Raksan Transformers IPO is a SME public issue that opened for subscription on 10 September 2026 and will close on 15 September 2026. The company has fixed the IPO price band at ₹258 to ₹273 per equity share. The issue is proposed to be listed on the SME platform, with the listing scheduled for 18 September 2026.
Investors looking for Raksan Transformers IPO date, price, GMP, lot size, issue size, allotment date, listing date and subscription details can check the complete information below.
The Raksan Transformers IPO opens for subscription today, 10 September 2026, and will remain open until 15 September 2026. Raksan Transformers Limited is an ISO 9001:2015 certified manufacturer of distribution, power and solar application transformers, and is raising about Rs 150.50 crore through a combination of fresh issue and offer for sale. The price band is set at Rs 258 to Rs 273 per share, with a lot size of 400 shares, and the shares are proposed to list on the BSE SME platform. Since bidding has only just opened, subscription figures will start reflecting real demand as the day progresses, so investors should track the live numbers through the session before deciding.
Raksan Transformers Limited has opened its IPO for subscription today, 10 September 2026. The Raksan Transformers IPO is a book built SME issue worth about Rs 150.50 crore, comprising a fresh issue of about Rs 120.47 crore and an offer for sale of about Rs 30.03 crore by promoter Sanjeev Kanda, and will remain open for bidding until 15 September 2026, a six day window spanning the coming weekend. The equity shares are proposed to be listed on the BSE SME platform.
The company manufactures distribution transformers, power transformers, transformers for solar applications and special purpose transformers used in power generation, transmission and distribution networks, and has established relationships with power utilities, EPC contractors and government entities, serving as an approved vendor for more than 20 organisations. The fresh issue proceeds of the Raksan Transformers IPO are earmarked for working capital and general corporate purposes.
Raksan Transformers IPO – Key Details
| Particular | Details |
|---|---|
| Company Name | Raksan Transformers Limited |
| IPO Type | SME IPO |
| IPO Open Date | 10 September 2026 |
| IPO Close Date | 15 September 2026 |
| Price Band | ₹258 – ₹273 per share |
| Face Value | ₹10 per share |
| Issue Size | ₹150.50 Crore |
| Total Shares Offered | 55,12,800 shares |
| Lot Size | 400 shares |
| Minimum Application | ₹2,18,400* |
| Listing | SME Platform |
| Allotment Date | 16 September 2026 |
| Refund/Unblocking | 17 September 2026 |
| Share Credit | 17 September 2026 |
| Listing Date | 18 September 2026 |
| Registrar | Bigshare Services Pvt. Ltd. |
*Minimum application amount depends on the applicable SME bidding structure and price at which the application is made. Current market sources report ₹2,18,400 at the upper price band.
Raksan Transformers IPO Price Band
The company has fixed the Raksan Transformers IPO price band at ₹258 to ₹273 per share. Investors can place bids within this price range during the issue period. The upper price of ₹273 is used for calculating the maximum application amount.
Raksan Transformers IPO Lot Size
The reported market lot is 400 shares. At the upper price band of ₹273, one lot is worth ₹1,09,200.
However, current SME application rules mean the minimum retail application can involve two lots, making the reported minimum retail investment approximately ₹2,18,400. Investors should verify the final lot/application structure with their broker before submitting an application.
Raksan Transformers IPO GMP Today
Raksan Transformers IPO GMP is an unofficial indicator of sentiment in the grey market.
On 10 September 2026, reports showed GMP around ₹25, which was approximately 9.16% above the upper issue price of ₹273. Based on this figure, the indicative price would be around ₹298, although this is not a guaranteed listing price.
GMP can change frequently and is not regulated or published by NSE, BSE or SEBI. Investors should therefore avoid making an investment decision based only on GMP.
About Raksan Transformers Limited
Raksan Transformers Limited is an ISO 9001:2015-certified company engaged in manufacturing transformers across different voltage ratings. Its products are used in the power generation, transmission and distribution segments.
The company's product portfolio includes different types of transformers designed for applications across the electrical power sector. Its business is positioned around the increasing requirement for electrical infrastructure and power equipment.
Raksan Transformers IPO Issue Size
The total issue size is approximately ₹150.50 crore, comprising 55,12,800 shares. According to the issue information, around ₹120.47 crore is being raised through the fresh issue, while approximately ₹30.03 crore represents the offer for sale.
Use of IPO Proceeds
The company plans to use the IPO proceeds for several purposes, including:
- Setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, Sonipat, Haryana
- Meeting working capital requirements
- Repayment of certain borrowings
- General corporate purposes
The proposed manufacturing facility is one of the major uses of the funds, with approximately ₹62.14 crore allocated toward capital expenditure. Around ₹35 crore is intended for working capital requirements and approximately ₹7.28 crore for repayment of borrowings.
Raksan Transformers IPO Important Dates
The important dates are:
- IPO Opens: 10 September 2026
- IPO Closes: 15 September 2026
- Basis of Allotment: 16 September 2026
- Refund/Unblocking: 17 September 2026
- Shares Credited: 17 September 2026
- Listing: 18 September 2026
These dates are based on the currently reported IPO schedule and may be subject to final exchange/registrar confirmation.
Raksan Transformers IPO GMP vs Listing Price
If the GMP remains at around ₹25, an indicative calculation would be:
Upper IPO Price: ₹273
Reported GMP: ₹25
Indicative GMP-based Price: ₹298
This calculation is only an illustration. Grey-market premiums are unofficial and can change before the listing. A positive GMP does not guarantee listing gains.
Should You Apply for Raksan Transformers IPO?
Raksan Transformers IPO may attract investor attention because it operates in the transformer and electrical equipment segment and is raising funds for manufacturing expansion, working capital and debt repayment.
However, investors should evaluate the company's financial performance, valuation, debt, profitability, industry outlook, promoter background and IPO risk factors before applying.
SME IPOs can also involve higher volatility and lower liquidity compared with many mainboard stocks. Therefore, investors should consider their risk tolerance and investment horizon.
| Subscription Details (No. of Shares) | |||
|---|---|---|---|
| Category | Offered | Applied | Times |
| QIBs | 1047200 | 1230400 | 1.17 |
| HNIs | 786000 | 42400 | 0.05 |
| bHNI | 524000 | 24800 | 0.05 |
| sHNI | 262000 | 17600 | 0.07 |
| Individual | 1833600 | 244800 | 0.13 |
| Total | 3666800 | 1517600 | 0.41 |
| Application-Wise Breakup | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 437 | 5 | 0.01 |
| HNIs (3-10L) | 218 | 13 | 0.06 |
| Individual | 2292 | 306 | 0.13 |
| 7% | 8% | 9% | 10% | 11% | 12% |
|---|---|---|---|---|---|
| ₹0.4 | ₹0.5 | ₹0.6 | ₹0.6 | ₹0.7 | ₹0.7 |
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 800 | 218400 | 2292 |
| sHNI | 3 | 1200 | 327600 | 218 |
| bHNI | 10 | 4000 | 1092000 | 437 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 5512800 | 100% |
| Anchor | 1570000 | 28.48% |
| QIB | 1047200 | 19% |
| HNI | 786000 | 14.26% |
| INDIVIDUAL | 1833600 | 33.26% |
| Market Maker | 276000 | 5.01% |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 55.32% | 60.14% | 38.14% |
| ROCE | 46.72% | 43.09% | 34.00% |
| EPS (BASIC) | 20.39 | 12.36 | 4.61 |
| P/E Pre IPO | 13.38 | ||
| P/E Post IPO | 16.98 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 155.58 | 117.9 | 67.02 |
| Total Income | 363.62 | 324.78 | 162.52 |
| Profit After Tax | 33.60 | 20.37 | 7.59 |
| EBITDA | 46.71 | 29.51 | 10.19 |
| NET Worth | 77.41 | 44.07 | 23.7 |
| Reserves and Surplus | 60.93 | 43.2 | 22.83 |
| Total Borrowing | 20.73 | 23.51 | 9.81 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Raksan Transformers Limited | 13.38 | 273.00 | 10.00 |
| Marsons Limited | 49.63 | 133.50 | 1.00 |
| Shilchar Technologies Limited | 29.47 | 4074.85 | 10.00 |
| Supreme Power Equipment Limited | 27.75 | 226.2 | 10.00 |
SOURCE:RHP,All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2026 and stock exchange data dated August 28, 2026 to compute the corresponding financial ratios. For our Company, we have taken Current Market Price as the Issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.
Peer Comparison (Financial Performance)
| Company | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|
| Raksan Transformers Limited | 43.41 | 20.39 |
| Marsons Limited | 21.28 | 2.69 |
| Shilchar Technologies Limited | 32.22 | 138.25 |
| Supreme Power Equipment Limited | 17.49 | 8.18 |
About Company
Incorporated in 1995, Raksan Transformers Limited is engaged in the manufacturing of power and distribution transformers for utilities, infrastructure, industrial, and renewable energy applications. Originally incorporated as Raksan Transformers Private Limited, the company shifted its registered office to Delhi in 2008 and was converted into a public limited company in 2025.
The company operates a modern manufacturing facility supported by an experienced engineering team, delivering reliable, efficient, and high-performance transformer solutions. Its products are designed, manufactured, and tested in accordance with stringent national and international quality standards to meet the evolving requirements of the power sector.
Raksan provides a wide range of transformer solutions backed by strong capabilities in design, manufacturing, testing, and quality assurance. The company follows robust Quality Management and Environmental, Health & Safety (EHS) practices throughout its operations, ensuring consistent product performance, operational safety, and customer satisfaction.
The company has earned industry recognition for its quality and reliability, including being ranked among India's Most Reputed & Trusted Transformer Manufacturers by Industrial Outlook Magazine. It has also received approvals from 38+ DISCOMs and government departments across India and has supplied more than 3,00,000 transformers, reflecting its strong market acceptance and long-standing contribution to the power transmission and distribution sector.
Strengths
Established Manufacturing Facilities: Operates two manufacturing units in Sonipat, Haryana with integrated in-house operations, ensuring efficient production and operational control.
Strong Quality Standards: Follows stringent quality checks backed by ISO 9001:2015, BIS approval (up to 2500 kVA transformers), and BEE Level 2/3 energy efficiency certification, ensuring reliable and high-quality products.
Experienced Leadership: Led by Mr. Sanjeev Kanda, who has 30+ years of experience in the transformer industry, supported by a skilled management team with expertise in manufacturing, finance, and regulatory compliance.
Risk Factors
Dependence on Government Tenders: A significant portion of revenue comes from government and public sector tenders. Failure to win new contracts may impact revenue and business growth.
Execution & Delivery Risk: Delays in manufacturing, supply chain, or third-party execution could lead to order cancellations, penalties, or liquidated damages.
High Working Capital Requirement: The transformer manufacturing business requires substantial working capital for raw materials, inventory, and project execution. Any funding shortfall could affect operations and growth.
Conclusion
Raksan Transformers IPO is a ₹150.50 crore SME issue with a price band of ₹258–₹273 per share. The IPO opened on 10 September 2026 and closes on 15 September 2026, with allotment expected on 16 September and listing scheduled for 18 September 2026.
The reported GMP is currently positive, but GMP should only be considered as an unofficial market-sentiment indicator. Investors should also study the company's financials, valuation, business prospects and risk factors before applying.
For the latest updates, investors can track Raksan Transformers IPO GMP Today, IPO subscription status, allotment status and listing price before making an investment decision.
Raksan Transformers IPO FAQs
What is Raksan Transformers IPO?
Raksan Transformers IPO is an SME public issue of Raksan Transformers Limited, a company engaged in manufacturing transformers for the electrical power sector.
When does Raksan Transformers IPO open?
The IPO opened on 10 September 2026.
When does Raksan Transformers IPO close?
The IPO closes on 15 September 2026.
What is the Raksan Transformers IPO price band?
The price band is ₹258 to ₹273 per equity share.
What is the Raksan Transformers IPO lot size?
The reported lot size is 400 shares.
What is the minimum investment in Raksan Transformers IPO?
At the upper price band, one 400-share lot is worth ₹1,09,200. Current SME application information reports the minimum retail application at 800 shares, or ₹2,18,400.
What is Raksan Transformers IPO GMP today?
On 10 September 2026, reported GMP was around ₹25, or approximately 9.16% of the upper price band. GMP is unofficial and can change at any time.
When is Raksan Transformers IPO allotment?
The basis of allotment is expected on 16 September 2026.
When will Raksan Transformers IPO be listed?
The proposed listing date is 18 September 2026.