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IPO Open

Thu, Sep 10, 2026

IPO Close

Tue, Sep 15, 2026

Price Band

₹258 to ₹273

Market Cap*

₹570.39 Cr * on Upper Price

IPO Details

  • IPO Date
    10 to 15 Sep, 2026
  • Listing Date
    Fri, Sep 18, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹258 to ₹273
  • Lot Size
    400 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE SME
  • 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 Open
    Thu, Sep 10, 2026
  • Allotment
    Wed, Sep 16, 2026
  • Credit of Shares
    Thu, Sep 17, 2026
  • IPO Close
    Tue, Sep 15, 2026
  • Refund
    Thu, Sep 17, 2026
  • Listing
    Fri, Sep 18, 2026

Issue Reservation

Raksan Transformers IPO comprises a total issue size of 1,25,86,800 shares. The net offer to the public is 1,23,10,800 shares, after excluding 2,76,000 shares allotted on a firm basis. Of the Net offer 26,17,200 (21.26%) are allocated to QIB, 78,60,000 (63.85%) allocated to NII 18,33,600 (14.89%) allocated to RII.

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

Investors can bid for a minimum of 800 shares and in multiples of 400 shares thereof.

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

About Raksan Transformers Ltd.

Updated on Sep 7, 2026

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.

Competitive Strengths

  • Strong order book.
  • 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.

Company Financials (Restated Consolidated)

Raksan Transformers Ltd.’s revenue increased by 12% and profit after tax (PAT) rose by 65% between the financial year ending with March 31, 2026 and March 31, 2025.      (Amount in ₹ Crore)

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

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Anawil Wire & Engineering Ltd. SME ₹177.81 Cr ₹270 14.53 ₹346.10 +28.19% ₹389.80
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Avana Electrosystems Ltd. SME ₹35.22 Cr ₹59 12.4 ₹80.30 +36.10% ₹148.60

IPO 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

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
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 100% 73.61%
Public 26.39%
Total 100% 100%

Company Promoters: Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda.

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

Raksan Transformers IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

Bigshare Services Pvt.Ltd.

  • 8657578989/8069219065/8069219060
  • ipo@bigshareonline.com
  • Visit Website

IPO Lead Manager(s)

  1. Hem Securities Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Raksan Transformers Ltd. Address
Shop No. 16,
Local Shopping Centre-3,
Sector-8, Rohini, North Delhi,
New Delhi, New Delhi, 110085

IPO FAQs

Raksan Transformers IPO is a SME IPO of 55,12,800 equity shares of the face value of ₹10 aggregating up to ₹150 Crores. The issue is priced at ₹258 to ₹273. The minimum order quantity is 400.

The IPO opens on Thu, Sep 10, 2026, and closes on Tue, Sep 15, 2026.

Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Angel One customers can apply online in Raksan Transformers IPO using UPI as a payment gateway. Angel One customers can apply in Raksan Transformers IPO by login into Angel One  Console (back office) and submitting an IPO application form.

Steps to apply in Raksan Transformers IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Raksan Transformers IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Raksan Transformers IPO opens on Thu, Sep 10, 2026 and closes on Tue, Sep 15, 2026.

Raksan Transformers IPO lot size is 400, and the minimum amount required for application is ₹2,18,400, with 2 lots being the minimum application size.

You can apply in Raksan Transformers IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One , Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Raksan Transformers IPO will be done on Wednesday, September 16, 2026, and the allotted shares will be credited to your demat account by Thu, Sep 17, 2026. Check the Raksan Transformers IPO allotment status.

The Raksan Transformers IPO listing date is not yet announced. The tentative date of listing is Fri, Sep 18, 2026.

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