Raksan Transformers IPO
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 5 | Final |
|---|---|---|---|---|
| QIB | 1.17x | 3.87x | 3.87x | 70.51x |
| NII | 0.41x | 0.51x | 0.52x | 60.81x |
| bNII > ₹10L | 0.57x | 0.65x | 0.65x | 72.46x |
| sNII 2-10L | 0.07x | 0.24x | 0.25x | 37.51x |
| Retail | 0.13x | 0.35x | 0.36x | 28.66x |
| Total | 0.49x | 1.39x | 1.39x | 47.50x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 162.52 | 324.78 | 363.63 |
| Expense | 152.12 | 297.03 | 318.44 |
| Profit (PAT) | 7.59 | 20.38 | 33.60 |
| Total Assets | 67.02 | 117.90 | 155.59 |
Peer Comparison
| Company | EPS | P/E | RoNW % | Income |
|---|---|---|---|---|
| Raksan Transformers This IPO | 16.08 | 16.98 | 43.41 | - |
| Marsons Limited | 2.69 | 49.63 | 21.28 | 245.03 Cr |
| Shilchar Technologies Limited | 138.25 | 29.47 | 32.22 | 651.94 Cr |
| Supreme Power EquipmentLimited | 8.18 | 27.75 | 17.49 | 181.64 Cr |
Promoters & Holding Pattern
Promoters: Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,64,80,600 | 100.00% |
| Promoter Holding Post Issue | 1,53,80,600 | 73.61% |
Strengths & Risks
- Strongly subscribed — 47.5x overall (final).
- Strong institutional (QIB) demand — 70.5x.
- Solid profit margin — 9.2%.
- Strong return on equity — 55%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Raksan Transformers
Raksan Transformers, founded in July 1995, manufactures transformers with different voltage capacities. The firm makes a wide range of transformers, such as distribution transformers, power transformers, transformers for solar applications, and special-purpose transformers used in power generation, transmission, and distribution networks. Raksan started its business as a repair and servicing transformers, and later started making transformers from scratch and expanded its business with 2 manufacturing facilities in Rai, Sonepat, Haryana. Its products serve a wide range of customers, including government entities, power distribution corporations, public sector undertakings, utility companies, and EPC contractors. The company operates 2 manufacturing facilities equipped with machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding, and testing.
Company Contact Information
Raksan Transformers Ltd., Shop No. 16,, Local Shopping Centre-3,, Sector-8, Rohini, North Delhi,, New Delhi, New Delhi, 110085
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, Haryana | 71.91 |
| To meet working capital requirements | 39.00 |
| Repayment of certain borrowing availed by the Company, in part or full | 7.91 |
| General Corporate Purpose | - |
Resources & Documents
Anchor Investors
Raksan Transformers IPO - Quick Take
Raksan Transformers has set a price band of Rs 258–Rs 273 per share for an issue size of Rs 151 crore. The stock listed flat against its issue price.
The issue is promoted by Sanjeev Kanda, Dievam Singh Kanda and Renu Kanda with Hem Securities Ltd. acting as lead manager. Anchor investors have committed Rs 43 crore ahead of the public issue — about 28% of the total issue size. Anchor allocation was completed on September 09, 2026. Net proceeds will primarily be used towards funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, H… (Rs 72 crore) and to meet working capital requirements (Rs 39 crore).
At the upper end of the price band, the issue is priced at a post-issue P/E of 16.98x. On fundamentals, the company is posting revenue growth of 12.0%, a profit margin of 9.2%, return on equity of 55.3% in its most recent reported period. Listed peers in this segment include Marsons Limited (P/E 49.63x) and Shilchar Technologies Limited (P/E 29.47x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Raksan Transformers IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 6.2%. Of the 50 SME IPOs we have tracked with a final GMP under 10%, 19 listed above, 12 flat and 19 below the issue price; Raksan Transformers listed flat.
See the full Raksan Transformers GMP history and trend, or learn how grey market premium works and how reliable it is.
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