Raksan Transformers Shares List Flat at ₹273 on BSE

Raksan Transformers shares made a flat stock market debut on September 18, 2026, listing at ₹273 per share on the BSE, matching the IPO issue price of ₹273 per share.

Following the listing, the stock traded at ₹271.05, down 0.71% from both the issue price and listing price. During the session, Raksan Transformers shares touched a high of ₹277 and a low of ₹261.30, with around 22.40 lakh shares changing hands.

The listing followed the company’s IPO, which was open for subscription from September 10 to September 15, 2026. The issue received strong investor demand and was subscribed 43.76 times. The IPO price band was fixed at ₹258 to ₹273 per share.

Raksan Transformers is a manufacturer of distribution transformers, power transformers, solar-application transformers and special-purpose transformers. The company caters to power generation, transmission and distribution networks, government entities, utilities, EPC contractors and industrial customers.

Raksan Transformers IPO Listing Details

Raksan Transformers launched its IPO comprising a fresh issue of 28,42,800 equity shares and an offer for sale of 11,00,000 equity shares. The bidding window opened on September 10 and closed on September 15, 2026.

The IPO price band was fixed at ₹258 to ₹273 per equity share. The issue received an overall subscription of 43.76 times by the end of the bidding period.

Ahead of the IPO, Raksan Transformers raised ₹42.86 crore from anchor investors on September 9, 2026. The company allotted 15.70 lakh shares at ₹273 each to 23 anchor investors.

Raksan Transformers subsequently made its stock market debut at ₹273 per share on the BSE, matching the IPO issue price. The stock later traded at ₹271.05, representing a decline of 0.71% from the issue and listing price.

• Issue Price: ₹273 per share
• BSE Listing Price: ₹273 per share
• Listing Premium/Discount: Nil
• Trading Price: ₹271.05 per share
• Change From Issue Price: -0.71%
• Intraday High: ₹277
• Intraday Low: ₹261.30
• Overall Subscription: 43.76 times
• Fresh Issue: 28,42,800 equity shares
• Offer for Sale: 11,00,000 equity shares
• Price Band: ₹258 to ₹273 per share
• IPO Open Date: September 10, 2026
• IPO Close Date: September 15, 2026
• Listing Date: September 18, 2026
• Exchange: BSE

First-Day Trading Performance

Listing Price: Raksan Transformers share price debuted at ₹273 per share on the BSE, matching the upper end of the IPO price band and the issue price of ₹273.

Following the flat listing, the stock traded at ₹271.05, down 0.71% from its issue and listing price.

During the trading session, Raksan Transformers shares touched an intraday high of ₹277, which was 1.47% above the issue price. The stock also fell to an intraday low of ₹261.30, representing a decline of 4.29% from the issue price.

Around 22.40 lakh shares of the company changed hands during the session.

The market debut followed an IPO that received an overall subscription of 43.76 times during the bidding period from September 10 to September 15, 2026.

Growth Drivers and Challenges

Growth Drivers

Diversified Transformer Portfolio: Raksan Transformers manufactures distribution transformers, power transformers, solar-application transformers and special-purpose transformers, enabling it to cater to different power and industrial applications.

Broad Customer Base: The company serves power generation, transmission and distribution networks, government entities, utilities, EPC contractors and industrial customers.

Power Infrastructure Demand: Investments in electricity transmission, distribution and renewable energy infrastructure can support demand for transformers and related equipment.

Manufacturing Expansion: The company plans to use part of the IPO proceeds to establish a manufacturing facility at Liwaspur, Sub-Tehsil Rai, Sonepat, Haryana, which could support additional production capacity.

Financial Performance: The company recorded revenue from operations of ₹363.11 crore and net profit of ₹33.60 crore for the financial year ended March 31, 2026.

Challenges

Capital-Intensive Operations: Transformer manufacturing requires continued investment in manufacturing facilities, machinery, testing capabilities and working capital.

Raw Material Exposure: Changes in the availability and prices of key raw materials used in transformer manufacturing may affect production costs and margins.

Customer and Project Dependence: Demand from utilities, government entities, EPC contractors and infrastructure projects can be influenced by project timelines and capital expenditure cycles.

Competitive Market: The company operates in a competitive transformer manufacturing industry with established domestic manufacturers and other suppliers.

Expansion Execution: The planned manufacturing facility requires timely execution and effective deployment of capital to deliver the intended operational benefits.

Utilisation of IPO Proceeds

Raksan Transformers’ IPO comprised a fresh issue of 28,42,800 equity shares and an offer for sale of 11,00,000 equity shares.

The company proposes to utilise the net proceeds from the fresh issue towards funding capital expenditure for setting up a manufacturing facility at Liwaspur, Sub-Tehsil Rai, Sonepat, Haryana.

A portion of the proceeds will also be utilised to meet the company’s working capital requirements and for repayment, in full or in part, of certain borrowings.

The remaining proceeds are intended to be used for general corporate purposes.

The key proposed uses of the IPO proceeds include:

• Capital expenditure for setting up a manufacturing facility at Liwaspur, Sonepat, Haryana
• Working capital requirements
• Repayment, in full or in part, of certain borrowings
• General corporate purposes

Following the IPO, promoter shareholding declined to 74.32% from 94.22% before the issue.

Business and IPO Overview

Raksan Transformers is engaged in the manufacture of distribution transformers, power transformers, solar-application transformers and special-purpose transformers.

The company serves customers across power generation, transmission and distribution networks. Its customer base also includes government entities, utilities, EPC contractors and industrial customers.

As of March 31, 2026, Raksan Transformers had 143 employees.

For the financial year ended March 31, 2026, the company recorded revenue from operations of ₹363.11 crore and a net profit of ₹33.60 crore.

Raksan Transformers entered the public markets through an IPO comprising a fresh issue of 28,42,800 equity shares and an offer for sale of 11,00,000 equity shares. The issue opened on September 10 and closed on September 15, 2026, with a price band of ₹258 to ₹273 per share.

The IPO received an overall subscription of 43.76 times. Ahead of the issue, the company raised ₹42.86 crore from anchor investors by allotting 15.70 lakh shares at ₹273 each to 23 anchor investors.

Raksan Transformers made a flat stock market debut on September 18, 2026. Shares listed at ₹273 on the BSE, matching the IPO issue price.

Following the listing, the stock traded at ₹271.05, down 0.71% from the issue price. During the session, the shares touched a high of ₹277 and a low of ₹261.30, with around 22.40 lakh shares changing hands