About Raksan Transformers IPO
Raksan Transformers IPO Details
Raksan Transformers IPO is a 100% book-built issue of 55.12 lakh equity shares, comprising a fresh issue of 44.12 lakh equity shares and an offer for sale (OFS) of 11 lakh equity shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 30, 2025.
The price band and official date of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE SME platform. The book-running lead manager of the issue is HEM Securities Ltd., while the registrar to the issue is BigShare Services Pvt. Ltd.
Raksan Transformers IPO Date & Timeline
Raksan Transformers Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on September 30, 2025. However, the specific Raksan Transformers IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Raksan Transformers IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Raksan Transformers IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | - |
| Face Value | ₹ 10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 55,12,800 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | 44,12,800 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 11,00,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,64,80,600 shares |
| Share Holding Post Issue | 2,08,93,400 shares |
Raksan Transformers IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Raksan Transformers IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Raksan Transformers Ltd. was incorporated on October 27, 1995, in New Delhi as a private limited company; then, in 2025, the company transformed into a public limited company to proceed with its public listing procedure.
With over 3 decades of operations, the company has built operations around providing reliable electrical infrastructure and its headquarters are in Rohini, Delhi. The company is a manufacturer of transformers across different voltage ratings, with a certification from ISO and consistently focused on technical precision and long-term relationships with utility providers and industrial clients.
Operations & Product Range
The core functions of Raksan Transformers Ltd. are based on the production, designing and testing of different transformers that include distribution transformers, power transformers, dry-type transformers and even furnace and earthing transformers. The company provides services to the state electricity boards, power distributors and big industrial organizations. An integrated business process starts right from the buying of raw materials such as copper strips, core steel, up to assembling and testing of transformers.
Facilities & Capacity
The manufacturing unit of Raksan Transformers Ltd. is situated in the HSIIDC Industrial Estate, Haryana, which is situated in proximity to the national capital city, making it easy for the company to reach out to the major markets in Northern India. It has machines that are used in the process of winding, assembling the core and testing the products at high voltage levels. Its manufacturing capacity stands at 1350 MVA per annum for power transformers as of FY25, but it depends on the efficiency of its factory and market demands.
Brands & Market Presence
Raksan Transformers Ltd. operates under its own corporate brand, ‘RAKSAN’, recognised for quality and reliability in the transformer industry, with a significant domestic presence through contracts with state-owned power utilities. The company has also expanded internationally, with exports contributing approximately 13% to total revenue from operations in FY25. Its products are tested according to national and international standards, helping it secure orders from reputed players in the infrastructure and energy sectors.
Revenue Streams & Business Model
The primary revenue source of Raksan Transformers Ltd. is derived from the sale of manufactured transformers and related electrical equipment through a mix of tender-based orders from government power utilities and direct sales to private industrial and commercial clients. For FY25, the company reported total revenue of ₹32.41 crore and exports reached ₹4.38 crore. Distribution and power transformers are the major revenue contributors, with margins derived from technical value addition and efficient procurement of specialized raw materials.
Management & Shareholding
Raksan Transformers Ltd. is promoted by Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda, who collectively hold a majority of the pre-IPO shareholding. Sanjeev Kanda, the Managing Director, brings over three decades of experience in the electrical industry. Following the IPO, the promoter shareholding will be diluted as new public shareholders come on board, with Sanjeev Kanda participating in the OFS by offloading 11,00,000 equity shares.
Board & Key Management
The leadership of Raksan Transformers Ltd. is led by a team of experts with many years of experience. Sanjeev Kanda serves as the Chairman & Managing Director and gives strategic direction to the firm and the daily operations, along with Whole-Time Director Dievam Singh Kanda. To ensure good governance, the board includes Independent Directors Kamal Dev Arora and Lokesh Vats for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Raksan Transformers IPO Financial Information
Latest Revenue
324.78
₹ Crore
Profit After Tax
20.17
₹ Crore
Net Worth
43.86
₹ Crore
Total Borrowing
23.51
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 117.90 | 324.78 | 20.17 | 43.86 | 42.99 | 23.51 | |||
| 31 Mar 2024 | 67.02 | 162.52 | 7.59 | 23.70 | 22.83 | 9.81 | |||
| 31 Mar 2023 | 42.08 | 73.59 | 3.39 | 16.10 | 15.24 | 5.70 | |||
| Amount in ₹ Crore | |||||||||
Raksan Transformers Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 59.70% |
| ROCE | 43.23% |
| Debt/Equity | 0.54 |
| RoNW | 45.97% |
| PAT Margin | 6.22% |
| EBITDA Margin | 9.10% |
| Price to Book Value | - |
Raksan Transformers IPO Objectives
The company intended to utilize the Raksan Transformers IPO proceeds for strategic purposes:
- • Funding the working capital requirements
- • Funding towards the set-up of manufacturing facilities of the subsidiary.
- • Repayment or prepayment of debt (in part or in full)
- • General corporate purposes
Raksan Transformers IPO Review
Raksan Transformers Ltd. is positioning itself within the critical power infrastructure sector in India, as the country focuses on grid modernisation and integration of renewable energy, demand for high-quality transformers is expected to remain steady. The company's business model is a direct play on India's power distribution growth story, catering to both the replacement market and new infrastructure projects.
Financially, the financial performance has shown a marked improvement, with revenue from operations of ₹324.20 crore and PAT at ₹20.16 crore, 45.97% for the period FY25, with an EBITDA of ₹29.51 crore. Notably, the top 10 customers contributed around ₹316.82 crore, which is 97.72% of the total revenue for operations.
However, investors should be aware of the potential risk of the company, including functioning in a capital-intensive industry with significant working capital requirements and debt levels, as well as the volatility of raw material prices like copper and steel and the competitive nature of tender-based government business. Overall, the IPO represents an opportunity to participate in a seasoned player seeking public capital for its next phase of technological and operational expansion.
Conclusion
Raksan Transformers IPO is an opportunity for investors to invest in a growing company that has been working in the industry since 1995. The company has shown strong financial statements, as the profit was above 45% for the period FY25, with a main focus on delivering high-quality and reliable products to meet the standardised level of products. With this listing, the company aims to fund the capital requirement for setting up new manufacturing facilities, to meet the working capital requirements, to reduce debt to strengthen the balance sheet and to maintain good operational activities.
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Competitive Strengths
Long-standing operational track record of nearly 30 years in the transformer industry.
Wide range of product offerings across distribution, power and specialty transformers.
Established domestic presence along with a growing international footprint through exports.
Experienced promoter group and management team with deep technical expertise.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 30/09/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |