IPO

Transrail Lighting Limited IPO

Mainboard

Heavy Electrical Equipment

Listed On: Dec 27, 2024 at ₹ 590.0(NSE)

₹ 14688 /34 Shares

Check Allotment

19 Dec, 2024

Open Date

23 Dec, 2024

Close Date

24 Dec, 2024

Allotment Date

27 Dec, 2024

Listing Date
Price Summary

Last Closing

748.55 (73.28%)

52 Week High

855.80

52 Week Low

394.55

Last Update

13-Oct-2025 3:30 PM
Transrail Lighting IPO Issue Details
  • Issue Price ₹410-432 per equity share
  • Face Value ₹2 Per Equity Share
  • Total Issue Size 1,94,19,259 shares(aggregating up to ₹838.91 crore)
  • Fresh Share 92,59,259 shares(aggregating up to ₹400 crore)
  • Offer For Sale 1,01,60,000 shares(aggregating up to ₹438.91 crore)
  • Listing at BSE, NSE
  • List Price 590.0(NSE)
  • Listing Date 2024-12-27
  • Lead Manager Inga Ventures Pvt Ltd
    Axis Capital Limited
    Hdfc Bank Limited
    Idbi Capital Market Services Limited
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 34 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)134₹14,688
Retail(max)13442₹1,90,944
Transrail Lighting IPO Reservation

Transrail Lighting IPO offers total 1,94,09,257 shares. Out of which 37,95,889 (19.56%) allocated to QIB, 28,46,917 (14.67%) allocated to NII,66,42,805 (34.22%) allocated to RII, 4,29,814 (2.21%) allocated to employees and 56,93,832 (29.34%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered56,93,832 (29.34%)
QIB Shares Offered37,95,889 (19.56%)
NII (HNI) Shares Offered28,46,917 (14.67%)
bNII < ₹10L18,97,945 (9.78%)
sNII < ₹10L9,48,972 (4.89%)
Retail Shares Offered66,42,805 (34.22%)
Employee Shares Offered4,29,814 (2.21%)
Total Shares Offered1,94,09,257 (100%)
Transrail Lighting IPO Documents
DRHP
RHP
ANCHOR
Transrail Lighting IPO Details


Transrail Lighting IPO is a book-built issue of ₹838.91 crores, The total issue size is ₹838.91 crores. The IPO of Transrail Lighting is priced at ₹410-432 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Dec 19, 2024 and ends on Dec 23, 2024. The allotment for Transrail Lighting IPO will be finalized on Dec 24, 2024. Transrail Lighting IPO will be listed on BSE, NSE, with a tentative listing date fixed as Dec 27, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 34 shares, extendable to 14,688. The book-running lead manager for the IPO is/are Inga Ventures Pvt Ltd, Axis Capital Limited, Hdfc Bank Limited, Idbi Capital Market Services Limited.

The total issue ₹838.91 crore, comprising a fresh issue of 92,59,259 shares ₹400 crore and having Offer for Sale (OFS) of 1,01,60,000 shares to mop up ₹438.91 crore.

The Transrail Lighting IPO sets its price band at 410-432 for each share. A single application for Transrail Lighting Limited IPO must contain at least 34 shares. Sentiment investors need to invest a minimum of 34 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,688

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Transrail Lighting IPO Subscription Analysis And Details
Retail
21.96x
QIB
201.06x
NII
76.40x
bNII
77.86x
sNII
73.49x
Total
80.74x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved37,95,88928,46,917
18,97,945    9,48,972		66,42,8051,37,15,425
Day 1 19-12-24 05:00 PM
0.78 x2.10
1.44 x   3.42 x		2.87 x2.07 x
Day 2 20-12-24 05:00 PM
1.38 x7.23
5.54 x   10.61 x		6.90 x5.31 x
Day 3 23-12-24 05:00 PM
201.06 x76.40
77.86 x   73.49 x		21.96 x80.74 x
Total No of Applications
40,01,691
Subscription on the basis of Applications
Retail:19.14x BHNI:15.64x SHNI:72.77x
Transrail Lighting Valuations
EPS Pre IPO ₹18.66/-
EPS Post IPO ₹15.42/-
P/E Pre IPO 23.15
P/E Post IPO 28.02
ROE 24.41%
ROCE 24.33%
Debt/Equity 0.56
RoNW 21.68%
PAT Margin 5.65
Price to Book Value 4.70
Transrail Lighting Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets4,620.613,445.492,841.87
Revenue4,130.003,172.032,357.20
Profit After Tax233.21107.5764.71
Net Worth1,075.87709.15599.32
Total Borrowing643.19604.92469.12
About Transrail Lighting Company

Transrail Lighting Limited is one of the India's leading EPC company with more than 40 years of experience in power transmission and distribution. It deals with turnkey solutions; it has its operations in Bangladesh, Kenya, and Nigeria, among other 58 countries.

As of September 30, 2023, it has completed approximately 33,500 circuit kilometres of transmission lines and 30,000 circuit kilometres of distribution lines globally with EPC services in substations up to 765 kV. In FY 2023, its revenue growth was 35.1%, surpassing the industry average.

Apart from power infrastructure, the company is strong in civil construction, poles and lighting, and railway projects, thereby making it a well-established and trusted global player in power solutions.

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Transrail Lighting - Promoter(s)

Ajanma Holdings Private Limited

Digambar Chunnilal Bagde

Sanjay Kumar Verma

Pre Issue Share Holding : 84.50%

Post Issue Share Holding : 71.10%

Transrail Lighting IPO - Issue Objectives
1

Incremental financingworking capital requirements of the company

2

Funding capital expenditure of the company

3

General corporate purposes.

Transrail Lighting IPO - Anchor Investors

Transrail Lighting mobilises Rs 246 crore from several anchor investors.

Several key institutional investors like Winro Commercial, ICICI Prudential Mutual Fund, Tata Mutual Fund, LIC Mutual Fund, Bandhan Mutual Fund, SBI General Insurance, ITI Mutual Fund, Nuvama, Taurus Flexi Cap Fund, Citrus Global Arbitrage Fund, and BNP Paribas Financial Markets invested in the company via anchor book.

Among others, Bengal Finance and Investments, Varanium India Opportunity, Subhkam Ventures, and Negen Undiscovered Value Fund also became shareholders in the company.

Transrail Lighting IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Transrail Lighting Limited19.5919.5986.79N/A21.68N/AConsolidated
Kec International Ltd.13.4913.4915991.958.57.8Consolidated
Kalpataru Projects International Limited31.7631.7631636.72103.69Consolidated
Skipper Ltd7.667.148475.979.16.93Consolidated
Patel Engineering Ltd.3.643.543815.579.561.49Consolidated
Bajel Projects Limited0.370.3749702.970.85.31Standalone

Notes:

  1. The P/E ratio has been mathematically computed based on the closing market price of equity shares on December 4, 2024, divided by the Basic EPS (on a consolidated basis) declared by the peers available from the CRISIL Report for the Financial Year ending March 31, 2024.
  2. Industry Peer Group P/E ratio of Bajel Projects Limited is not considered as it shows an extraordinary P/E ratio.
  3. The face value per share as of March 31, 2024, has been extracted from the annual report of the industry peers provided to us by management.
  4. The above information has not been adjusted for any changes in the Outstanding number of shares that have been issued since March 2024 and any corporate actions of any kind resulting in a change in any of the ratios as given above.
  5. For Transrail Lighting Limited, RoNW is computed as net profit after tax (including profit attributable to non-controlling interest) divided by net worth. Net worth has been computed as the sum of paid-up share capital and other equity, excluding Capital Reserve and employee stock option outstanding reserve. NAV is calculated as the closing net worth divided by the closing outstanding number of equity shares.
Strength
With over 200 completed projects and extensive experience in transmission lines, substations, and distribution networks, Transrail Lighting Limited demonstrates strong execution capabilities and pre-qualifications in the power sector.
The company boasts well-equipped manufacturing units in Gujarat, Maharashtra, and Dadra and Nagar Haveli, producing a wide range of products including towers, conductors, and poles. These facilities support backward integration, reducing dependence on third-party suppliers.
The company's integrated approach to EPC business includes a team of experienced designers and engineers equipped with leading-edge software. This enables Transrail Lighting Limited to deliver projects efficiently, maintain high safety standards, and capture more value in the EPC value chain.
Transrail Lighting Limited is certified in quality management, environmental management, communication security, and occupational health and safety systems. Strict internal and external inspections ensure timely delivery, competitive pricing, and superior product quality, enhancing customer satisfaction and market reputation.
Weakness
Transrail Lighting Limited relies heavily on its order book for future revenue projections. However, projects included in the order book, especially those where the company has secured the lowest bid, may face cancellation, modification, or delays beyond its control. This uncertainty could significantly impact the company's business, reputation, and financial performance.
The company's project management and turnkey contracts involve long execution periods, typically 3 to 5 years, which increase the risk of time and cost overruns. Various factors such as price escalation, funding constraints, and adverse weather conditions can lead to unforeseen increases in costs, affecting the company's financial condition and future prospects.
Transrail Lighting Limited derives a significant portion of its revenue from tenders released by government authorities and public sector undertakings. Any delays or reduction in tenders from these entities could adversely affect the company's business and results of operations. Changes in government policies or budget allocations may further impact the company's prospects in this regard.
Contact Details

Transrail Lighting

501, A,B,C,E Fortune 2000, Block G Bandra, Kurla Complex, Bandra, East Mumbai,-400051

+91 22 6197 9600

cs@transraillighting.com

https://transrail.in/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

transraillighting.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html