Raksan Transformers IPO

Raksan Transformers Limited, incorporated in July 1995, is an ISO 9001:2015-certified manufacturer of transformers across different voltage ratings. The company manufactures distribution, power, solar and special-purpose transformers used in power generation, transmission, distribution and industrial applications. It operates two manufacturing facilities in Rai, Sonepat, Haryana, with installed capacities of approximately 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Raksan Transformers serves government entities, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial customers. The company also has in-house capabilities for core processing, coil winding, tank fabrication, testing and other manufacturing activities, supported by backward integration through its group company.

Raksan Transformers Limited IPO Overview

Raksan Transformers Limited IPO is a bookbuilding SME issue aggregating up to ₹150.50 crore. The issue comprises a fresh issue of 44,12,800 shares aggregating approximately ₹120.47 crore and an offer for sale of 11,00,000 shares aggregating approximately ₹30.03 crore. The IPO opens for subscription on 10 September 2026 and closes on 15 September 2026. The price band has been fixed at ₹258 to ₹273 per share, with a lot size of 400 shares. The minimum retail application requires 800 shares, or two lots, amounting to ₹2,18,400 at the upper price band. The minimum S-HNI application requires 1,200 shares, while B-HNI investors need to apply for at least 4,000 shares. Hem Securities Ltd. is the book-running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Hem Finlease Pvt. Ltd. is the market maker. Allotment is expected on 16 September, refunds and demat credit on 17 September, and listing on BSE SME on 18 September 2026.

Raksan Transformers Limited IPO Details

Particulars	Details
IPO Date	10 to 15 September 2026
Listing Date	18 September 2026
Face Value	₹10 per share
Issue Price Band	₹258 to ₹273 per share
Lot Size	400 Shares
Total Issue Size	55,12,800 shares (aggregating up to ₹150.50 Cr)
Fresh Issue	44,12,800 shares (aggregating up to ₹120.47 Cr)
Offer for Sale	11,00,000 shares (aggregating up to ₹30.03 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,64,80,600 shares
Share Holding Post Issue	2,08,93,400 shares
Market Maker Portion	2,76,000 shares
Lead Manager	Hem Securities Ltd.
Registrar	Bigshare Services Pvt. Ltd.
Market Maker	Hem Finlease Pvt. Ltd.

Raksan Transformers Limited IPO Reservation

Investor Category	Shares Offered
QIB	26,17,200 shares (21.26% of Net Issue)
NII (HNI)	78,60,000 shares (63.85% of Net Issue)
Retail	18,33,600 shares (14.89% of Net Issue)

Raksan Transformers Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investor (Min)	2	800	₹2,18,400
Individual Investor (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

Raksan Transformers Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	73.61%

Raksan Transformers Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹16.08
Price/Earnings (P/E) Ratio	16.98x
Return on Net Worth (RoNW)	43.41%
Net Asset Value (NAV)	₹14.38
Return on Equity	55.32%
Return on Capital Employed (ROCE)	46.72%
EBITDA Margin	12.87%
PAT Margin	9.25%
Debt to Equity Ratio	0.27

Objectives of the Proceeds

1. Capital Expenditure: ₹62.14 crore will fund the setting up of a new manufacturing facility at Liwaspur, Sonepat, Haryana.

2. Working Capital Requirements: ₹35.00 crore will support the company’s working capital requirements and ongoing operational activities.

3. Repayment of Borrowings: ₹7.28 crore will be utilised towards repayment of certain borrowings availed by the company.

4. General Corporate Purposes: A portion of the proceeds will be used for general corporate purposes and other permissible business requirements.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	155.59	117.90	67.02
Revenue	363.63	324.78	162.52
Profit After Tax	33.60	20.38	7.59
Reserves and Surplus	60.94	43.20	22.83
Total Borrowings	20.74	23.51	9.81

IPO Strengths

1. Strong order book.

2. Experienced promoters and management team.

3. Focus on quality assurance and regulatory compliance.

4. Established manufacturing facilities and in-house operations.

5. Track record of profitability and consistent financial performance.

6. Backward integration supporting supply chain and cost efficiency

7. Established relationships with government entities and power utilities.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	P/E (x)	RoNW (%)
Raksan Transformers Limited	20.39	20.39	—	43.41
Peer Group
Marsons Ltd.	2.69	2.69	49.63	21.28
Shilchar Technologies Ltd.	138.25	138.25	29.47	32.22
Supreme Power Equipment Limited	8.18	8.15	27.75	17.49