GMP IPO Watch
Raksan Transformers IPO
Raksan Transformers IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Raksan Transformers IPO Details
Key facts at a glance| IPO Open Date | 9 September 2026 | IPO Close Date | 14 September 2026 |
|---|---|---|---|
| Basis of Allotment | 15 September 2026 | Listing Date | 17 September 2026 |
| Price Band | ₹258 - ₹273 per share | Face Value | ₹10 per share |
| Market Lot Size | 400 Shares | Min Investment (Retail) | ₹2,18,400 |
| Total Issue Size | ₹150.5 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹120.47 Cr | Offer for Sale (OFS) | ₹30.03 Cr |
| Listing At | BSE SME | Issue Category | SME Issue |
| Registrar | Bigshare Services Pvt. Ltd. | ||
Raksan Transformers IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 9 September 2026 | Confirmed |
| IPO Close Date | 14 September 2026 | Confirmed |
| Basis of Allotment | 15 September 2026 | Tentative |
| Initiation of Refunds | 17 September 2026 | Tentative |
| Credit of Shares to Demat | 17 September 2026 | Tentative |
| IPO Listing Date | 17 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 15 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Raksan Transformers IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 2 Lots | 800 Shares | ₹2,18,400 |
| Retail (Max) | 2 Lots | 800 Shares | ₹2,18,400 |
| S-HNI (Min) | 3 Lots | 1,200 Shares | ₹3,27,600 |
| S-HNI (Max) | 9 Lots | 3,600 Shares | ₹9,82,800 |
| B-HNI (Min) | 10 Lots | 4,000 Shares | ₹10,92,000 |
Raksan Transformers IPO Live GMP & Movement History
Daily unofficial grey market trends₹11 +4.0%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 16 Sept 2026 | ₹50 | ₹323.00 | +18.32% |
| 15 Sept 2026 | ₹61 | ₹334.00 | +22.34% |
| 11 Sept 2026 | ₹28 | ₹301.00 | +10.26% |
| 10 Sept 2026 | ₹25 | ₹298.00 | +9.16% |
Raksan Transformers IPO Subscription Status
Demand breakdown by investor categoryRaksan Transformers Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 67.02 Cr. | 162.52 Cr. | 152.12 Cr. | 7.59 Cr. |
| 2025 | 117.90 Cr. | 324.78 Cr. | 297.03 Cr. | 20.38 Cr. |
| 2026 | 155.59 Cr. | 363.63 Cr. | 318.44 Cr. | 33.60 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Raksan Transformers IPO Valuation & KPIs
Key metrics pre-issueRaksan Transformers Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Marsons Limited | 49.63 | 2.69 | 21.28% | [.] | 245.03 Cr. |
| Shilchar Technologies Limited | 29.47 | 138.25 | 32.22% | [.] | 651.94 Cr. |
| Supreme Power Equipment Limited | 27.75 | 8.18 | 17.49% | [.] | 181.64 Cr. |
About Raksan Transformers
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.
Key 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.
Key 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.
Raksan Transformers IPO Reservation & Share Quotas
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.
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.
Raksan Transformers IPO Important 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.
Raksan Transformers Promoters and Shareholding 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.
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.
Raksan Transformers About the 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.
Raksan Transformers Company Financial Report
| 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.
Raksan Transformers Company Valuation & Key Performance Indicators
| 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.
Raksan Transformers 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.
Raksan Transformers Lead Managers & Merchant Bankers
- Hem Securities Ltd.
Raksan Transformers IPO FAQs
Raksan Transformers IPO opens for subscription on 9 September 2026 and closes on 14 September 2026.
The price band for Raksan Transformers IPO is set at ₹258.00 to ₹273.00 per share.
The minimum market lot size is 400 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 800 Shares (₹2,18,400).
The latest Grey Market Premium (GMP) for Raksan Transformers IPO is ₹11. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Raksan Transformers IPO is tentatively scheduled for 15 September 2026, and shares are expected to list on the stock exchanges on 17 September 2026.
Bigshare Services Pvt. Ltd. is the official registrar for Raksan Transformers IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.