Raksan Transformers IPO Day 3: Subscribed 1.38x; QIB leads at 3.87x
- Raksan Transformers IPO subscription stands at 1.38x on Day 3.
- Qualified Institutional Buyers (QIB) lead demand at 3.87x.
- Retail subscription is at 0.34x, while NII bHNI is at 0.65x.
- The issue closes on September 15, 2026, with listing on September 18.
*this image is generated using AI for illustrative purposes only.
Raksan Transformers IPO subscription remains flat at 1.38x on Day 3. Qualified Institutional Buyers (QIB) lead with 3.87x demand, while Retail and Non-Institutional Investors show limited participation. The issue closes on September 15, 2026.
Subscription Status
The Raksan Transformers IPO saw significant growth in QIB subscriptions during Day 2, which carried forward to Day 3 without further change. The total subscription multiple stands at 1.38x as of the end of trading on September 14, 2026.
| 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 |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) are the primary drivers of demand, accounting for 3.87x of the total subscription. This category saw a sharp increase from 1.00x on Day 1 to 3.87x on Day 2, where it has remained stable through Day 3.
Non-Institutional Investors (NII) are split between high-net-worth individuals (bHNI) and small-high-net-worth individuals (sHNI). The bHNI segment is subscribed at 0.65x, while the sHNI segment is at 0.24x. Retail investors have subscribed at 0.34x. Employee subscriptions remain at 0x.
Intra-day Timeline
On Day 3 (14-09-2026), subscription figures remained static throughout the day, reflecting no new bids after the morning snapshot.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 3.87x | 0.24x | 0.34x | 1.38x |
| 12:15 | 3.87x | 0.24x | 0.34x | 1.38x |
Offer Details
Raksan Transformers is raising funds through an IPO with a price band of ₹258.00000 to ₹273.00000. The minimum bid quantity is 800 shares. The issue size ranges from ₹206400 lakhs to ₹500000 lakhs depending on full utilization.
- Company: Raksan Transformers
- Price band: ₹258.00000 - ₹273.00000
- Issue size: 206400 - 500000
- Min bid qty: 800
- Open: 2026-09-10 10:00:00
- Close: 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, the company established manufacturing operations in 2005-06. It 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. The company serves 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 (₹ lakhs)
Risk Factors
- Heavy Dependence on Government and Public Utility Customers: 50.73% to 72.99% of revenue derived from these entities.
- Competitive Bidding Process Risks: Revenue linked to winning competitive tenders with no assurance of consistent qualification.
- Order Book Execution and Revenue Recognition Risks: Order book of ₹32,967.92 lakhs may not be representative of future results due to execution risks.
- Raw Material Supply Chain and Cost Volatility: Top 10 suppliers account for 54.96% of procurement; raw material costs represent 80.18% of revenue.
- Customer Concentration Risk: 71.49% to 83.52% of total revenue from top 10 customers in Fiscals 2026, 2025, and 2024.
What's Next
The IPO will close on 2026-09-15. Allotment is expected on 2026-09-16, and listing is scheduled for 2026-09-18.
Will the lack of retail and NII participation lead to significant listing gains or pressure on the stock price post-listing?
How might the company's heavy reliance on government tenders impact its revenue stability in the current economic climate?
What is the expected timeline for the new Liwaspur manufacturing facility to become operational and contribute to revenue?
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