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Raksan Transformers IPO
Price Band
₹258.0–273.0
Issue Size
₹150.5 Cr
Lot Size
400 shares
Min Investment
₹218,400
2 LOTS MIN
GMP
+₹11.0 (4.03%)
Issue Price
₹273.0
Subject to Sauda
₹3300
Paid only if allotted
Raksan Transformers IPO AI Summary
- Raksan Transformers IPO is listed on BSE SME in the Heavy Electrical Equipment sector.
- Price band: ₹258.0–₹273.0 per share, lot size 400 shares (min. investment ₹218,400, 2 lots minimum).
- Subscription window: 10 Sep–15 Sep 2026, listing on 18 Sep 2026.
- Current GMP is +₹11.0 (4.03%), an estimated listing price of ₹284 — unofficial and can change daily.
Raksan Transformers Ltd. is set to offer its shares at an issue price of ₹273, with a strong subscription response across various investor categories. The company has demonstrated significant growth in revenue and profit over the past years, supported by a robust order book and experienced management.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
47.43x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
70.51x
|
71x ✓ |
| NII (HNI) |
60.46x
|
60x ✓ |
| ↳ bNII (>₹10L) |
71.80x
|
72x ✓ |
| ↳ sNII (<₹10L) |
37.65x
|
38x ✓ |
| Retail (RII) |
28.66x
|
29x ✓ |
| Total | 47.43x | 47.43x |
Auto-updated every 5 min · As of 15th Sep 2026 18:55
Raksan Transformers IPO Grey Market Premium (GMP) Today
GMP
+₹11.0
GMP %
+4.03%
Est. Listing
₹284.0
Updated: 18 Sep 2026 09:15
GMP Trend (Last 11 Days)
About the Company
Incorporated in 1995, Raksan Transformers Ltd.primarily engaged in the repair and servicing of distribution and power transformers. As of March 31, 2025, the company operate through two manufacturing units, Plot No. 1676–1677, Sector-38, Phase-I, HSIIDC Industrial Estate, Rai, District Sonepat, Haryana and Plot no. 1413, HSIDC, Industrial Estate, Rai, District Sonepat collectively spread across approximately 2025 sq. mtrs and 1012.5 sq. mtrs. Products: Distribution Transformers Power Transformers Transformers for solar applications Special Purpose Transformers Competitive Strengths: Established Manufacturing facility and In-house operations Strong Order Book Established relationship with the clients including government entities, power utilities. Experienced and Strong Promotors/Management team
Company Financials (₹ Cr)
As of 2026-03-31
| 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 |
Key Ratios
EPS
₹20.39
NAV
₹26.74
ROE
60.14%
ROCE
43.09%
RoNW
46.23%
P/B Value
10.21
P/E Ratio
13.39
Market Cap
₹570.39 Cr
PAT Margin
6.28%
Debt/Equity
0.53
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Supreme Power Equipment Limited | 17.49% | 27.75 | 8.18 | 8.15 |
| Shilchar Technologies Ltd | 32.22% | 29.47 | 138.25 | 138.25 |
| Marsons Ltd | 21.28% | 49.63 | 2.69 | 2.69 |
| Raksan Transformers Ltd. This IPO | 43.41% | — | 20.39 | 20.39 |
Promoters
Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # 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
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹162.52 Cr in the period ending 31 Mar 2024, rising to ₹324.78 Cr by 31 Mar 2025, and further increasing to ₹363.63 Cr by 31 Mar 2026.
Profit Trend
Profit After Tax was ₹7.59 Cr in the period ending 31 Mar 2024, increasing to ₹20.38 Cr by 31 Mar 2025, and further rising to ₹33.60 Cr by 31 Mar 2026.
Valuation
Raksan Transformers Ltd. has a P/E ratio of 13.39 at the issue price, while peers trade at P/E ratios ranging from 27.75 to 49.63.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand for the shares in the grey market, which can differ from the official market price. A positive GMP indicates that investors expect the shares to list at a premium to the issue price.
Subscription Demand
As of 15th Sep 2026, the IPO was subscribed 47.43 times overall. The QIB category saw a subscription of 70.51 times, while the NII category was subscribed 60.46 times. Retail investors subscribed 28.66 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance.
Who May Want to Wait
Investors who prefer stable and established companies over those in the growth phase or who are averse to the risks associated with new issues may consider avoiding this IPO.
IPO Timeline, Explained
The IPO opened for subscription on 10th September 2026 and closed on 15th September 2026. Allotment of shares is scheduled for 16th September 2026, with the listing expected on 18th September 2026.
Listing Gains — The Risk
Investors should be aware that listing-day gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock. It is essential to consider the long-term potential of the company rather than focusing solely on short-term listing gains.
This evaluation is generated from Raksan Transformers's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Raksan Transformers IPO GMP today?
Raksan Transformers IPO GMP today is +₹11.0 (4.03%), indicating an estimated listing price of ₹284. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Raksan Transformers IPO?
The price band of Raksan Transformers IPO is ₹258.0–₹273.0 per share.
When does Raksan Transformers IPO open and close?
Raksan Transformers IPO opens on 10 September 2026 and closes on 15 September 2026.
When does Raksan Transformers IPO list on the stock exchange?
Raksan Transformers IPO listed on 18 September 2026 at ₹284.0.
What is the lot size for Raksan Transformers IPO?
The lot size for Raksan Transformers IPO is 400 shares, requiring a minimum investment of ₹218,400 (2 lots).
What is the lot size for this IPO?
The lot size for Raksan Transformers IPO is 400 shares.
What is the minimum investment required?
The minimum investment required is ₹218,400.
What is the price band for the IPO?
The price band for the IPO is ₹258 to ₹273.
When is the listing date?
The listing date is scheduled for 18th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on demand in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Sep 2026
Close
15 Sep 2026
Allotment
16 Sep 2026
Listing
18 Sep 2026
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