Raksan Transformers
Price band ₹258–273 · Issue ₹150.50 Cr
Market attention score 24 (how ranked)
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Capital required
Approximate retail outlay for Raksan Transformers at the issue price band (lot × lots).
Est. capital
₹1,03,200 – ₹1,09,200
Lot size 400 · up to ₹273/share
Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.
Opens
10 Sept 2026
Closes
15 Sept 2026
Allotment
16 Sept 2026
Listing
18 Sept 2026
Lot size
400
At a glance
IPO Open Thu, Sep 10, 2026 IPO Close Tue, Sep 15, 2026 Price Band ₹258 to ₹273 Market Cap * ₹570.39 Cr * on Upper Price IPO Details IPO Date 10 to 15 Sep, 2026 Listing Date Fri, Sep 18, 2026 T Face Value ₹ 10 per share Price Band ₹258 to ₹273 Lot Size 400 Shares Sale Type Fresh capital cum OFS Issue Type Bookbuilding IPO Listing At BSE SME 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) Share Holding Pre Issue 1,64,80,600 shares Share Holding Post Issue 2,08,93,400 shares IPO Timetable (Tentative) IPO Open Thu, Sep 10, 2026 IPO Close Tue, Sep 15, 2026 Allotment Wed, Sep 16, 2026 Refund Thu, Sep 17, 2026 Credit of Shares Thu, Sep 17, 2026 Listing Fri, Sep 18, 2026 IPOs Timetable Issue Reservation Raksan Transformers IPO comprises a total issue size of 1,25,86,800 shares. The net offer to the public is 1,23,10,800 shares, after excluding 2,76,000 shares allotted on a firm basis. Of the Net offer 26,17,200 (21.26%) are allocated to QIB , 78,60,000 (63.85%) allocated to NII 18,33,600 (14.89%) allocated to RII . Investor Category Shares % of Net Issue % of Total Issue QIB 26,17,200 21.26% 20.79% − Anchor Investor 15,70,000 12.47% − QIB (Ex. Anchor) 10,47,200 8.32% NII (HNI) 78,60,000 63.85% 62.45% Retail 18,33,600 14.89% 14.57% Firm Reservations Market Maker 2,76,000 2.19% Total 1,25,86,800 100.00% 100.00% IPO Lot Size Investors can bid for a minimum of 800 shares and in multiples of 400 shares thereof. Application Lots Shares Amount Individual investors (IND) (Min) 2 800 ₹2,18,400 Individual investors (IND) (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 IPO Subscription Details About Raksan Transformers Ltd. Updated on Sep 7, 2026 Incorporated in July 1995, Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of transformers across different voltage ratings. The Company manufactures a diversified range of transformers, including distribution transformers, power transformers, transformers for solar applications and special purpose transformers, which are used across power generation, transmission and distribution networks, as well as various industrial and infrastructure projects. The Company initially focused on the repair and servicing of distribution and power transformers and subsequently commenced transformer manufacturing in 2005-06. It has since expanded its operations to two manufacturing facilities in Rai, Sonepat, Haryana.
As of March 31, 2026, the Company operates through two manufacturing units spread across approximately 2,025 sq. mtrs. and 1,012.5 sq. mtrs., with a combined installed production capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The facilities are equipped with machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding and testing. The Company also has in-house facilities for core cutting/slitting, wire or strip drawing and tank fabrication, along with an in-house testing laboratory for conducting routine and type tests.
Overview
Raksan Transformers IPO is a book build issue of ₹150.50 crores. The issue is a combination of fresh issue of 44.13 lakh shares aggregating to ₹120.47 crores and offer for sale of 11.00 lakh shares aggregating to ₹30.03 crores.
Raksan Transformers IPO opens for subscription on Sep 10, 2026 and closes on Sep 15, 2026. The allotment for the Raksan Transformers IPO is expected to be finalized on Sep 16, 2026. Raksan Transformers IPO will list on the BSE SME with a tentative listing date fixed as Sep 18, 2026.
Raksan Transformers IPO is set issue price band at ₹258 to ₹273 per share. The lot size for an application is 400 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,18,400 (800 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,200 shares), amounting to ₹3,27,600.
Hem Securities Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt.Ltd.
Refer to Raksan Transformers IPO RHP for detailed Information.
Issue details
IPO Date
10 to 15 Sep, 2026
Listing Date
Fri, Sep 18, 2026T
Face Value
₹10 per share
Price Band
₹258 to ₹273
Lot Size
400 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 800 | ₹2,18,400 |
| Individual investors (IND) (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 |
Issue reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 26,17,200 | 21.26% | 20.79% |
| − Anchor Investor | 15,70,000 | 12.47% | |
| − QIB (Ex. Anchor) | 10,47,200 | 8.32% | |
| NII (HNI) | 78,60,000 | 63.85% | 62.45% |
| Retail | 18,33,600 | 14.89% | 14.57% |
| Firm Reservations | |||
| Market Maker | 2,76,000 | 2.19% | |
| Total | 1,25,86,800 | 100.00% | 100.00% |
About the company
Incorporated in July 1995, Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of transformers across different voltage ratings. The Company manufactures a diversified range of transformers, including distribution transformers, power transformers, transformers for solar applications and special purpose transformers, which are used across power generation, transmission and distribution networks, as well as various industrial and infrastructure projects. The Company initially focused on the repair and servicing of distribution and power transformers and subsequently commenced transformer manufacturing in 2005-06. It has since expanded its operations to two manufacturing facilities in Rai, Sonepat, Haryana.
As of March 31, 2026, the Company operates through two manufacturing units spread across approximately 2,025 sq. mtrs. and 1,012.5 sq. mtrs., with a combined installed production capacity of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The facilities are equipped with machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding and testing. The Company also has in-house facilities for core cutting/slitting, wire or strip drawing and tank fabrication, along with an in-house testing laboratory for conducting routine and type tests.
Raksan Transformers serves a diverse customer base comprising government entities, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial clients. The Company is an approved vendor for more than 20 entities, including power distribution corporations, PSUs and public utility companies. Its manufacturing process incorporates quality control measures at various stages and uses key raw materials such as CRGO steel, copper and aluminium conductors, transformer oil, insulating materials and fabricated transformer tanks. Its group company, SHR Powers Private Limited, manufactures transformer tanks/bodies, supporting the Company's backward integration and supply chain efficiency.
The Company's products are manufactured in compliance with applicable Bureau of Indian Standards (BIS) requirements, and the Company is authorized to use the ISI mark on applicable products. Several products are also certified under the Bureau of Energy Efficiency (BEE) STAR rating programme. The Company focuses on designing transformers according to customer-specific requirements, including voltage, power, climatic conditions, system configuration and sound levels.
As of June 30, 2026, the Company had 143 full-time employees, including 113 employees in production, along with personnel across designing and quality control, finance, purchase and stores, sales and marketing, and HR and administration.
- Strong order book.
- Experienced promoters and management team.
- Focus on quality assurance and regulatory compliance.
- Established manufacturing facilities and in-house operations.
- Track record of profitability and consistent financial performance.
- Backward integration supporting supply chain and cost efficiency
- Established relationships with government entities and power utilities.
Financials
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 155.59 | 117.90 | 67.02 |
| Total Income | 363.63 | 324.78 | 162.52 |
| Profit After Tax | 33.60 | 20.38 | 7.59 |
| EBITDA | 46.72 | 29.51 | 10.19 |
| NET Worth | 77.42 | 44.07 | 23.70 |
| Reserves and Surplus | 60.94 | 43.20 | 22.83 |
| Total Borrowing | 20.74 | 23.51 | 9.81 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 55.32% | 60.14% |
| ROCE | 46.72% | 43.09% |
| Debt/Equity | 0.27 | 0.53 |
| RoNW | 43.41% | 46.23% |
| PAT Margin | 9.25% | 6.28% |
| EBITDA Margin | 12.87% | 9.10% |
| NAV | 14.38 | 26.74 |
| Price to Book Value | 18.98 | 10.21 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
20.39
P/E (x)
13.39
Market Cap at Offer Price
₹450Cr.
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 73.61% |
| Public | 26.39% | |
| Total | 100% | 100% |
Objects of the issue
- — Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana
- — To meet working capital requirements
- — Repayment of certain borrowing availed by the Company, in part or full
- — General Corporate Purposes
Intermediaries
Registrar
Bigshare Services Pvt.Ltd.
Lead manager(s)
Hem Securities Ltd.
FAQs
How to apply in Raksan Transformers IPO through Zerodha?+
Zerodha customers can apply online in Raksan Transformers IPO using UPI as a payment gateway. Zerodha customers can apply in Raksan Transformers IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Raksan Transformers IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Raksan Transformers IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Raksan Transformers IPO will open?+
The Raksan Transformers IPO opens on Thu, Sep 10, 2026 and closes on Tue, Sep 15, 2026.
What is the lot size of Raksan Transformers IPO?+
Raksan Transformers IPO lot size is 400 , and the minimum amount required for application is ₹2,18,400 , with 2 lots being the minimum application size .
How to apply for Raksan Transformers IPO?+
You can apply in Raksan Transformers IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Raksan Transformers IPO allotment?+
The finalization of Basis of Allotment for Raksan Transformers IPO will be done on Wednesday, September 16, 2026 , and the allotted shares will be credited to your demat account by Thu, Sep 17, 2026 . Check the Raksan Transformers IPO allotment status .
When is Raksan Transformers IPO listing date ?+
The Raksan Transformers IPO listing date is not yet announced. The tentative date of listing is Fri, Sep 18, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.