Raksan Transformers IPO
SMERaksan Transformers manufactures and supplies power and distribution transformers, catering primarily to utility, industrial, and infrastructure clients.
Verdict: Neutral
Est. GMP
+₹25 (+9%)
Price range
₹273
Lot size
—
Issue size
—
Allotment
16 Sept
Listing
18 Sept
Review
1. Grey market premium
★★★★★The GMP stands at a modest ~9.16%, reflecting subdued listing gain expectations.
2. Company financials
★★★★★The business operates in a working-capital-heavy domain with margins exposed to raw material price volatility.
3. Subscription status
★★★★★Bidding is yet to open, so overall demand traction remains to be observed.
4. Anchor investors
★★★★★Anchor book details are not available or not applicable for this SME placement.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹162.52 | ₹152.12 | ₹7.59 | ₹67.02 |
| 2025 | ₹324.78 | ₹297.03 | ₹20.38 | ₹117.90 |
| 2026 | ₹363.63 | ₹318.44 | ₹33.60 | ₹155.59 |
Subscription
Anchor investors
| Shares offered | 15,70,000 Shares |
| Bidding date | September 9, 2026 |
Anchor allocation data is not publicly available.
Risks
- ConcentrationHeavy reliance on capital expenditure cycles of power utilities and state electricity boards.
- FinancialExtended cash conversion cycles and high working capital intensity pose liquidity risks.
- CyclicalProfitability is highly sensitive to price swings in key inputs like copper, CRGO steel, and oil.
- ValuationThin grey market premium offers limited buffer against SME market volatility.