Rajnandini Fashion India SME: Check IPO Date, Live Subscription and Key Details
Rajnandini Fashion India Limited, incorporated in 2010, is a women's apparel manufacturer and trader specializing in both ethnic and casual wear categories. Its diverse product design portfolio spans sarees, kurtis, unstitched dress materials, contemporary tops, tunics, and specialized maternity gowns. The company operates a balanced hybrid distribution structure divided between B2C direct sales via its native storefront alongside top-tier marketplaces (Amazon, Myntra, Ajio, Flipkart), and a stable B2B fabric and readymade apparel distribution network supplying nationwide wholesalers. It houses independent dedicated production lines located inside both Surat and Jaipur, running over 140 industrial sewing units.
Price Range
₹59.0 - ₹63.0
Issue Size
₹18.21 Cr
Lot Size
2,000 shares
IPO Type
BSE SME
GMP
₹7(+11.11%)
Est. Listing Price
₹70
Estimate Profit
₹28,000
Retail Portion
35.13%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
6.61
P/E Ratio
9.53
RoNW
35.64%
ROE
43.32%
Debt to Equity
0.97
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Timeline
IPO Opens
26 May
IPO Closes
29 May
Allotment
1 Jun
Listing
3 Jun
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 26 May 2026 | Subscription starts |
| IPO Close Date | 29 May 2026 | Subscription ends |
| Allotment Date | 1 June 2026 | Allotment |
| Listing Date | 3 June 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,52,000 |
SHNI (Min) | 3 | ₹3,78,000 |
SHNI (Max) | 7 | ₹8,82,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,08,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.78% |
| NII (Non-Institutional Investor) | 15.09% |
| SHNI (Small Non-Institutional Investor) | 4.78% |
| BHNI (Big Non-Institutional Investor) | 9.55% |
| Retail | 35.13% |
| Market Maker | 5.05% |
| Total | 100.00% |
IPO Objectives
- Funding of capital expenditure requirements for setting up a new operational manufacturing facility (₹1.35 Cr).
- Repayment or prepayment of a portion of certain outstanding borrowings availed by the Company (₹5.50 Cr).
- Utilization towards ongoing working capital requirements of the company (₹7.00 Cr).
- General Corporate Purposes.
Strengths
- The company builds an Omnichannel Sourcing Pipeline, balancing direct consumer e-retail traction with deep B2B fabric and bulk readymade supply agreements.
- It leverages a Brand Multiplicity Structure, cleanly distributing products under four specialized labels ('Merira', 'Monira', 'Roly Poly', and 'Rajnandini') targeting multiple consumer price elasticities.
- The business controls an In-House Manufacturing Base, scaling operations across dual owned hubs inside major textile zones (Surat and Jaipur) containing over 140 industrial sewing units.
- It shows Healthy Operating Multipliers, commanding high efficiency margins with a recorded PAT margin of 16.99% and a restated financial ROE of 43.32% for late 2025.
Weaknesses
- The company exhibits Highly Volatile Revenues, with historical top-line trajectories reflecting clear inconsistencies between FY23 and FY25 before modern asset configurations took place.
- There is an Aggressive Margin Acceleration, where the sudden pre-IPO jump in bottom-line profits raises analytical skepticism regarding near-term stability and sustainability cycles.
- The business faces Deep Competitive Friction, operating in a highly fragmented, regionalized, and price-sensitive women's apparel sector characterized by negligible entry barriers.
- It has High Return Exposure, being directly subject to severe operational margin pressure due to elevated consumer product return ratios in the e-commerce B2C channel.
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Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 35.8 | 25.35 | 15.74 | 11.71 |
| Revenue (₹ Cr.) | 31.22 | 31.27 | 23.6 | 28.02 |
| PAT (₹ Cr.) | 5.14 | 5.06 | 2.29 | 0.37 |
| Net Worth (₹ Cr.) | 14.42 | 9.31 | 4.24 | 1.95 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 3.51x | 3.51x | 122.04x |
| NII | 2.15x | 11.04x | 393.63x |
| S-HNI | 0.3x | 7.88x | 199.64x |
| B-HNI | 3.07x | 12.62x | 490.63x |
| RII | 0.46x | 7.18x | 168.63x |
| Total | 1.69x | 6.97x | 203.74x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 5,48,000 | 6,68,78,000 | 421.33 |
| NII | 4,14,000 | 16,29,64,000 | 1,026.67 |
| Small NII | 1,38,000 | 2,75,50,000 | 173.56 |
| Big NII | 2,76,000 | 13,54,14,000 | 853.11 |
| RII | 9,64,000 | 16,25,64,000 | 1,024.15 |
| Total | 19,26,000 | 39,24,06,000 | 2,472.16 |
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Company Details
- Rajnandini Fashion India Ltd.
- G1-41, RIICO, Tonk Road, Sitapura Industrial Area, Jaipur, Rajasthan, 302022
- +91-7878352054
- cs@rfil.in
- https://rfil.in/
Registrar Details
- Bigshare Services Pvt.Ltd.
- +91-22-6263 8200
- ipo@bigshareonline.com
- https://www.bigshareonline.com/
Frequently Asked Questions
What does Rajnandini Fashion India do?
Rajnandini Fashion India designs, manufactures, and sells women's ethnic wear and casual apparel under brands such as Rajnandini and Merira.
When did the Rajnandini Fashion India SME IPO close?
The Rajnandini Fashion India SME IPO closed for subscription on May 29, 2026.
How much was the Rajnandini Fashion India IPO subscribed?
The IPO was subscribed 203.74 times overall. The NII category was subscribed 393.63 times, the retail category 168.63 times, and the QIB category 122.04 times.
What was the price band and final issue price of Rajnandini Fashion India IPO?
The IPO price band was ₹59 to ₹63 per share, and the final issue price was fixed at ₹63 per share.
What is the Grey Market Premium (GMP) of Rajnandini Fashion India IPO today?
As of May 31, 2026, the Grey Market Premium (GMP) of Rajnandini Fashion India IPO is around ₹7 per share, indicating an estimated listing price of about ₹70.
Where will Rajnandini Fashion India IPO be listed?
Rajnandini Fashion India IPO is scheduled to be listed on BSE SME, with the tentative listing date set for June 3, 2026.
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