Raksan Transformers IPO
smelistedAbout the company
Raksan Transformers manufactures transformers of different voltages, and the product range includes distribution transformers, power transformers, solar application transformers, and special purpose transformers. It was registered in the year 1995, and it started out as a repair and servicing company for distribution and power transformers. The company has backwards-integrated itself into the supply chain because of its group company SHR Powers Private Limited, which is involved in the manufacturing of transformer tanks/bodies for the company's production process. The company has two manufacturing units, and as of March 31, 2026, its capacity was about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Capacity utilisation was very high, with distribution transformers at 91.6% and power transformers at 95.1%. As of June 30, 2026, the company’s order book size was ₹329.68 crore on 83 orders in hand. The number of customers that the company has as of March 31, 2026, is around 121, and the company has been certified as a vendor by over 20 firms. In terms of revenues, 50.7% of revenue came from the B2G category in FY26, whereas 49.2% came from the B2B category. In the case of products, distribution transformers up to 3150 KVA contributed 64.18% of revenue in FY26, whereas power transformers contributed 27.5%, while others contributed the rest, which included revenue from scrap sales and job works. In terms of geographies, 58.5% of revenue came from Uttar Pradesh in FY26, whereas 14.2% came from Bihar, 8.2% from Madhya Pradesh, 7.7% from Haryana and 6.9% from Jammu & Kashmir.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 15 Sep | ₹50 | ₹323 | -11 |
| 14 Sep | ₹61 | ₹334 | +31 |
| 13 Sep | ₹30 | ₹303 | 0 |
| 12 Sep | ₹30 | ₹303 | 0 |
| 11 Sep | ₹30 | ₹303 | +2 |
| 10 Sep | ₹28 | ₹301 | +3 |
| 09 Sep | ₹25 | ₹298 | 0 |
| 08 Sep | ₹25 | ₹298 | 0 |
Strengths
- Strong presence in the transformer manufacturing segment
- Established customer base across key industrial sectors
- Growing demand for power and distribution transformers
- Focus on quality, reliability and customised transformer solutions
- Potential to benefit from India’s expanding power infrastructure
- Opportunities for capacity expansion and business growth
Risks
- High dependence on raw material prices, particularly copper and steel
- Intense competition in the transformer manufacturing industry
- Business performance may be affected by fluctuations in power-sector demand
- Working capital requirements could put pressure on cash flows
- Dependence on a limited number of customers or large orders may create concentration risk
- Any delays in capacity expansion or execution could affect growth prospects
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed10 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed15 Sept 2026Last day to place your bid
Basis of Allotment
Completed16 Sept 2026Share allotment finalised
Refund Initiation
Completed17 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed17 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed18 Sept 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 | 400 | ₹109,200 | 1 | ₹109,200 | 1 lot only |
| HNI | 2 | 800 | ₹218,400 | 2 | ₹218,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,824,859 | 75 | 3,305,085 | 1.17x | 85.5% |
| NII | 15% | 847,458 | 22.5 | 1,033,899 | 1.22x | 82% |
| Retail | 35% | 1,977,401 | 52.5 | 257,062 | 0.13x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
