Raksan Transformers IPO GMP today is Rs 11. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
RAKSAN
Raksan Transformers IPO GMP & Allotment
Raksan Transformers is a manufacturer of electrical transformers across various voltage ratings, serving the power generation, transmission, and distribution sectors. The company’s core product portfolio encompasses distribution transformers, power transformers, inverter-duty transformers for solar applications, and special-purpose transformers. These products facilitate the efficient transmission and distribution of electrical energy across diverse industrial and infrastructure projects. The business primarily generates revenue by supplying its products to B2B and B2G clients, with a significant portion of its sales originating from government-controlled entities, public utilities, and state electricity boards. Operating out of its manufacturing facilities in Sonipat, Haryana, the company possesses an annual installed production capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Its operations span multiple Indian states, with a major market concentration in Uttar Pradesh, Bihar, and Madhya Pradesh.
- IPO Price Band
- ₹258.00 - ₹273.00
- Lot Size
- 400 Shares
- Bidding Closes
- 15 Sept 2026
- Listing Date
- 18 Sept 2026
Current GMP Status
₹11
+4.03% vs upper band
Est. Listing Gain
+3.30%
Last Trend
16 Sept 2026
Listing Price
₹282.00
Retail Entry
₹2,18,400
IPO Details
Complete IPO information
| IPO Open Date | 10 Sept 2026 |
|---|---|
| IPO Close Date | 15 Sept 2026 |
| IPO Price Band | ₹258.00 - ₹273.00 |
| Lot Size | 400 Shares |
| Current GMP | ₹11 |
| Estimated Listing Gain | +3.30% |
| Issue Size | Approx ₹150.50 Cr |
| Fresh Issue | Approx ₹120.47 Cr |
| Issue Type | SME |
| IPO Listing | BSE SME |
| Retail Quota | TBA |
| Registrar | Bigshare Services Pvt. Ltd. |
| Overall Subscription | 44.18x |
| Minimum Investment | ₹2,18,400 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 10.47 | 738.38 | 70.51x |
| NII | 10.62 | 477.96 | 45.01x |
| Retail | 18.34 | 525.46 | 28.66x |
| Overall Subscription | 39.43 | 1741.81 | 44.18x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Raksan Transformers is priced at ₹273 per share. With a minimum lot size of 400 shares, a retail investor applying for one lot would need approximately ₹2,18,400 to participate in this SME issue.
The latest recorded Grey Market Premium for Raksan Transformers stands at ₹11, implying an estimated listing gain of around 4.03% over the issue price if it holds until listing. This is down ₹11 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Raksan Transformers's IPO was subscribed 44.18x overall, with a category-wise breakdown of Retail 28.66x, QIB 70.51x, NII 45.01x.
Among the strengths highlighted in Raksan Transformers's IPO documents: Established in-house manufacturing operations for varied transformer capacities.; Robust order book demonstrating strong demand and future revenue visibility..
Investors should also weigh the risk factors Raksan Transformers has disclosed, including: High reliance on government contracts exposes the business to policy shifts and tender delays..
A share of Raksan Transformers's issue proceeds is earmarked for Repayment Of Borrowings: 7.28 (6.04%).
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
10 Sept 2026
✓
Bidding Closes
15 Sept 2026
✓
Allotment
16 Sept 2026
✓
Listing
18 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 Sept 2026 | ₹50.00 | -₹11.00 | 18.32% |
| 15 Sept 2026 | ₹61.00 | +₹33.00 | 22.34% |
| 11 Sept 2026 | ₹28.00 | +₹3.00 | 10.26% |
| 10 Sept 2026 | ₹25.00 | - | 9.16% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 800 | ₹2,18,400 |
| Retail Maximum | 2 Lot | 800 | ₹2,18,400 |
| S-HNI Minimum | 3 Lot | 1,200 | ₹3,27,600 |
| S-HNI Maximum | 9 Lot | 3,600 | ₹9,82,800 |
| B-HNI Minimum | 10 Lot | 4,000 | ₹10,92,000 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 7.28 (6.04%)
- Working Capital 35 (29.05%)
- General Corporate Purpose 16.05 (13.33%)
Issue Notes
Important takeaways before applying
Strengths
- Established in-house manufacturing operations for varied transformer capacities.
- Robust order book demonstrating strong demand and future revenue visibility.
- Proven track record of consistent financial performance and profitability.
- Deeply rooted relationships with key government and public utility clients.
- Experienced promoter and management team guiding strategic growth.
Risks
- High reliance on government contracts exposes the business to policy shifts and tender delays.
- Significant revenue concentration stems from a limited number of key clients.
- Volatility in raw material prices can adversely impact overall profitability.
- Working capital constraints and payment delays may disrupt operations and future growth plans.
- Operations are heavily concentrated in a few specific states, increasing regional risks.
Analysis
Raksan Transformers IPO Reservation
The Raksan Transformers IPO reservation is divided among anchor investors, qualified institutional buyers, non-institutional investors and retail investors. The NII category has the largest portion of the issue at 62.45%, while retail investors have 14.57% of the shares offered. Anchor investors and QIBs excluding the anchor portion account for 12.47% and 8.32%, respectively.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | 15,70,000 Shares | 12.47% |
| QIB (Ex. Anchor) | 10,47,200 Shares | 8.32% |
| NII Shares Offered | 78,60,000 Shares | 62.45% |
| Retail Shares Offered | 18,33,600 Shares | 14.57% |
Note: The reservation figures are based on the Raksan Transformers IPO information provided.
Analysis
Raksan Transformers IPO Anchor Investors
Raksan Transformers has allocated shares to anchor investors ahead of the IPO opening. The anchor bidding is scheduled for September 9, 2026, with 15,70,000 shares offered to anchor investors. The anchor portion represents an important part of the institutional participation before the issue opens for other investor categories.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 9, 2026 |
| Shares Offered | 15,70,000 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor investor details are based on the Raksan Transformers IPO information provided.
Analysis
Raksan Transformers IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 10 Sept 2026 |
| IPO Close Date | 15 Sept 2026 |
| Basis of Allotment | 16 Sept 2026 |
| Refunds | 17 Sept 2026 |
| Credit to Demat Account | 17 Sept 2026 |
| IPO Listing Date | 18 Sept 2026 |
Note: The timeline for Raksan Transformers IPO is tentative and subject to change.
Analysis
Raksan Transformers Promoters and Holding Pattern
The promoters of Raksan Transformers are Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda. Before the IPO, the promoter and promoter group held 100% of the company's share capital. After the IPO, their holding is expected to reduce to 73.61%, while other shareholders will hold 26.39%.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 1,64,80,600 | 100% | 15,380,600 | 73.61% |
| Others* | – | -% | 5,512,800 | 26.39% |
| Total | 1,64,80,600 | 100% | 2,08,93,400 | 100% |
Note: The holding pattern is based on the Raksan Transformers IPO information provided. “Others*” represents shareholders outside the promoter and promoter group.
Analysis
Raksan Transformers Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding capital expenditure for a manufacturing facility | 62.14 (51.58%) |
| Meeting working capital requirements | 35 (29.05%) |
| Repayment or prepayment of certain borrowings | 7.28 (6.04%) |
| General corporate purposes | 16.05 (13.33%) |
Note: Objectives are as specified in the DRHP/RHP documents of Raksan Transformers.
Analysis
Raksan Transformers About Ipo
Raksan Transformers, founded in July 1995, manufactures transformers with different voltage capacities. The firm makes a wide range of transformers, such as distribution transformers, power transformers, transformers for solar applications, and special-purpose transformers used in power generation, transmission, and distribution networks.
Raksan started its business as a repair and servicing transformers, and later started making transformers from scratch and expanded its business with 2 manufacturing facilities in Rai, Sonepat, Haryana. Its products serve a wide range of customers, including government entities, power distribution corporations, public sector undertakings, utility companies, and EPC contractors. The company operates 2 manufacturing facilities equipped with machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding, and testing.
Analysis
Raksan Transformers Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 162.52 Cr. | 152.12 Cr. | 7.59 Cr. | 67.02 Cr. |
| 2025 | 324.78 Cr. | 297.03 Cr. | 20.38 Cr. | 117.90 Cr. |
| 2026 | 363.63 Cr. | 318.44 Cr. | 33.60 Cr. | 155.59 Cr. |
Note: Financial numbers for Raksan Transformers are in ₹ Crores unless stated otherwise.
Analysis
Raksan Transformers Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 55.32% |
| ROCE | 46.72% |
| EBITDA Margin | 12.87% |
| PAT Margin | 9.25% |
| Debt to Equity Ratio | - |
| Earning Per Share (EPS) | 20.39(Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 43.41% |
| Net Asset Value (NAV) | 46.97 |
Note: Valuation KPIs for Raksan Transformers are computed for FY2026.
Analysis
Raksan Transformers IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Marsons Limited | 2.69 | 49.63 | 21.28% | [.] | 245.03 Cr. |
| Shilchar Technologies Limited | 138.25 | 29.47 | 32.22% | [.] | 651.94 Cr. |
| Supreme Power Equipment Limited | 8.18 | 27.75 | 17.49% | [.] | 181.64 Cr. |
Note: Peer group comparisons for Raksan Transformers are sourced from DRHP filings.
Analysis
Raksan Transformers IPO Lead Managers aka Merchant Bankers
- Hem Securities Ltd.
Comparison
Compare Raksan Transformers IPO with similar IPOs
FAQ
Raksan Transformers IPO FAQs
Raksan Transformers IPO price band is Rs 258.00 to Rs 273.00. Check the latest issue price, lot size and GMP together before applying.
Raksan Transformers IPO open date is 10 Sept 2026, close date is 15 Sept 2026, and listing date is 18 Sept 2026.
Raksan Transformers IPO lot size is 400 shares. The minimum retail investment is Rs 2,18,400.
Raksan Transformers is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Raksan Transformers IPO subscription status currently shows Retail 28.66x, QIB 70.51x, NII 45.01x, Overall 44.18x.
Raksan Transformers is a manufacturer of electrical transformers across various voltage ratings, serving the power generation, transmission, and distribution sectors. The company’s core product portfolio encompasses distribution transformers, power transformers, inverter-duty transformers for solar applications, and special-purpose transformers. These products facilitate the efficient transmission and distribution of electrical energy across diverse industrial and infrastructure projects. The business primarily generates revenue by supplying its products to B2B and B2G clients, with a significant portion of its sales originating from government-controlled entities, public utilities, and state electricity boards. Operating out of its manufacturing facilities in Sonipat, Haryana, the company possesses an annual installed production capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Its operations span multiple Indian states, with a major market concentration in Uttar Pradesh, Bihar, and Madhya Pradesh.
Raksan Transformers IPO issue size is 150.50 and the expected allotment date is 16 Sept 2026.
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