SME
IPO ·
BSE SME
Raksan Transformers Ltd
Listed
Delhi-based maker of distribution, power and solar transformers with plants in Sonepat.
Issue details
Price band
₹258 – ₹273
Face value
₹10
Lot size
400 shares
Minimum investment
₹2,18,400
Issue size
₹150 Cr
Fresh issue
—
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
10 Sep 2026
Closes
15 Sep 2026
UPI mandate cut-off
5:00 PM on 15 Sep 2026
Allotment
16 Sep 2026
Refunds
17 Sep 2026
Shares in demat
17 Sep 2026
Listing
18 Sep 2026
Subscription and listing
Subscription
33.55x
Listing price
₹273
Registrar
Bigshare Services Pvt Ltd
Lead manager
Hem Securities Ltd
Subscription by category
Total
33.55x
Total applications
82,436
Anchor investors
Amount raised
₹42.86 Cr
Bid date
9 Sep 2026
50% lock-in ends
16 Oct 2026
Rest lock-in ends
15 Dec 2026
Listing day
Issue price
₹273
Open
₹273.00
High
₹286.65
Low
₹261.30
Day close
₹286.60
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
26,17,200
47.47%
Anchor Investor
15,70,000
28.48%
QIB (Ex. Anchor)
10,47,200
19.00%
NII
7,86,000
14.26%
bNII > ₹10L
5,24,400
9.51%
sNII < ₹10L
2,61,600
4.75%
Retail
18,33,600
33.26%
Market Maker
2,76,000
5.01%
Total
55,12,800
100.00%
Finaccle’s quick read
Apply
PAT up 65% to ₹33.60 Cr in FY26, with ROE of 55.32%, D/E of 0.27 and a post-issue P/E of 16.98. About 80% of the issue is fresh capital.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Raksan Transformers makes distribution, power, solar and special-purpose transformers at units in Rai, Sonepat, Haryana, with its office in Delhi. It started out repairing transformers in 1995 and began manufacturing in 2005-06. It supplies power utilities and government bodies, and FY26 income was about ₹364 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
55.32%
ROCE
46.72%
Debt / equity
0.27
PAT margin
9.25%
P/E post issue
16.98
Market cap
₹570.39 Cr
Use of IPO money
Capex for manufacturing facility at Liwaspur, Rai, Sonepat
₹62.14 Cr
Working capital
₹35.00 Cr
Debt repayment
₹7.28 Cr
General corporate purposes
₹4.32 Cr
Issue expenses
₹14.64 Cr
Strengths
✓
Three decades in transformer repair and manufacturing
✓
Low debt/equity of 0.27 with ROCE near 47%
✓
Order book backed by utilities and government customers
✓
Group company supplies tanks for backward integration
✓
PAT margin rose from 6.28% to 9.25% in FY26
Risks to watch
!
PAT rose more than 4x in two years, from ₹7.59 Cr
!
Income growth slowed to about 12% in FY26
!
Depends on utility and government orders
!
About ₹30 Cr of the issue is OFS by a promoter
!
Traded below issue price about six weeks after listing
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.