Transrail Lighting IPO
Transrail Lighting IPO — date, price band, lot size & details 2024
Transrail Lighting listed on 27 Dec 2024 at ₹590, 36.6% above the ₹432 issue price.
Transrail Lighting is an Indian EPC company focused on power transmission and distribution, with plants making lattice structures, conductors and monopoles. Its total income was Rs 4,130.00 crore in FY2024.
Stock price
Transrail Lighting is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 19 Dec 2024
- Close 23 Dec 2024
- Allotment 24 Dec 2024
- Refund/credit 26 Dec 2024
- Listing 27 Dec 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 23 Dec, 2024 |
|---|---|
| Price Band | ₹410 – ₹432 |
| Face Value | ₹2 |
| Lot Size | 34 Shares |
| Issue Size | ₹838.91 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,688 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 34 shares at the ₹432 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,688 |
| Retail (max) | 13 | 442 | ₹1,90,944 |
| S-HNI (min) | 14 | 476 | ₹2,05,632 |
| S-HNI (max) | 68 | 2,312 | ₹9,98,784 |
| B-HNI (min) | 69 | 2,346 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 2,357.20 crore in FY2022 to Rs 4,130.00 crore in FY2024.
- 02Profit after tax rose from Rs 64.71 crore in FY2022 to Rs 233.21 crore in FY2024.
- 03The pre-issue P/E was 23.15 at the upper band of Rs 432, based on EPS of Rs 18.66.
- 04It has completed more than 200 transmission and distribution projects.
- 05Rs 400.00 crore of the issue was fresh capital.
Risks · 5
- 01Margins are thin, and the source puts the PAT margin at 5.65%.
- 02Total borrowing was Rs 603.43 crore on 30 June 2024, and the source puts debt to equity at 0.56.
- 03EPC contracts carry cost overrun and payment delay risk, and overseas projects add currency risk. Profit was Rs 51.74 crore in the three months to 30 June 2024.
- 04Rs 438.91 crore of the issue was offer for sale by the promoter.
- 05Promoters and the promoter group held 84.51% before the issue and 71.11% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Transrail Lighting offer document.
| Metric | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 4,836.17 | 4,620.61 | 3,445.49 | 2,841.87 |
| Total Income | 929.70 | 4,130.00 | 3,172.03 | 2,357.20 |
| Profit After Tax | 51.74 | 233.21 | 107.57 | 64.71 |
| NET Worth | 1,140.65 | 1,075.87 | 709.15 | 599.32 |
| Total Borrowing | 603.43 | 643.19 | 604.92 | 469.12 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Transrail Lighting RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Transrail Lighting IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹18.66 | ₹15.42 |
| P/E Ratio (x) | 23.15 | 28.02 |
| Market Cap at Offer Price (₹ Cr) | ₹1,197.84 | ₹1,449.53 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹432 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹421.85 Cr of the issue is earmarked to named objects.
About the company
It has a four-decade track record of turnkey solutions in power transmission and distribution globally, and has completed more than 200 projects in that vertical since inception.
Its promoters are Ajanma Holdings, Digambar Chunnilal Bagde and Sanjay Kumar Verma.
The IPO was Rs 838.91 crore, with Rs 400.00 crore of fresh issue and Rs 438.91 crore of offer for sale by Ajanma Holdings. Fresh money was planned for working capital and capital expenditure.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Transrail Lighting IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
IDBI Capital Markets & Securities Ltd.
12 issues handledBest listing: Route Mobile (+104.9%). Weakest: Inox Green Energy Services (-7.7%).
HDFC Bank Limited
21 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Paytm (-9.3%).
Inga Ventures Pvt. Ltd
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +7.4%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Transrail Lighting?
The current Grey Market Premium is ₹150, or 35% over the issue price.
What is the Transrail Lighting IPO price band?
₹410 to ₹432, on a face value of ₹2.
When is the allotment?
The basis of allotment is 24 December 2024, with listing on 27 December 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
