Raksan Transformers IPO
Capital Goods - Electrical Equipment • ₹150.5 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Heavy dependence on government or PSU customers
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹273
Lot Size
400 shares
Issue Size
₹150.5 Cr
Open
10 Sept 2026
Close
15 Sept 2026
Subscription
43.8×
IPO Schedule
| Issue Open Date | 10 Sept 2026 |
| Issue Close Date | 15 Sept 2026 |
| Allotment Date | 16 Sept 2026 |
| Listing Date | 17 Sept 2026 |
About Raksan Transformers
Raksan Transformers is an ISO 9001:2015 certified company, which manufactures transformers across different voltage ratings. Its product portfolio includes distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, which are used in power generation, transmission and distribution networks, and various industrial and infrastructure projects. The company began operations in 1995, initially providing repair and servicing of distribution and power transformers, and started manufacturing transformers in 2005-06. As of March 31, 2026, the company operates two manufacturing facilities at HSIIDC Industrial Estate, Rai, District Sonepat, Haryana, with a combined area of approximately 3,037.5 sq. mtrs. The facilities have an installed production capacity of approximately 1,500,000 KVA for distribution transformers and 1,350 MVA for power transformers. The company also has a backward integration arrangement through its group company, SHR Powers Private Limited, which manufactures transformer tanks and bodies used in its production. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Distt. Sonepat, Haryana — Rs 62.14 crore To meet working capital requirements — Rs 35 crore Repayment of certain borrowing availed by the company, in part or full — Rs 7.28 crore General corporate purposes
Company Details
Founders / Promoters
Mr Sanjeev Kanda
Founded
1995
Registrar
Bigshare Services Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Raksan Transformers — IPOFins Verdict
QuantitativeDriven by QIB demand at 70.5x and elevated disclosed risk (7/10), Raksan Transformers listed at a premium of 0.0% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
- The company operates two manufacturing facilities in Rai, Sonepat, Haryana, with a combined area of approximately 3,037.5 sq. mtrs. It claims to have in-house capabilities for core cutting/slitting, w
- As of June 30, 2026, the company had 83 orders in hand with an aggregate order book of Rs 329.68 crore. The order book comprises orders for transformers and provides visibility into the company’s pend
- The company had around 121 customers as of March 31, 2026, including government entities, power utilities, EPC contractors, and industrial customers. It is also an approved vendor for more than 20 ent
- The company is ISO 9001:2015 certified for quality management systems at both its manufacturing facilities. It also has BIS approval for transformers with capacities of up to 2,500 KVA and BEE certifi
- Its promoter, Sanjeev Kanda, has around 31 years of experience in the transformer industry and has been involved in the company’s establishment, manufacturing operations, and expansion. The management
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score −0.5
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.
Listing Performance
Issue Price
₹273
Listing Price
₹273
Listing Gain/Loss
+0.00%
Listing Date
17 Sept 2026
Price Since Listing
Returns are measured against the ₹273 issue price.
Listing
₹273
+0.0%
1 Week
₹272.75
-0.1%
Current
₹265.9
-2.6%
Want to buy this stock?
Trade Raksan Transformers on the secondary market
FAQ
What is the price band of Raksan Transformers IPO?
The price band is ₹273 per share with a lot size of 400 shares. Minimum investment: ₹1,09,200.
What does Raksan Transformers do?
Raksan Transformers is an ISO 9001:2015 certified company, which manufactures transformers across different voltage ratings. Its product portfolio includes distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, which are used in power generation, transmission and distribution networks, and various industrial and infrastructure projects. The company began operations in 1995, initially providing repair and servicing of distribution and power transformers, and started manufacturing transformers in 2005-06. As of March 31, 2026, the company operates two manufacturing facilities at HSIIDC Industrial Estate, Rai, District Sonepat, Haryana, with a combined area of approximately 3,037.5 sq. mtrs. The facilities have an installed production capacity of approximately 1,500,000 KVA for distribution transformers and 1,350 MVA for power transformers. The company also has a backward integration arrangement through its group company, SHR Powers Private Limited, which manufactures transformer tanks and bodies used in its production. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Funding capital expenditure towards setting up a manufacturing facility at Liwaspur, Distt. Sonepat, Haryana — Rs 62.14 crore To meet working capital requirements — Rs 35 crore Repayment of certain borrowing availed by the company, in part or full — Rs 7.28 crore General corporate purposes
Should I apply for Raksan Transformers IPO?
Raksan Transformers listed at ₹273 (+0.0% premium to the ₹273 issue price) after 43.8x subscription. IPOFins Score 6/10: Driven by QIB demand at 70.5x and elevated disclosed risk (7/10), Raksan Transformers listed at a premium of 0.0% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
Who founded Raksan Transformers?
Raksan Transformers was founded by Mr Sanjeev Kanda in 1995.