Raksan Transformers IPO Day 1: QIBs enter at 1.00x; Retail jumps 225% to 0.13x
- Raksan Transformers IPO subscription reached 0.36x on Day 1.
- QIBs accounted for 1.00x of the total demand.
- Retail subscription jumped 225% to 0.13x.
- Issue closes on September 15, 2026.
*this image is generated using AI for illustrative purposes only.
Raksan Transformers IPO closed on Day 4 with a total subscription of 44.84 times, driven by a massive late-day surge. Non-Institutional Buyers (bHNI) led the rally at 72.21x, while Qualified Institutional Buyers (QIBs) reached 66.64x. Allotment is scheduled for September 16, with listing on September 18.
Subscription Status
The Raksan Transformers IPO witnessed a sharp acceleration in demand during the final hours of Day 4 trading on September 15, 2026. The total subscription climbed from 2.76x at the morning checkpoint to 44.84x by the close, reflecting robust participation across all categories. NII (bHNI) emerged as the strongest category, driving the overall multiple significantly higher.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 10-09-2026 | 1.00x | 0.07x | 0.05x | 0.13x | 0.36x |
| Day 2 | 11-09-2026 | 3.87x | 0.24x | 0.65x | 0.34x | 1.38x |
| Day 3 | 14-09-2026 | 3.87x | 0.24x | 0.65x | 0.34x | 1.38x |
| Day 4 | 15-09-2026 | 66.64x | 72.21x | 36.58x | 25.74x | 44.84x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) recorded the highest subscription at 72.21x, jumping 1357.4% from the morning checkpoint. Qualified Institutional Buyers (QIBs) also saw strong interest, reaching 66.64x, a jump of 1622.0% from the day's open. Retail investors showed significant growth, ending at 25.74x. The Employee category recorded 0x subscription.
Intra-day Timeline
Demand remained flat throughout the early trading hours before picking up pace after noon. The snapshot taken at 11:15 AM reflected minimal activity, but by 12:15 PM, QIB entry transformed the subscription landscape. Retail demand jumped +225.0% today from 0.04x to 0.13x.
| 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 |
| 13:15 | 1.00x | 0.04x | 0.07x | 0.33x |
| 14:15 | 1.00x | 0.05x | 0.09x | 0.34x |
| 15:15 | 1.00x | 0.06x | 0.10x | 0.35x |
| 16:15 | 1.00x | 0.06x | 0.12x | 0.35x |
| 17:15 | 1.00x | 0.07x | 0.13x | 0.36x |
Offer Details
- Company: Raksan Transformers
- Price Band: ₹258.00000 - ₹273.00000
- Issue Size: 206400 - 500000
- Min Bid Qty: 800
- Open Date: 2026-09-10
- Close Date: 2026-09-15
What's Next
- Allotment Date: 2026-09-16
- Listing Date: 2026-09-18
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 manufacturing facilities in Sonepat, Haryana, with a combined production capacity of 15,00,000 KVA for distribution transformers and 1350 MVA for power transformers. It manufactures distribution transformers, power transformers, transformers for solar applications, and special purpose transformers, serving government entities, utility companies, EPC contractors, and industrial clients.
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 363.11 | 324.21 | 160.95 |
| Total Profit (₹ crores) | 33.60 | 20.38 | 7.59 |
| Total Assets (₹ crores) | 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
Risk Factors
- Heavy Dependence on Government and Public Utility Customers: The company derives 50.73% to 72.99% of its revenue from government and public utility customers.
- Competitive Bidding Process Risks: Revenue is closely linked to winning competitive tenders from government entities.
- Order Book Execution and Revenue Recognition Risks: Order book of ₹32,967.92 lakhs as of June 30, 2026 may not be representative of future results.
- Raw Material Supply Chain and Cost Volatility: Top 10 suppliers account for 54.96% of procurement in Fiscal 2026.
- Customer Concentration Risk: Derived 71.49% to 83.52% of total revenue from top 10 customers in Fiscals 2026-2024.
Will the late-day QIB surge indicate sustained institutional confidence, or could it lead to a correction in subscription numbers on Day 2?
How might the company's heavy reliance on government and public utility contracts impact its revenue stability amidst potential shifts in infrastructure spending policies?
Given the significant capital expenditure for the new Liwaspur facility, what is the projected timeline for achieving operational breakeven and ROI?
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