Raksan Transformers came to market through an SME IPO that opened on 10 September 2026 and closed on 15 September 2026, and the shares listed on 18 September 2026 on BSE SME. The price band was ₹258 to ₹273 per share and one lot was 400 shares, so the minimum application was ₹1,09,200. The issue size was ₹150.5 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
It listed at ₹273, flat against the issue price of ₹273. Bigshare Services Pvt.Ltd was the registrar to the issue, and Hem Securities Ltd was the lead manager.
As of 15 September 2026.
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Overall the issue was subscribed 47.50 times.
Raksan Transformers Limited, incorporated in the month of July 1995, is an ISO 9001:2015 certified company engaged in the manufacturing of transformers at varying voltage levels. The Company has been manufacturing transformers of diversified types like distribution transformers, power transformers, transformers for solar applications, and special purpose transformers that find application in power generation, transmission and distribution systems, along with various industrial and infrastructure projects.
The Company started its operations by taking up repair and servicing work of distribution and power transformers and then started manufacturing of transformers in the year 2005-06. It has grown into two manufacturing plants located at Rai, Sonepat, Haryana. As of March 31, 2026, the Company has two manufacturing plants spanning over approximately 2,025 sq. mtrs. and 1,012.5 sq. mtrs. with the total production capacity of approximately 15,00,000 KVA of distribution transformers and 1,350 MVA of power transformers.
The facilities are equipped with core cutting machine, coil winding machine, assembling machine, tank fabrication machine, oil filtration machine, welding machine and test facility. The Company has in-house facilities of core cutting/slitting, wire or strip drawing and tank fabrication along with in-house testing facility. The customers of Raksan Transformers are varied and include government departments, power distribution corporations, public sector units, utility companies, EPC contractors and industrial companies.
The Company is one of the approved suppliers of over 20 such organizations including power distribution corporations, PSUs and utility companies. The manufacture process includes quality checks at different stages and involves the use of raw materials like CRGO steel, copper and aluminum conductors, transformer oil, insulation material and fabricated transformer tanks. The group company SHR Powers Private Limited manufactures transformer tanks/bodies thus helping the Company in achieving backward integration.
The products of the Company are manufactured keeping in mind the relevant BIS standards and the Company is duly authorized to mark the ISI on its products. There are several products which have got the certification of BEE STAR rating scheme. The Company places emphasis on design of transformers based on the individual customer requirements like voltage, power, climate, system and sound level requirements.
As on June 30, 2026, the Company had 143 employees which included 113 employees working in production in addition to those working in designing and quality control, finance, purchases and stores, sales and marketing and HR and administration.
As described in the offer document.
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Sanjeev Kanda, Dievam Singh Kanda, Renu Kanda. Promoter holding 100% before the issue and 73.61% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Raksan Transformers IPO was a ₹150.5 crore book-built issue, comprising a fresh issue of ₹120.47 crore and an offer for sale of ₹30.03 crore. It was priced at ₹258–₹273 per share with a lot size of 400 shares; the minimum retail application was 800 shares (₹2,18,400). The IPO was open from September 10 to September 15, 2026 and was subscribed 47.5x. Shares listed on BSE SME on September 18, 2026 at ₹273, in line with the issue price of ₹273.
Bigshare Services Pvt. Ltd. is the registrar. Hem Securities Ltd. is the book running lead manager.
The price band of Raksan Transformers IPO is ₹258 to ₹273 per share.
The lot size of Raksan Transformers IPO is 400 shares.
The minimum investment for Raksan Transformers IPO is approximately ₹2,18,400 based on the upper price band.
The allotment date of Raksan Transformers IPO is Sep 16, 2026.
No GMP quote could be verified as recorded before Raksan Transformers IPO listed. A grey-market observation of ₹10 per share was recorded on 18 Sep 2026, 7:45 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹273. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Raksan Transformers IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Raksan Transformers IPO allotment status on Rupix for quick and easy access.
₹258 to ₹273 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 400 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,09,200. After listing, SME shares also trade in lots rather than one share at a time.
₹1,09,200, for one lot of 400 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 10 September 2026 and closed on 15 September 2026.
The basis of allotment was published on 16 September 2026 by Bigshare Services Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 18 September 2026 on BSE SME, opening at ₹273.
The issue size was ₹150.5 crore. The fresh issue was 44,12,800 shares (aggregating up to ₹120.47 crore). The offer for sale was 11,00,000 shares (aggregating up to ₹30.03 crore).
It listed at ₹273 against an issue price of ₹273, a gain of 0 percent on listing day.