Raksan Transformers IPO
Grey Market Premium (GMP)
Last updated: 7 Sept 2026, 9:50 am IST
GMP is an unofficial figure from grey market dealers and is not a guarantee of listing price.
Subscription Status
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IPO Details
- Open Date
- 10 Sept 2026
- Close Date
- 15 Sept 2026
- Listing Date
- 18 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹112.93 Cr
- OFS
- ₹30.03 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 800 | ₹2,18,400 |
| HNI (Min) | 3 | 1,200 | ₹3,27,600 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 15,70,000 | 12.75% |
| QIB (ex-anchor) | 10,47,200 | 8.51% |
| NII | 78,60,000 | 63.85% |
| Retail | 18,33,600 | 14.89% |
| Total | 1,23,10,800 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 162.52 | 7.59 | 10.19 | 23.7 | 67.02 | 9.81 | — |
| FY 2025 | 324.78 | 20.38 | 29.51 | 44.07 | 117.9 | 23.51 | — |
| FY 2026 | 363.63 | 33.6 | 46.72 | 77.42 | 155.59 | 20.74 | 20.39 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.39x
- P/E (post-issue)
- 16.98x
- RoNW
- 43.41%
- RoE
- 55.32%
- RoCE
- 46.72%
- Debt / Equity
- 0.27
- EPS (pre-issue)
- ₹20.39
- EPS (post-issue)
- ₹16.08
- EBITDA Margin
- 12.87%
- PAT Margin
- 9.25%
- P/BV
- 18.98x
- NAV / share
- ₹14.38
- Market Cap
- ₹570.39 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana | ₹62.14 Cr |
| To meet working capital requirements | ₹35 Cr |
| Repayment of certain borrowing availed by the Company, in part or full | ₹7.28 Cr |
| General Corporate Purposes | Not disclosed |
Net-proceeds utilisation as disclosed in the offer document.
Promoters & Shareholding
Promoters: <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.61%
- Dilution
- 26.39%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Raksan Transformers | 20.39 | — | — | 43.41% | Restated |
| Marsons Ltd | 2.69 | — | 49.63x | 21.28% | — |
| Shilchar Technologies Ltd | 138.25 | — | 29.47x | 32.22% | — |
| Supreme Power Equipment Limited | 8.18 | — | 27.75x | 17.49% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
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About the Raksan Transformers IPO
The Raksan Transformers SME IPO runs from 10 Sept 2026 to 15 Sept 2026, offered at a price band of ₹258–273 per share, and is set to list on BSE. The company is looking to raise ₹150.5 crore through the offer. Retail investors bid in lots of 400 shares, a minimum application of ₹2,18,400.
Issue structure
The offer combines a fresh issue of ₹112.93 crore with an offer for sale (OFS) of ₹30.03 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure towards setting up of manufacturing facility at liwaspur, sub-tehsil rai, distt. sonepat, haryana (₹62.14 crore), alongside to meet working capital requirements (₹35 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Raksan Transformers reported revenue of ₹363.63 crore and a net profit of ₹33.6 crore. Revenue grew from ₹162.52 crore in FY2024 to ₹363.63 crore in FY2026 (+124.0%). Net worth stood at ₹77.42 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.98× post-issue earnings and 18.98× book value, against a return on net worth of 43.41% and a debt-to-equity ratio of 0.27. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Marsons Ltd and Shilchar Technologies Ltd, with a median peer P/E of about 29.5×. The issue's own post-issue P/E works out to 16.98×.
Promoters
The promoters of the company are <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>. Promoter holding stands at 100% before the issue and comes down to 73.61% after listing.
Grey market premium (GMP)
In the unofficial grey market, Raksan Transformers shares are quoted at a premium of ₹0 implying an expected listing around ₹273, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
What to weigh
When evaluating the Raksan Transformers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Raksan Transformers
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
Raksan Transformers — Contact Details
- Registered office
- Shop No. 16,, Local Shopping Centre-3,, Sector-8, Rohini, North Delhi,, New Delhi, New Delhi, 110085
- Phone
- +91 8199946578
- Website
- www.raksantransformers.com/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Raksan Transformers IPO price band?
- The Raksan Transformers IPO price band is ₹258 to ₹273 per share, with a lot size of 400 shares.
- What is the Raksan Transformers IPO GMP today?
- The latest grey market premium for the Raksan Transformers IPO is ₹0, implying an expected listing near ₹273. GMP is an unofficial figure and not a guarantee of the listing price.
- When does the Raksan Transformers IPO open and close?
- The Raksan Transformers IPO opens on 10 Sept 2026 and closes on 15 Sept 2026.
- When is the Raksan Transformers IPO allotment and listing date?
- Allotment is expected on 16 Sept 2026. The shares are scheduled to list on 18 Sept 2026 on BSE.
- What is the reservation split in the Raksan Transformers IPO?
- Of the total shares offered, retail investors get 14.89%, QIBs 8.51% (plus 12.75% anchor), non-institutional investors 63.85%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Raksan Transformers and what is their holding?
- The promoters are <p>Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda</p>. Promoter holding is 100% before the issue and 73.61% after listing.
- What is the P/E ratio of the Raksan Transformers IPO?
- At the upper price band, the Raksan Transformers IPO is valued at 13.39× pre-issue earnings and 16.98× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Raksan Transformers IPO?
- The net proceeds go primarily toward funding capital expenditure towards setting up of manufacturing facility at liwaspur, sub-tehsil rai, distt. sonepat, haryana, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Raksan Transformers IPO?
- The book-running lead manager is Hem Securities Ltd..
- Is Raksan Transformers a Mainboard or SME IPO?
- Raksan Transformers is an SME IPO, listing on BSE (SME platform).