Rajnandini Fashion India IPO Sees 1.62x Subscription Led By QIBs And NIIs

Pearl Doshi - Gujarat Bureau May 26, 2026 850 Views

Rajnandini Fashion India’s SME IPO, launched on May 26, 2026, was fully subscribed on its opening day. The ₹18.2 crore issue, priced at ₹59–63 per share, saw strong demand led by Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), while retail participation remained relatively weak. The IPO closes on May 29, 2026.

Rajnandini Fashion India, a women’s apparel company, has drawn significant investor interest with its IPO on the BSE SME platform. The issue, aimed at raising ₹18.2 crore, reflects confidence in the company’s expansion strategy and growing presence in both B2C and B2B apparel markets.

Subscription Status

On Day 1, the IPO was subscribed 1.62x overall.
QIBs subscribed 3.51x, showing strong institutional confidence.
NIIs subscribed 2.14x, with big HNIs at 3.07x and small HNIs at 0.26x.
Retail investors subscribed only 0.44x, reflecting limited participation due to the high minimum investment size.
Employee quota saw zero subscriptions.

Company Profile

Rajnandini Fashion India designs and sells women’s ethnic and casual wear through:
B2C channels: Its website and platforms like Amazon, Flipkart, Myntra, Ajio, and Nykaa Fashion. Sales reached 22.91 lakh units by December 2025.
B2B channels: Supplying fabrics and garments to wholesalers and retailers, generating ₹15.23 crore revenue in 2025.
The company markets four brands, Merira, Monira, Roly Poly, and Rajnandini, priced between ₹250 and ₹2,000.

Manufacturing Expansion

The company established its first unit in Surat in 2023 with 90 sewing machines and a second in Jaipur in 2024 with 50 machines. This expansion has strengthened production capacity to meet rising demand in the organised apparel sector.

Grey Market Premium (GMP)

The IPO is currently trading at a GMP of ₹6, suggesting a listing price of around ₹69 per share—about 9.5% above the upper price band of ₹63. This indicates cautious optimism among market watchers.

IPO Highlights

•⁠ ⁠Issue size: ₹18.2 crore, fresh issue of 28.9 lakh shares

•⁠ ⁠Price band: ₹59–63 per share, face value ₹10

•⁠ ⁠Subscription: 1.62x overall on Day 1

•⁠ ⁠QIBs subscribed 3.51x, NIIs 2.14x, retail 0.44x

•⁠ ⁠Anchor investors infused ₹5.15 crore pre-IPO

•⁠ ⁠GMP at ₹6, indicating ~9.5% premium on listing

Sources: Mint, ScanX News, IPO Scanner News

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