About Raksan Transformers IPO
Raksan Transformers IPO Details
Raksan Transformers IPO is a 100% book-built issue of 55.12 lakh equity shares worth up to ₹150 crore, comprising a fresh issue of 44.12 lakh equity shares worth up to ₹113 crore and an offer for sale (OFS) of 11 lakh equity shares worth up to ₹30 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 30, 2025.
The price band of the issue is set between ₹258 to ₹273 per share and the lot size for an application is 400 shares. The minimum amount of investment required by an individual investor is ₹2,18,400 (800 shares). The IPO will be open for subscription from Sep 10 to 15, 2026, on the BSE SME platform with a tentative listing date fixed as Sep 18, 2026.
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
The Raksan Transformers IPO is officially set to open for subscription on Sep 10, 2026 and will close on Sep 15, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 30, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 16, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 17, 2026. Finally, shares of Raksan Transformers Ltd. are tentatively scheduled to list on the stock exchanges on Sep 18, 2026.
Raksan Transformers IPO Timeline
| IPO Open Date | Thu, Sep 10, 2026 |
| IPO Close Date | Tue, Sep 15, 2026 |
| Tentative Allotment | Wed, Sep 16, 2026 |
| Initiation of Refunds | Thu, Sep 17, 2026 |
| Credit of Shares to Demat | Thu, Sep 17, 2026 |
| Tentative Listing Date | Fri, Sep 18, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Raksan Transformers IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 15 Sep, 2026 |
| Listing Date | 18 Sep, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 258 to ₹ 273 |
| Lot Size | 400 Shares |
| Sale Type | Fresh Capital & OFS |
| 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) |
| 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 ₹28, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹301, which is 9.16% 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.
IPO Estimated Listing Return
Based on the IPO Price of ₹273 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹30 and a lot size of 400 shares.
Raksan Transformers IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Sep 2026 | ₹273 | ₹30 | 13 Sep, 202605:36 PM |
| 12 Sep 2026 | ₹273 | ₹30 | 12 Sep, 202611:03 AM |
| 11 Sep 2026 | ₹273 | ₹28 | 11 Sep, 202612:20 PM |
| 10 Sep 2026 | ₹273 | ₹25 | 10 Sep, 202609:36 AM |
| 9 Sep 2026 | ₹273 | ₹25 | 9 Sep, 202611:18 AM |
| 8 Sep 2026 | ₹273 | ₹0 | 8 Sep, 202610:49 AM |
| 07 Sep, 2026 | ₹273 | ₹0 | 07 Sep, 202612:31 PM |
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 organisations. An integrated business process starts right from the buying of raw materials such as copper strips and core steel up to the 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. Distribution and power transformers are the major revenue contributors, with margins derived from technical value addition and efficient procurement of specialised raw materials.
Financial Performance
In FY2026, Raksan Transformers Ltd. demonstrated robust top-line growth and improved operational efficiency. The firm reported revenue from operations of ₹363.11 crore, marking an 11.9% increase from ₹324.21 crore in FY25. Profitability expanded substantially as Profit After Tax (PAT) jumped 64.8% to ₹33.60 crore, driving net PAT margins to 9.25%. Strong operational momentum helped lower the firm's debt-to-equity ratio to 0.27, boosting net worth to ₹77.42 crore.
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 Directors 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
₹ 363.11 Cr
Profit After Tax
₹ 33.60 Cr
Net Worth
₹ 77.42 Cr
Total Borrowing
₹ 20.74 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 | 155.59 | 363.11 | 33.60 | 77.42 | 60.94 | 20.74 |
| 31 Mar 2025 | 117.90 | 324.21 | 20.38 | 44.07 | 43.20 | 23.51 |
| 31 Mar 2024 | 67.02 | 160.95 | 7.59 | 23.70 | 22.83 | 9.81 |
| Amount in ₹ Crore | ||||||
Raksan Transformers Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 55.32 % |
| ROCE | 46.72 % |
| Debt/Equity | 0.27 |
| RoNW | 43.41 % |
| PAT Margin | 9.25 % |
| EBITDA Margin | 12.87 % |
| Price to Book Value | 18.98 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 20.39 | 16.08 |
| P/E (x) | 13.39 | 16.98 |
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 ₹363.10 crore and PAT at ₹33.60 crore, 65% for the period FY26, with an EBITDA of ₹46.72 crore. Notably, the top 5 customers contributed around ₹168.33 crore, which is 46.36% 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 to invest in a growing company that has been working in the industry since 1995, showing 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.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 800 | 2,18,400 |
| Individual investors (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 |