Published: 21 May 2026 | 6.03 AM
Last Updated: 21 May 2026 | 8.00 PM
IPO Overview / Intro
Rajnandini Fashion India IPO is a BSE SME book-building issue aggregating to Rs. 18.21 crore. The IPO consists entirely of a fresh issue of 28.90 lakh equity shares.
The IPO opens for subscription on 26 May 2026 and closes on 29 May 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 03 June 2026.
Rajnandini Fashion India Ltd. is engaged in designing, manufacturing and selling women’s ethnic and casual apparel through online and offline channels. The company operates across B2C and B2B business models and sells products under multiple brands including Merira, Monira, Roly Poly and Rajnandini.
The company has expanded its manufacturing presence through facilities in Surat and Jaipur and continues to strengthen its positioning in India’s growing women apparel and fashion segment.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 18.21 Crore |
| Fresh Issue | Rs. 18.21 Crore |
| Price Band | Rs. 59 to Rs. 63 |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | BSE SME |
| Lot Size | 2,000 Shares |
| Retail Application | 4,000 Shares |
| Market Cap | Rs. 65.33 Crore |
| Listing Date | 03 June 2026 (Tentative) |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Rajnandini Fashion India IPO GMP – Latest Update
| GMP Details | Value |
|---|---|
| Rajnandini Fashion India IPO GMP Today | Updating Soon |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Updating Soon |
Rajnandini Fashion India IPO Subscription Status – Live Update
| Category | Subscription |
|---|---|
| QIB Category | Updating Soon |
| Retail Category | Updating Soon |
| NII Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 26 May 2026 to 29 May 2026 |
| Listing Date | 03 June 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 59 to Rs. 63 |
| Lot Size | 2,000 Shares |
| Issue Type | Book Building IPO |
| Listing At | BSE SME |
| Total Issue Size | 28,90,000 Shares |
| Fresh Issue | 28,90,000 Shares |
| Issue Size | Rs. 18.21 Crore |
| Market Maker Portion | 1,46,000 Shares |
| Net Offer to Public | 27,44,000 Shares |
| Shareholding Pre Issue | 74,80,000 Shares |
| Shareholding Post Issue | 1,03,70,000 Shares |
| Market Cap | Rs. 65.33 Crore |
IPO Timetable
| Event | Date |
|---|---|
| IPO Open Date | 26 May 2026 |
| IPO Close Date | 29 May 2026 |
| Basis of Allotment | 01 June 2026 |
| Refund Initiation | 02 June 2026 |
| Credit of Shares | 02 June 2026 |
| Listing Date | 03 June 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Investors | 13,66,000 Shares | 49.78% |
| NII (HNI) | 4,14,000 Shares | 15.09% |
| Retail Investors | 9,64,000 Shares | 35.13% |
| Market Maker | 1,46,000 Shares | 5.05% |
Lot Size
| Application Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4,000 | Rs. 2,52,000 |
| Retail Maximum | 2 | 4,000 | Rs. 2,52,000 |
| S-HNI Minimum | 3 | 6,000 | Rs. 3,78,000 |
| S-HNI Maximum | 7 | 14,000 | Rs. 8,82,000 |
| B-HNI Minimum | 8 | 16,000 | Rs. 10,08,000 |
Company Details
Rajnandini Fashion India Ltd. was incorporated in 2010 and operates in the women apparel and fashion segment.
The company designs, manufactures and sells ethnic and casual wear products including sarees, kurtis, kurta sets, unstitched dress materials, tops, tunics, dresses and maternity gowns.
Its B2C business is driven through its own website and major e-commerce platforms such as Amazon, Flipkart, Myntra, Ajio and Nykaa, while the B2B segment supplies fabrics and garments to wholesalers and retailers.
The company established manufacturing facilities in Surat and Jaipur with a combined installed sewing infrastructure of 140 sewing machines. As of August 2025, the company employed 207 permanent employees.
Manufacturing Capacity
| Manufacturing Facility | Installed Capacity |
|---|---|
| Surat Manufacturing Unit | 90 Sewing Machines |
| Jaipur Manufacturing Unit | 50 Sewing Machines |
| Total Workforce | 207 Employees |
Competitive Strengths
| Key Strengths |
|---|
| Wide product portfolio across price categories |
| Strong presence across online marketplaces |
| In-house manufacturing capability |
| Multi-brand apparel strategy |
| Experienced promoter management |
IPO Objects
| Sr. No. | Objects of the Issue | Amount (Rs. Crore) |
|---|---|---|
| 1 | Funding capital expenditure for new manufacturing facility | 1.41 |
| 2 | Repayment of borrowings | 5.50 |
| 3 | Funding working capital requirements | 9.00 |
| 4 | General Corporate Purposes | Balance Amount |
Company Address
| Particulars | Details |
|---|---|
| Registered Office | G1-41, RIICO, Tonk Road, Sitapura Industrial Area, Jaipur, Rajasthan – 302022 |
| Phone | +91-7878352054 |
| cs@rfil.in | |
| Website | Official Website Available |
Lead Manager & Registrar
| Particulars | Details |
|---|---|
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Updating Soon |
Financials
| Particulars (Rs. Crore) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total Assets | 25.35 | 15.74 | 11.71 |
| Total Income | 31.27 | 23.60 | 28.02 |
| Profit After Tax | 5.05 | 2.29 | 0.37 |
| EBITDA | 7.48 | 3.79 | 1.03 |
| Net Worth | 9.29 | 4.24 | 1.95 |
| Reserves & Surplus | 9.07 | 4.02 | 1.73 |
| Total Borrowings | 8.84 | 7.01 | 6.19 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2025 |
|---|---|
| ROE | 74.59% |
| ROCE | 43.22% |
| Debt/Equity | 0.95 |
| RoNW | 54.41% |
| PAT Margin | 16.45% |
| EBITDA Margin | 24.38% |
| Price to Book Value | 5.07 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 6.75 | 4.87 |
| P/E (x) | 9.33x | 12.94x |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
|---|---|---|
| Promoter Holding | 100% | 72.13% |
Chanakya View
Investment Summary
| Parameter | Observation |
|---|---|
| Business Segment | Women Apparel & Fashion |
| Industry Outlook | Positive Long-Term Potential |
| Revenue Growth | Healthy |
| Profitability | Strong Improvement |
| Manufacturing Expansion | Positive |
| Online Presence | Strong |
| Valuation | Reasonably Priced |
| SME Liquidity Risk | Present |
Positives
| Strengths |
|---|
| Growing online apparel presence |
| Healthy improvement in profitability |
| Multi-brand women apparel positioning |
| Expanding manufacturing capability |
| Strong margins and return ratios |
| Presence across leading e-commerce platforms |
Concerns
| Risks |
|---|
| SME liquidity risk after listing |
| Fashion industry competition remains intense |
| Working capital intensive business |
| Dependence on consumer demand trends |
| Apparel sector margin volatility |
Rajnandini Fashion India IPO comes from the rapidly growing women apparel and fashion segment where organised online apparel demand continues to expand across India.
Financially, the company has reported strong improvement in profitability and operating performance during FY2025 while maintaining healthy return ratios and operating margins. The company also benefits from diversified product offerings and growing online distribution strength.
However, investors should note that fashion and apparel businesses remain highly competitive and consumer demand sensitive. SME liquidity risk after listing also remains relevant for investors.
Considering healthy profitability growth, strong return ratios, online platform presence and expanding manufacturing capability, aggressive investors with high-risk appetite may consider the IPO from medium to long-term perspective.
FAQs
What is Rajnandini Fashion India IPO GMP today?
Rajnandini Fashion India IPO GMP today is currently updating in the grey market. Investors should monitor live GMP trends closer to listing for better sentiment indication.
What is the Rajnandini Fashion India IPO price band?
Rajnandini Fashion India IPO price band is fixed at Rs. 59 to Rs. 63 per share.
What is the Rajnandini Fashion India IPO lot size?
The minimum lot size for Rajnandini Fashion India IPO is 2,000 shares while retail investors need to apply for minimum 2 lots comprising 4,000 shares.
When will Rajnandini Fashion India IPO list?
Rajnandini Fashion India IPO is expected to list on BSE SME on 03 June 2026.