Raksan Transformers SME IPO GMP Today and Subject 2 Price
Raksan Transformers SME IPO Grey Market Premium (GMP) today stands at ₹ 0, indicating cautious or neutral market sentiment ahead of listing. The Kostak rate is currently not available, while the Subject to Sauda price is quoted at currently not available. You can check the day-wise GMP trend below to track price movement and investor sentiment over time.
Raksan Transformers SME IPO is scheduled to open for subscription on September 10, 2026. The public issue aims to raise around ₹150.5 Cr. and is offered in a price band of ₹258 to ₹273 per share, with a market lot of 400 shares. Investors are closely watching subscription data and grey market trends ahead of the listing.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| No GMP history available yet. | |||||
Raksan Transformers SME IPO Dates
| Event | Date |
|---|---|
| Open Date | 10 Sep, 2026 |
| Close Date | 15 Sep, 2026 |
| Allotment Date | 16 Sep, 2026 |
| Refund Date | 17 Sep, 2026 |
| Credit to Demat | 17 Sep, 2026 |
| Listing Date | 18 Sep, 2026 |
Raksan Transformers SME IPO Expected Listing Price
| Basis | Value |
|---|---|
| Issue Price (Upper Band) | ₹273 |
| Current GMP | ₹ 0 |
| GMP-Based Listing Estimate | Not yet available |
| Listing Date | 18 Sep, 2026 |
Disclaimer: The listing price estimate above is based purely on the current grey market premium (GMP) and is not a guaranteed prediction. GMP is an unofficial, unregulated indicator and can change significantly in the 24–48 hours before listing. Do not make investment decisions based solely on GMP.
Is Raksan Transformers SME IPO GMP Reliable?
Grey market premium for Raksan Transformers SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Raksan Transformers SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Raksan Transformers SME IPO IPO Kostak Rate Explained
The Kostak rate for Raksan Transformers SME IPO is currently not active. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price has not been quoted yet. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Raksan Transformers SME IPO
Its range covers distribution transformers, power transformers, transformers made for solar projects and special purpose transformers. These are used in power generation, in transmission and distribution networks, and in industrial and infrastructure projects. The company began by repairing and servicing distribution and power transformers, and started manufacturing them in 2005-06.
It runs two manufacturing units at Rai in Sonepat district of Haryana, spread over about 2,025 square metres and 1,012.5 square metres, with a combined installed capacity of about 15,00,000 KVA for distribution transformers and 1,350 MVA for power transformers. The units have machinery for core cutting, coil winding, assembly, tank fabrication, oil filtration, welding and testing, and the company also does core cutting and slitting, wire and strip drawing and tank fabrication in house, along with its own testing laboratory for routine and type tests. Its customers include government bodies, power distribution corporations, public sector undertakings, utility companies, EPC contractors and industrial clients.
Strengths & Risks
Strengths
- ✓ Profit has grown more than four times in two years, from Rs 7.59 crore in FY2024 to Rs 20.38 crore in FY2025 and Rs 33.60 crore in FY2026.
- ✓ Sales have more than doubled over the same period, from Rs 162.52 crore in FY2024 to Rs 363.63 crore in FY2026.
- ✓ EBITDA rose from Rs 10.19 crore in FY2024 to Rs 46.72 crore in FY2026.
- ✓ Return ratios are very high, with RoCE of 43.09% and RoNW of 46.23%.
- ✓ The issue is priced moderately at about 16.98 times earnings on an EPS of Rs 16.08.
- ✓ Debt is low. Total borrowing was Rs 20.74 crore against a net worth of Rs 77.42 crore as on 31 March 2026, and it came down during the year.
- ✓ The company does a lot in house, including core cutting and slitting, wire drawing and tank fabrication, and has its own testing laboratory for routine and type tests.
- ✓ It has a long record of about 30 years and Rs 62.14 crore of the issue money goes into a new manufacturing facility at Liwaspur in Sonepat.
Risks
- ⚠ The profit margin is thin at 6.28%, which is normal in transformer making but leaves little room on fixed price orders.
- ⚠ Sales growth has slowed sharply. Total income rose only 12% in FY2026 while profit rose 65%, so the profit jump came from margin rather than from selling more.
- ⚠ Both existing units are small, at about 2,025 and 1,012.5 square metres, and both are at Rai in Sonepat, so all production sits in one location.
- ⚠ Most customers are government bodies, distribution corporations and public sector undertakings. Payments from them are slow and prices are set through tenders.
- ⚠ Copper and CRGO steel are the main raw materials. A sharp rise in either directly cuts margin on orders already priced.
- ⚠ Rs 35 crore of the issue money goes into working capital, which shows how much cash a transformer order book ties up.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Promoter holding will come down from 100% to 73.61% after the issue.
- ⚠ This is an SME issue. One lot is 400 shares, which is about Rs 1.09 lakh at the upper band of Rs 273, and SME shares usually trade in low volume after listing.
Frequently Asked Questions about Raksan Transformers SME IPO
What is the GMP of Raksan Transformers SME IPO?
The current Grey Market Premium (GMP) of Raksan Transformers SME IPO is not yet started or active in the market.
What is the Kostak Price of Raksan Transformers SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Raksan Transformers SME IPO is currently not available.
What is the Subject to Sauda Price of Raksan Transformers SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What is the expected listing price of Raksan Transformers SME IPO based on GMP?
The listing price estimate is not yet available as GMP has not been established for Raksan Transformers SME IPO. Check back closer to the subscription date.
Is the GMP of Raksan Transformers SME IPO increasing or decreasing?
The GMP of Raksan Transformers SME IPO is currently stable. Track the day-wise GMP table above for the latest movement.
Explore Raksan Transformers SME IPO Further
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