Raksan Transformers IPO
Raksan Transformers IPO is an SME IPO raising ₹150 Cr at ₹258 – ₹273 a share. It listed on 18 Sept 2026 at ₹273, 0.0% against its issue price of ₹273, and trades at ₹229 today (−16.2% since issue). It was subscribed 44× in total.
44.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs273. Checked: exchange issue size Rs150 Cr vs derived Rs150.5 Cr (0.3% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 55% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Marsons Limited | 49.63× | 21.28% | ₹2.69 |
| Shilchar Technologies Limited | 29.47× | 32.22% | ₹138.25 |
| Supreme Power Equipment Limited | 27.75× | 17.49% | ₹8.15 |
| This issue | 13.4× | 43.41% | ₹20.39 |
derived: cut-off price Rs273 / stated EPS Rs20.39 (FY ending March 31, 2026, Basic & Diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.