹46 | 11.41 | ₹52.50 | +14.13% | ₹64.47 |
| Avana Electrosystems Ltd. | SME | ₹35.22 Cr | ₹59 | 12.4 | ₹80.30 | +36.10% | ₹156.10 |
| Powerica Ltd. | Mainboard | ₹1,100.00 Cr | ₹395 | 24.45 | ₹390.00 | -1.27% | ₹512.10 |
| Atlanta Electricals Ltd. | Mainboard | ₹687.34 Cr | ₹754 | 46.33 | ₹823.35 | +9.20% | ₹1,938.10 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana | 62.14 |
| 2 | To meet working capital requirements | 35.00 |
| 3 | Repayment of certain borrowing availed by the Company, in part or full | 7.28 |
| 4 | General Corporate Purposes | |
| Total | 104.42 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|
| ROE | 55.32% | 60.14% |
| ROCE | 46.72% | 43.09% |
| Debt/Equity | 0.27 | 0.53 |
| RoNW | 43.41% | 46.23% |
| PAT Margin | 9.25% | 6.28% |
| EBITDA Margin | 12.87% | 9.10% |
| NAV | 14.38 | 26.74 |
| Price to Book Value | 18.98 | 10.21 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 20.39 | 16.08 |
| P/E (x) | 13.39 | 16.98 |
| Market Cap at Offer Price | ₹450Cr. | ₹570.39 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 100% | 73.61% |
| Public | | 26.39% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Sanjeev Kanda | Promoter | 11,00,000 | 30.03 |
| Total | | 11,00,000 | 30.03 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
About Raksan Transformers
Incorporated in July 1995, Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of transformers across different voltage ratings. The Company manufactures a diversified range of transformers, including distribution transformers, power transformers, transformers for solar applications and special purpose transformers, which are used across power generation, transmission and distribution networks, as well as various industrial and infrastructure projects. The Company initially focused on the repair and servicing of distribution and power transformers and subsequently commenced transformer manufacturing in 2005-06. It has since expanded its operations to two manufacturing facilities in Rai, Sonepat, Haryana.
As of March 31, 2026, the Company operates through two manufacturing units spread across approximately 2,025 sq. mtrs. and 1,012.5 sq. mtrs., with a combined installed production capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The facilities are equipped with machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding and testing. The Company also has in-house facilities for core cutting/slitting, wire or strip drawing and tank fabrication, along with an in-house testing laboratory for conducting routine and type tests.
Raksan Transformers serves a diverse customer base comprising government entities, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial clients. The Company is an approved vendor for more than 20 entities, including power distribution corporations, PSUs and public utility companies. Its manufacturing process incorporates quality control measures at various stages and uses key raw materials such as CRGO steel, copper and aluminium conductors, transformer oil, insulating materials and fabricated transformer tanks. Its group company, SHR Powers Private Limited, manufactures transformer tanks/bodies, supporting the Company's backward integration and supply chain efficiency.
The Company's products are manufactured in compliance with applicable Bureau of Indian Standards (BIS) requirements, and the Company is authorized to use the ISI mark on applicable products. Several products are also certified under the Bureau of Energy Efficiency (BEE) STAR rating programme. The Company focuses on designing transformers according to customer-specific requirements, including voltage, power, climatic conditions, system configuration and sound levels.
As of June 30, 2026, the Company had 143 full-time employees, including 113 employees in production, along with personnel across designing and quality control, finance, purchase and stores, sales and marketing, and HR and administration.
Experienced promoters and management team.
Focus on quality assurance and regulatory compliance.
Established manufacturing facilities and in-house operations.
Track record of profitability and consistent financial performance.
Backward integration supporting supply chain and cost efficiency
Established relationships with government entities and power utilities.
Raksan Transformers IPO — common questions
What is Raksan Transformers IPO?
Raksan Transformers IPO is a SME issue open from 10-15 Sept. The company is raising ₹150 Cr at a price band of ₹258 to ₹273 per share. One lot is 400 shares.
When does Raksan Transformers IPO open and close?
The issue is open 10-15 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Raksan Transformers IPO price band?
The price band is ₹258 to ₹273 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Raksan Transformers IPO lot size?
The minimum application is 400 shares, and bids must be in multiples of that lot.
What is the Raksan Transformers IPO issue size?
The total issue size is ₹150 Cr.
How is Raksan Transformers IPO reserved between investor categories?
The issue is reserved as retail 14.57%, QIB 20.79%, HNI 62.45%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Raksan Transformers IPO allotment date?
Basis of allotment is expected to be finalised on 16 Sep 2026. You can check your status on the registrar's website (Bigshare Services Pvt.Ltd.) using your PAN.
When does Raksan Transformers IPO list?
Listing is expected on 18 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
