Raksan Transformers IPO
Capital Goods - Electrical Equipment • ₹150cr
High risk because:
- 5 material risk factors disclosed in DRHP
- Heavy dependence on government or PSU customers
- Working capital or debt pressure highlighted in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹10-15
Lot Size
400 shares
Issue Size
₹150cr
Open
10 Sept 2026
Close
15 Sept 2026
Subscription
0.55×
GMP +₹28 → est. ₹43
IPO Schedule
| Issue Open Date | 10 Sept 2026 |
| Issue Close Date | 15 Sept 2026 |
| Allotment Date | 16 Sept 2026 |
| Listing Date | 18 Sept 2026 |
About Raksan Transformers
Raksan Transformers is a manufacturer of electrical transformers across various voltage ratings, serving the power generation, transmission, and distribution sectors. The company’s core product portfolio encompasses distribution transformers, power transformers, inverter-duty transformers for solar applications, and special-purpose transformers. These products facilitate the efficient transmission and distribution of electrical energy across diverse industrial and infrastructure projects. The business primarily generates revenue by supplying its products to B2B and B2G clients, with a significant portion of its sales originating from government-controlled entities, public utilities, and state electricity boards. Operating out of its manufacturing facilities in Sonipat, Haryana, the company possesses an annual installed production capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Its operations span multiple Indian states, with a major market concentration in Uttar Pradesh, Bihar, and Madhya Pradesh.    
Company Details
Founders / Promoters
Mr Sanjeev Kanda
Founded
1995
Registrar
Bigshare Services Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Subscription Status
0.55×
Total Subscription
Grey Market Premium (GMP)
Issue Price
₹15
GMP
+₹28
Est. Listing
₹43
Est. Gain
+186.7%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Raksan Transformers — IPOFins Verdict
QuantitativeDriven by QIB demand at 1.3x and elevated disclosed risk (8/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Established in-house manufacturing operations for varied transformer capacities.
- Robust order book demonstrating strong demand and future revenue visibility.
- Proven track record of consistent financial performance and profitability.
- Deeply rooted relationships with key government and public utility clients.
- Experienced promoter and management team guiding strategic growth.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.2
Institutional subscription → score 0
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Raksan Transformers IPO?
The price band is ₹10-15 per share with a lot size of 400 shares. Minimum investment: ₹6,000.
What does Raksan Transformers do?
Raksan Transformers is a manufacturer of electrical transformers across various voltage ratings, serving the power generation, transmission, and distribution sectors. The company’s core product portfolio encompasses distribution transformers, power transformers, inverter-duty transformers for solar applications, and special-purpose transformers. These products facilitate the efficient transmission and distribution of electrical energy across diverse industrial and infrastructure projects. The business primarily generates revenue by supplying its products to B2B and B2G clients, with a significant portion of its sales originating from government-controlled entities, public utilities, and state electricity boards. Operating out of its manufacturing facilities in Sonipat, Haryana, the company possesses an annual installed production capacity of 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. Its operations span multiple Indian states, with a major market concentration in Uttar Pradesh, Bihar, and Madhya Pradesh.    
Should I apply for Raksan Transformers IPO?
Raksan Transformers is drawing muted interest at 0.6x overall subscription (QIB 1.3x, retail 0.2x). IPOFins Score 3/10: Driven by QIB demand at 1.3x and elevated disclosed risk (8/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Raksan Transformers?
Raksan Transformers was founded by Mr Sanjeev Kanda in 1995.