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Raksan Transformers IPOLISTED

BSESMEBook Built Issue

Raksan Transformers Limited is an ISO 9001:2015 certified transformer manufacturer, offering distribution, power, solar and special-purpose transformers for utilities, industrial and infrastructure projects.

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Listing price

₹273

Listing gain

+0.00%

Current

₹273

Listed

18 Sept 26

Opens

10 Sept 26

Closes

15 Sept 26

Allotment

16 Sept 26

Refund

17 Sept 26

Demat

17 Sept 26

Listing

18 Sept 26

Listed at

₹273

+0.00% on 18 Sept 26

Min. investment₹2,18,400

GMP₹10 · +3.7%

Subscribed47.50x

Track in the app

Overview

Price band

₹258-273

Lot size

400 shares

Min. investment

₹2,18,400

Issue size

₹150.50 Cr

55.13 L shares

Fresh issue

₹120.47 Cr

44.13 L shares

Offer for sale

₹30.03 Cr

11.00 L shares

Face value

₹10 / share

Issue type

Book Built Issue

Listing at

BSE

Reservation

Market Maker 5.01%Anchor Investor 28.48%QIB 19%NII 14.26%Individual 33.26%

Category	Shares offered	% of issue
Market Maker	2,76,000	5.01%
Anchor Investor	15,70,000	28.48%
QIB	10,47,200	19%
NII (HNI)	7,86,000	14.26%
B-HNI	5,24,000	—
S-HNI	2,62,000	—
Individual	18,33,600	33.26%
Total	55,12,800	100.01%

Lot size & investment

Application	Lots	Shares	Amount
Retail (Min)	2	800	₹2,18,400
Retail (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

Listing performance

NSE/BSE: RAKSANTRANSFORMERS

Listing gain

0.00%

Gain per retail lot

₹0

Latest vs issue

—

GMP was

₹10 (+3.66%)

₹273

₹283+3.66%

₹2730.00%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

Raksan Transformers Live GMP

GMP₹10

Est. Price₹283

Est. Gain3.66%

Latest GMP

₹10

All-time high

₹25

All-time low

₹20

GMP × retail lot ₹8,000GMP × S-HNI min ₹12,000Expected listing ~ ₹283GMP is unofficial and changes often. Data as of 15 Sept, 05:05 pm.

Subscription

15 Sept, 05:05 pm

Oversubscribed 47.50 times · 83,085 applications

QIB

70.51x

NII (HNI)

60.81x

S-HNI

37.51x

B-HNI

72.46x

Retail

28.66x

Total

47.50x

Total applications

83,085

Total bid amount

₹4,755 Cr

Category breakdown

Category	Shares offered	Shares bid	Times	Bid amount
QIB	10,47,200	7,38,38,400	70.51x	₹2,016 Cr
NII (HNI)	7,86,000	4,77,96,000	60.81x	₹1,305 Cr
B-HNI	5,24,000	3,79,68,800	72.46x	₹1,037 Cr
S-HNI	2,62,000	98,27,200	37.51x	₹268 Cr
Retail	18,33,600	5,25,46,400	28.66x	₹1,435 Cr
Total	36,66,800	17,41,80,800	47.50x	₹4,755 Cr

Financials

(₹ in crores)

Key performance indicators

As of 31 Mar 2026

ROE

55.32%

PAT Margin

9.25%

ROCE

46.72%

EBITDA Margin

12.87%

Debt to Equity Ratio

0.27

Price to Book Value

18.98

RoNW

43.41%

Valuation vs listed peers

EPS Pre IPO

₹20.39

EPS Post IPO

₹16.08

P/E Pre IPO

13.39

P/E Post IPO

16.98

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+123.7%

Profit growth FY24 → FY26

+342.7%

ROCE

46.72%

PAT margin 9.3% and ROCE 46.7%.
Price-to-book of 19.0× leaves little room for an earnings miss.

Strengths & risks

Established Manufacturing Facilities with in-house production capabilities.
Strong Order Book providing revenue visibility.
Established Customer Relationships across utilities, government and industrial sectors.
Quality Focus supported by ISO, BIS and BEE certifications.
Experienced Management with strong transformer industry experience.

6.7/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials7.2

Growth5.2

Business7.6

Demand8.7

Risk7.2

Objects of the issue

Purpose	Amount (₹ Cr)
Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana.	62.14
To meet working capital requirements.	35
Repayment of certain borrowing availed by the Company, in part or full.	7.28
General Corporate Purposes.	-

Company & documents

Raksan Transformers Limited is an ISO 9001:2015 certified transformer manufacturing company engaged in manufacturing transformers across different voltage ratings. Its product portfolio includes distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, which are used in power generation, transmission, distribution, industrial and infrastructure projects.

Established in 1995, Raksan Transformers initially provided transformer repair and servicing before starting manufacturing operations in 2005-06. It now operates two manufacturing facilities in Rai, Sonepat, Haryana.

As of March 31, 2026, its two facilities had a combined capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers, supported by in-house manufacturing and testing capabilities.

The Company manufactures transformers based on customer requirements and benefits from backward integration through its group company, SHR Powers Private Limited, which manufactures transformer tanks and bodies.

The Company serves government entities, power utilities, EPC contractors and industrial clients and is an approved vendor for over 20 entities. Its products comply with BIS standards, with several also carrying BEE energy-efficiency ratings.

As of June 30, 2026, the Company had 143 full-time employees across production and other functions.

Registrar

Bigshare Services Pvt. Ltd.

Phone: 8657578989/8069219065/8069219060

Email: ipo@bigshareonline.com

Web: https://ipo.bigshareonline.com/IPO_Status.html

Company contact

Raksan Transformers Limited

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

Phone: +91 8199946578

Email: cs@raksantransformers.com

Web: https://www.raksantransformers.com/