Raksan Transformers IPO Day 1: QIBs step in; total subscription jumps to 0.32x
- Raksan Transformers IPO total subscription reached 0.32x on Day 1.
- Qualified Institutional Buyers (QIBs) drove the surge, subscribing 1.00x by 12:15 PM.
- Retail segment contributed 0.06x, showing a 50% increase from morning levels.
- Issue price band is set between ₹258 and ₹273 per share.
*this image is generated using AI for illustrative purposes only.
Raksan Transformers IPO saw a dramatic shift in investor sentiment on Day 1, with total subscription jumping to 0.32x by the close. Qualified Institutional Buyers (QIBs) emerged as the primary catalyst, entering the issue mid-day and lifting overall demand significantly after a quiet morning session.
Subscription Status
The issue began cautiously but gained substantial traction as institutional investors participated. By 12:15 PM, the QIB segment recorded a full 1.00x subscription, a stark contrast to the zero participation seen at 11:15 AM. This late-day surge propelled the total subscription multiple from 0.03x to 0.32x. Retail investors also showed increased interest, contributing 0.06x, while Non-Institutional Buyers (NII) remained relatively stable.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 10-09-2026 | 1.00x | 0.04x | 0.02x | 0.06x | 0.32x |
Intra-day Timeline
Demand remained flat throughout the early trading hours on Day 1 before picking up pace post-noon. The snapshot taken at 11:15 AM reflected minimal activity, but by 12:15 PM, QIB entry transformed the subscription landscape.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.04x | 0.04x | 0.03x |
| 12:15 | 1.00x | 0.04x | 0.06x | 0.32x |
Offer Details
- Price Band: ₹258.00000 - ₹273.00000
- Issue Size: 206400 - 500000
- Min Bid Qty: 800
- Open Date: 2026-09-10 10:00:00
- Close Date: 2026-09-15 16:00:00
About the Company
Raksan Transformers is an ISO 9001:2015 certified transformer manufacturer established in 1995. Initially engaged in repair and servicing, it established manufacturing operations in 2005-06. The company operates two facilities in Sonepat, Haryana, with a combined production capacity of 15,00,000 KVA for distribution transformers and 1350 MVA for power transformers. It serves government entities, utility companies, EPC contractors, and industrial clients.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 363.11 | 324.21 | 160.95 |
| Total Profit | 33.60 | 20.38 | 7.59 |
| Total Assets | 155.59 | 117.90 | 67.02 |
Objects of the Issue
- Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub-Tehsil Rai, Distt. Sonepat, Haryana: ₹62.14 crores
- To meet working capital requirements: ₹35.00 crores
- Repayment of certain borrowing availed by our Company, in part or full: ₹7.28 crores
- General Corporate Purpose: Remaining fresh issue proceeds in lakhs
Risk Factors
- Heavy Dependence on Government and Public Utility Customers
- Competitive Bidding Process Risks
- Order Book Execution and Revenue Recognition Risks
- Raw Material Supply Chain and Cost Volatility
- Customer Concentration Risk
Will the late-day QIB surge on Day 1 sustain momentum through the remaining four days of the IPO window, or is there a risk of institutional pullback?
How might the proposed ₹62.14 crore expansion in Sonepat impact Raksan Transformers' production capacity and market share relative to competitors?
Given the heavy reliance on government and utility clients, how vulnerable is the company's revenue growth to potential delays in public sector infrastructure spending?
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