Rajnandini Fashion India IPO
smelistedAbout the company
Incorporated in October 2010, Rajnandini Fashion India is an apparel company that designs, manufactures, and sells women's ethnic and casual wear. Its wide-range product includes everything from sarees, kurtis, and unstitched dress materials to modern tops, fusion wear, and maternity gowns. To attract a wide audience, it prices its products between ₹250 and ₹2,000, applying varied fabrics like cotton, silk, rayon, and poly-cotton. In the initial year of its business the company depended totally on outsourcing its production and trading fabrics. However, they shifted to in-house manufacturing by opening their first production facility in Surat in 2023, followed by a second unit in Jaipur in 2024. Today, these two facilities operate with a total of 140 sewing machines. Installed capacity at Surat unit stood at 4,60,460 pieces with capacity utilisation of 87.21% in 9MFY26 while capacity at Jaipur unit stood at 2,45,700 pieces with utilisation of 68.03%. Its products are cotton tops, tunics, kurta sets, maternity dresses, general dresses, kurtas, patiala suits, fabrics, unstitched dresses, sarees and co-ord sets. It divided its business into two primary sections - B2C and B2B. In the B2C section, the company sells directly to consumers via its official website and major e-commerce websites and apps like Amazon, Flipkart, Myntra, and Nykaa. Its B2B section focuses on the broader textile supply chain. In this segment, it supplies semi-stitched outfits and bulk fabrics such as printed and dyed materials directly to clothing processors, wholesalers, and retail businesses. B2B and B2C made up 50.35% and 49.65% of revenue respectively in 9MFY26. As of 9MFY26, the company delivered 2.90 lakhs orders. The company sells its products in more than 35 states and union territories in India. The company has carried out sales in international markets and its products are exported to four countries. Its main revenue came from manufacturing casual and ethnic wears ~78% in 9MFY26. Domestically, Gujarat is the main contributor which made up 35.36% of revenue in 9MFY26, followed by Rajasthan at 44.88% and Maharashtra at 19.12%. The USA was the main contributor in export, making up 87.63% of export sales in 9MFY26. Its competitors in the organised segment are Nandani Creation Limited and Libas Consumer Products Limited.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 28 May | ₹10 | ₹73 | 0 |
| 27 May | ₹10 | ₹73 | +4 |
| 26 May | ₹6 | ₹69 | 0 |
| 25 May | ₹6 | ₹69 | 0 |
| 24 May | ₹6 | ₹69 | 0 |
| 23 May | ₹6 | ₹69 | -2 |
| 22 May | ₹8 | ₹71 | 0 |
| 21 May | ₹8 | ₹71 | 0 |
Strengths
- Strong presence in women’s ethnic and casual wear market
- Growing demand for online fashion and ethnic apparel in India
- Multi-channel business model with B2B and B2C operations
- Products listed on major e-commerce platforms like Amazon, Myntra, Flipkart, and Ajio
- Reasonable IPO valuation compared to some listed peers
- Healthy financial performance with strong ROE and ROCE
- IPO proceeds planned for expansion, working capital, and business growth
- Positive grey market premium indicating healthy investor sentiment
- Asset-light business model supports scalability
- Exposure to fast-growing organized fashion retail segment
Risks
- SME IPOs generally carry higher volatility and lower liquidity
- Fashion and apparel industry faces intense competition
- Heavy dependence on e-commerce platforms for sales
- Any policy or commission changes by marketplaces can impact margins
- Small issue size may limit institutional participation
- Part of IPO proceeds being used for debt repayment
- Business performance may be affected by changing fashion trends
- Profit margins can fluctuate due to raw material cost changes
- SME stocks often witness sharp price swings after listing
- Grey market premium is unofficial and can change quickly
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed26 May 2026Bidding starts for all investor categories
IPO Closes
Completed29 May 2026Last day to place your bid
Basis of Allotment
Completed01 Jun 2026Share allotment finalised
Refund Initiation
Completed02 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed02 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed03 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹126,000 | 1 | ₹126,000 | 1 lot only |
| HNI | 2 | 4000 | ₹252,000 | 2 | ₹252,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,475,410 | 9 | 0 | 0.00x | 100% |
| NII | 15% | 442,623 | 2.7 | 0 | 0.00x | 100% |
| Retail | 35% | 1,032,787 | 6.3 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
