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₹258 - 273 Amounts at the upper price band.
Raksan Transformers Ltd
Capital Goods - Electrical EquipmentIPOSME
₹258 - 273
We are an ISO 9001:2015 certified company engaged in the manufacturing of transformers across different voltage ratings. Our product offerings include distribution transformers, power transformers, transformers for solar applications, and special purpose transformers. These transformers are utilized across multiple sectors to facilitate the transmission and distribution of electrical energy. We focus on delivering quality and reliability in our product range, supported by standardized manufacturing practices and compliance with applicable industry norms. Transformers serve critical functions in power generation, transmission, and distribution networks, and are deployed in diverse industrial and infrastructure projects.
Lot400Min Invest₹2,18,400Face Value₹10Issue Size₹151 CrFresh Issue₹120 CrOffer for Sale₹30 CrListing Price₹273CMP₹239
Timeline
10 Sept
Bidding opens
15 Sept
Bidding closes
16 Sept
Allotment
17 Sept
Refund & demat credit
18 Sept
Listing
Subscription · As of 7:37 PM, 15 Sept
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB70.5x24.73 L17.44 Cr4,761.12NII45.0x7.43 L3.34 Cr912.66Retail28.7x17.33 L4.97 Cr1,355.70Total44.2x55.13 L24.36 Cr6,283.72
Reports
Offer Details
Terms
Issue Size₹151 Cr0.55 Cr shares
Fresh Issue₹120 Cr
Offer for Sale₹30 Cr
Face Value₹10
Lot Size400 shares
ReservationQIB 49.98% · NII 15.01% · RETAIL 35.01%
Application Sizes
Retail₹2,18,4001-1 lots
sNII₹2,18,400from 2 lots
bNII₹10,92,000from 10 lots
Managers & Registrar
Lead ManagerHem Securities Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSanjeev KandaPRMTR11,00,00030.03Total11,00,00030.03
Shareholding
CategoryPre IPOPost IPOPromoter Group99.99%73.61%Public0.01%26.39%
Objects of the Issue
- Funding capital expenditure towards setting up of manufacturing facility
- To meet working capital requirements
- Repayment of certain borrowing availed by the Company, in part or full
- General Corporate Purpose
Anchor Book
Bid Date09-Sep-2026Bid Price₹273Shares15,70,000Amount₹43 Cr30-day lock-in15-Oct-202690-day lock-in14-Dec-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 72 | 161 | 324 | 363 |
| Operating ProfitCr | 6 | 11 | 30 | 47 |
| OPM% | 8.2 | 6.8 | 9.2 | 13.0 |
| PBTCr | 5 | 10 | 28 | 45 |
| PATCr | 3 | 8 | 20 | 34 |
| EPS | 2 | 5 | 12 | 20 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 1 | 16 |
| ReservesCr | 15 | 23 | 43 | 61 |
| BorrowingsCr | 6 | 10 | 24 | 21 |
| Total AssetsCr | 42 | 67 | 118 | 156 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 6 | 7 | 5 | 15 |
| Investing Cash FlowCr | -8 | -7 | -23 | -11 |
| Financing Cash FlowCr | -7 | 4 | 13 | -4 |
| Net Cash FlowCr | -9 | 4 | -4 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Established Manufacturing facility and In-house operations.
- Strong Order Book.
- Established relationship with the clients including government entities, power utilities.
- Quality assurance.
- Experienced and Strong Promotors/Management team.
- Track record of profitability and consistent financial performance.
Strategies · as stated in the DRHP
- Expand our manufacturing facility.
- Deepen our presence in existing markets and expand geographical reach.
- Strengthen Participation in Government and Utility Sector.
Risks · as stated in the DRHP
- The company derives a substantial portion of its revenue from government and public utility customers, the supply of transformers to public utility companies including government entities constituted 50.73%, 72.99% and 56.13% of the company's revenue from operations during the in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and its business is highly dependent on government policies, project allocations, and payment cycles.
- A significant portion of the company's revenue is derived from government-controlled entities, through competitive bidding processes. Its business, results of operations, and cash flows may be adversely affected if the company is unable to qualify for or win tenders, faces pricing pressures, experience delays in award or execution of contracts, or are restricted from participating in future bids.
- The company order book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its order book, which could adversely affect the company's business, financial condition, results of operations and prospects.
- The company significantly depends upon few of the raw material suppliers for its manufacturing activities. Volatility in the supply and pricing of the company's raw materials may have an adverse effect on its business, financial condition and results of operations.
- Any under-utilization or inability to efficiently utilize the company's existing manufacturing capacities could adversely affect its operational efficiency, financial performance, and future business prospects.
- The company derives a significant portion of its revenue from the sale of distribution transformers, and any reduction in demand or purchases for these transformers may adversely affect the company's business, results of operations, and financial condition.