Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹113 Cr |
| Offer for Sale | ₹30 Cr |
| Market Cap | ≈ ₹570.39 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 21% |
| NII / HNI | 64% |
| Retail | 15% |
| Lead Managers | Hem Securities |
| Registrar | Bigshare Services |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 162.52 | 324.78 | 363.63 | +12% |
| EBITDA | 10.19 | 29.51 | 46.72 | +58% |
| PAT | 7.59 | 20.38 | 33.60 | +65% |
| Total Borrowing | 9.81 | 23.51 | 20.74 | -12% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Raksan Transformers | 17.0x | 55.32% | 9.3% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda |
| Pre-issue | 100% |
| Post-issue | 73.61% |
| Objects of Issue | |
|---|---|
| Manufacturing facility capex | ₹62.14 Cr |
| Working capital requirement | ₹35.00 Cr |
| Repayment of borrowings | ₹7.28 Cr |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive growth — PAT ₹7.6 → ₹33.6 Cr in two years (+65% in FY26); EBITDA +58%.
- Genuinely cheap — ~17x post-issue P/E, well below listed mainboard transformer peers (~24–46x).
- Low debt — debt/equity ~0.27; high ROE (though base-effect-inflated).
- Hot sector tailwind — distribution and power transformers for utilities, PSUs and industry amid India's grid build-out; established since 1995.
- Mostly-fresh, capex-led issue — ₹113 Cr fresh funds capacity expansion and working capital.
- Diverging grey market — GMP quotes vary widely (~₹26–61), an uncertain signal despite the cheap price.
- Base-effect returns — the ~55% ROE sits on a still-small net-worth base; margins are moderate (~9%).
- NII-heavy book — ~64% reserved for HNIs and only ~15% retail; a large ~₹2.18 lakh minimum ticket.
- Cyclical, order-dependent demand — transformer orders ride the power-capex cycle and utility/PSU spending; working-capital-heavy.
- SME listing — low post-listing liquidity and high volatility; single-location manufacturing (Sonepat); on the Sep 15 final day the book is strongly oversubscribed (7.55× overall, QIB 6.70×) but the grey market diverges widely (~₹26–61).
Did the signal hold up? Updates after Sep 18
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Raksan Transformers IPO FAQs
Common questions about the Raksan Transformers IPO — GMP, price, dates, allotment and more.
What is Raksan Transformers IPO GMP today?
As of the latest update (Subscription: Sep 15, 12:57 PM IST (Day 3 / final day — BSE) · GMP: Sep 15, ~12:50 PM IST (trackers diverge widely)), the grey market premium (GMP) for Raksan Transformers IPO is around ₹26–61 (trackers diverge widely), implying an estimated listing price of about ≈ ₹299–334. GMP is unofficial & indicative
What is Raksan Transformers IPO price band?
The price band is ₹258 – ₹273 per share (face value ₹10).
What is Raksan Transformers IPO lot size?
The lot size is 400 · min ₹2,18,400 per application.
When is Raksan Transformers IPO allotment?
The tentative basis-of-allotment date is Sep 16.
When will Raksan Transformers IPO be listed?
The tentative listing date is Sep 18, 2026 on BSE SME.
What is the expected listing price of Raksan Transformers IPO?
Based on the current grey market premium of ₹26–61 (trackers diverge widely), the estimated listing price is around ≈ ₹299–334 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Raksan Transformers IPO?
Our view: Apply · Subscribe
In simple terms, Raksan Transformers makes the transformers that step electricity up and down across the grid, and it sits right in the middle of India's power build-out. Its profit has grown explosively — from about ₹8 crore to ₹34 crore in two years (up ~65% last year) — it carries very little debt, earns a high return on its money, and, unlike the pricey listed transformer names, it is genuinely cheap at about 17 times earnings. On the Sep 15 final day demand is strong across the board — the book is about 7.55 times overall (institutions ~6.7 times, wealthy investors ~9.5 times, retail ~7.2 times). The things to weigh: the grey market firmed but the trackers diverge widely (around ₹26–61), an uncertain listing signal; and it is a tiny-exchange (SME) listing with a large ₹2.18 lakh minimum ticket and the thin liquidity that comes with that. On balance the strong growth, low debt, low price and healthy final-day demand make it look worth applying for — just size it as the higher-risk SME bet it is. This is IPOSignal's research view, not investment advice.
What is Raksan Transformers IPO subscription status?
As of Day 3 (final day) · Sep 15, 12:57 PM IST — latest available (bidding closes today), the issue was subscribed 7.6× overall — NII / HNI 9.5×, Individual 7.2×, QIB 6.7×.
Who is the registrar of Raksan Transformers IPO?
The registrar is Bigshare Services; the lead manager(s): Hem Securities.