Raksan Transformers IPO Day 4: Subscribed 4.34x; Retail demand jumps 95%
- Raksan Transformers IPO closed Day 4 with a total subscription of 4.34x.
- Retail demand surged 95.4% intraday to reach 3.85x.
- QIBs increased to 4.72x, while NII (bHNI) reached 5.45x.
- Allotment is scheduled for September 16, 2026.
- Shares are set to list on September 18, 2026.
*this image is generated using AI for illustrative purposes only.
Raksan Transformers IPO is subscribed 4.34 times on Day 4, marking a significant surge in investor interest. Retail investors led the late-day rally, jumping 95.4% intraday to 3.85x, while Qualified Institutional Buyers (QIBs) rose to 4.72x. The issue closes today, with allotment scheduled for September 16 and 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 4.34x by the close, reflecting robust participation across all categories.
| 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 | 4.72x | 3.98x | 5.45x | 3.85x | 4.34x |
Category-wise Breakdown
Non-Institutional Buyers (NII) emerged as the strongest category, with bHNI subscribers reaching 5.45x and sHNI at 3.98x. QIBs maintained a solid position at 4.72x. Retail investors showed the highest intraday growth, ending at 3.85x. The Employee category recorded 0x subscription.
Intra-day Timeline
On the final day of bidding, September 15, 2026, subscription figures picked up pace significantly after the midday mark. All categories saw double-digit percentage gains within a single hour.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 3.87x | 2.51x | 1.97x | 2.76x |
| 12:15 | 4.72x | 3.98x | 3.85x | 4.34x |
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.
How might the heavy reliance on government and public utility customers impact Raksan Transformers' revenue stability if public infrastructure spending slows post-listing?
What is the expected timeline for the new Liwaspur manufacturing facility to become operational, and how will it affect the company's production capacity margins?
Given the high customer concentration risk, how vulnerable is the company to margin compression if top clients renegotiate contract terms in the next fiscal year?
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