Rajnandini Fashion IPO

Rajnandini Fashion India Limitedrfil.in

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹59 – ₹63
Issue size: ₹18.21 Cr
Lot size: 2000 sh
Bidding: 26 – 29 May
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

74Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Rajnandini Fashion, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2010 · Jaipur, Rajasthan · 146 employees

Rajnandini Fashion India designs, manufactures and sells women's apparel in both ethnic and casual categories. The ethnic range covers unstitched dress materials, sarees, kurtis and kurta sets; the casual range covers tops, tunics and maternity gowns in poly-cotton, rayon, silk and cotton. Goods go out under four brands — Merira, Monira, Roly Poly and Rajnandini — direct to shoppers on Amazon, Flipkart, Myntra, Ajio, Nykaa and the company's own website, and in bulk to wholesalers, retailers and garment processors. Manufacturing runs from two units: Surat, equipped with 90 sewing machines, and Jaipur with 50. Online price points run from about Rs 250 for unstitched dress material to Rs 2,000 for kurta sets. The company had 146 permanent employees as of 30 April 2026 and used no contract labour.

Revenue comes from two books. B2C sells finished garments to individual shoppers through marketplaces and the company's own site, delivering 2,78,046 orders in FY25 and 2,90,998 in the nine months to December 2025. B2B supplies apparel and trades fabric in bulk, growing from Rs 113.22 lakh in FY23 to Rs 1,170.31 lakh in FY25 and Rs 1,523.26 lakh in the nine months to December 2025. Until FY23 the company mostly outsourced manufacturing and traded fabric; taking stitching in-house lifted EBITDA margin from 3.67% in FY23 to 24.38% in FY25. The structural constraint is channel dependence — marketplaces set fees, ranking and seller status — and the top ten B2B customers were 69.34% of B2B revenue in FY25.

The company on paper

Legal name: Rajnandini Fashion India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 11 Oct 2010
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51109RJ2010PLC033059
Sector: Consumer Discretionary · Women's ethnic and casual apparel manufactured for e-commerce retail and B2B wholesale
Employees: 146
Registered office: Jaipur, Rajasthan
Promoters: Vikesh Sushil Lunawat, Sushil Kumar Lunawat, Priyanka Chopra
Promoter holding, pre-issue: 97.2%
Promoter holding, post-issue: 70.1%
Website: rfil.in

The numbers

Financial performance

Revenue has compounded at 4.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹18.21 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹18.21 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,46,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription203.74×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹63.00
Listed at: ₹63.00
Listing gain: unchanged 0.0%
Since listing: down 64.3%
Against the issue price: down 64.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹63.00
Amount blocked: ₹2,52,000

One lot is 2000 shares at ₹1,26,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,52,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.6%

chance of one lot, per application

Retail subscription: 168.49×
Applicants per share available: 168.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹63.00

listed at, 0.0% against the issue price

Issue price: ₹63.00
Premium said: —
If allotted 2000 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The period ended 31 December 2025 is a nine-month stub, not a full year. Its revenue (Rs 30.25 Cr) sits just below the whole of FY25 (Rs 30.69 Cr) and its PAT (Rs 5.14 Cr) already exceeds FY25's full-year Rs 5.06 Cr. The figures are not annualised and are not comparable to the FY rows above them.
Revenue falls from FY23 (Rs 28.01 Cr) to FY24 (Rs 23.32 Cr) before recovering. The series straddles a change in how the business operated rather than showing a simple decline: until FY23 the company mainly outsourced manufacturing and traded fabric, and in-house stitching began in FY24. EBITDA margin over the same rows runs 3.67% to 16.24% to 24.38%, so revenue and profit move in opposite directions in FY24.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Rajnandini Fashion — Red Herring ProspectusThe document the issue was bid on. Carries the price band and the dates.Opens on bsesme.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Seren Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Rajnandini Fashion's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 26 May 2026
Closes: 29 May 2026
Allotment: 1 Jun 2026
Lists: 3 Jun 2026
Revenue (FY25): ₹30.69 Cr
Profit (FY25): ₹5.06 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.