Rajnandini Fashion India IPO
Rajnandini Fashion India LtdSME
This IPO has listed.
- Open date
- 26 May 2026
- Close date
- 29 May 2026
- Min. Investment
- ₹2,52,000
- Lot Size
- -
- Fresh Issue
- ₹18.21 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers122.04x
- Non-Institutional Investors291.27x
- Retail-Individual Investors168.63x
- Total189.46x
Schedule
- Completed: IPO open date26 May 2026
- Completed: IPO close date29 May 2026
- Completed: Allotment date1 Jun 2026
- Completed: Funds unblock or debit2 Jun 2026
- Completed: Tentative listing date3 Jun 2026
About
Promoter shareholding in Rajnandini Fashion India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vikesh Sushil Lunawat | 70,98,300 | 94.90% | 70,98,300 | 68.45% |
| Sushil Kumar Lunawat | 1,70,000 | 2.27% | 1,70,000 | 1.64% |
| Priyanka Chopra | 0 | 0.00% | 0 | 0.00% |
| Mahaveer Choudhary | 340 | 0.00% | 340 | 0.00% |
| Puneet Lunawat | 340 | 0.00% | 340 | 0.00% |
| Usha Lunawat | 340 | 0.00% | 340 | 0.00% |
| Pooja Choudhary | 340 | 0.00% | 340 | 0.00% |
| Saroj | 340 | 0.00% | 340 | 0.00% |
Rajnandini Fashion India IPO Strengths & Risks
- Wide range of products across multiple price points.
- Presence across multiple online platforms.
- In-house manufacturing facilities.
- Experienced Management Team & Promoters.
- Risks Relating to the Business: The company is a women's apparel design, manufacturing and retail company which is vulnerable to variations in demand and changes in consumer preferences, which could has an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company has recently commenced in-house manufacturing of its products and given the company limited operating history in manufacturing, its may faces challenges that could adversely affect the company business, financial condition, results of operations and future growth prospects.
- Risks Relating to the Business: The company derives a significant portion of its revenue from fabric and apparel trading activities, which is a low-margin and competitive business and may expose its to risks that could adversely affect the company financial performance.
- Risks Relating to the Business: The company relies substantially on third-party e-commerce platforms for a significant portion of its business and any decision by such platforms to change their policies, delist or restrict sellers, increase fees or commissions, or otherwise alter their operations could adversely affect the company business, financial condition and results of operations.
- Risks Relating to the Business: The company business is dependent on the sale of casual and ethnic wear products which contributed 78.84%, 75.33%, 90.97% and 97.72% of its revenue from operations for the period ended December 31, 2025, and for Fiscals 2025, 2024 and 2023, respectively. Any variations in demand and changes in customer preferences could has an adverse effect on the company business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company does not has long-term agreements with its customers and the company revenues is significantly dependent on recurring purchase orders, particularly from the company top B2B customers.
- Risks Relating to the Business: The company dependence on a limited number of suppliers for raw materials, coupled with volatility in raw material prices and increases in operational costs, could adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company Business is subject to risk of Sales Returns in the B2C Segment, which could adversely affect its financial and business performance.
- Risks Relating to the Business: The Company does not carry out any printing activities in-house and the entire printing process is outsourced to external vendors.
- Risks Relating to the Business: The company requires certain approvals, licenses, registrations and permits to operates its business and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company business may adversely affect its operations and financial conditions.
- Risks Relating to the Business: The company is exposed to risks relating to online retail, including negative reviews, intense discounting and rapid consumer preference shifts.
- Risks Relating to the Business: There is outstanding legal proceedings involving the Company. Any adverse decisions could impact on its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and has an adverse effect on the company business, prospects, results of operations and financial condition.
- Risks Relating to the Business: The company registered office and manufacturing units is leased. If its fail to renew these leases on competitive terms or if the company is unable to manage its rental costs, the company business and results of operations would be materially and adversely affected.
- Risks Relating to the Business: Setting up a new manufacturing facility requires substantial capital outlay before the company realize any benefits or returns on investments and is subject to the risk of unanticipated delays.
- Risks Relating to the Business: Non-issuance of respective NOCs from Secured Lender and Unsecured Lenders for the proposed IPO of the Company considering absence of restrictive covenants pertaining to Secured Loan from this Secured Lender and Unsecured Loans from these Unsecured Lenders.
- Risks Relating to the Business: The Company had negative cash flows in the past, details of which is given below. Sustained negative cash flow could impact its growth and business.
- Risks Relating to the Business: Inventories and trade receivables form a major part of the company current assets and ineffective management of the same could adversely affect its business, cash flows, profitability and liquidity.
- Risks Relating to the Business: The company is subject to stringent quality requirements and any failures in its quality control processes, prescribed standards, or in maintaining customer service, including recruitment and retention of key personnel, may result in cancellation of orders, liability exposure, reputational damage and may adversely impact its business, results of operations and financial condition.
- Risks Relating to the Business: Any disruptions or shutdown of the company manufacturing operations at its existing facilities could has an adverse effect on the company business, financial condition and results of operations.
- Risks Relating to the Business: The company operates in a competitive industry and increased competition may lead to a reduction in its revenues, reduced profit margins or a loss of market share.
- Risks Relating to the Business: The company business operations is majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could has a significant impact on the company revenue and results of operations.
- Risks Relating to the Business: There has been instances of delays in payment of certain statutory dues, including ESIC, PF and GST. Any cognizance being taken by respective authorities or future delays or non-compliance in payment of statutory obligations may result in penalties, interest liabilities, or regulatory actions, which could adversely impact the company business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company Promoter group entities is engaged in the similar line of business activities as those undertaken by its Company, which may result in conflict of interest.
- Risks Relating to the Business: The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. While the company has shortlisted vendors and obtained quotations from them, its is yet to place orders or enter into definitive agreements with the vendors in relation to such capital expenditure requirements.
- Risks Relating to the Business: The Company has unsecured loans which is repayable on demand.
- Risks Relating to the Business: The Company has certain contingent liabilities, which, if they materialize, may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The Company has applied for registration of three trademarks under the Trademarks Act, 1999, which are pending as on the date of this Red Herring Prospectus.
- Risks Relating to the Business: Form ADT-3 in respect of the resignation of the company erstwhile statutory auditor, HRJ and Associates, in Fiscal 2023 is not available.
- Risks Relating to the Business: Under-utilization of the company manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could has an adverse effect on the company business, future prospects and future financial performance.
- Risks Relating to the Business: Any negative publicity regarding the Company, brand or products, whether substantiated or not, including concerns about product quality, misbranding or customer service issues, could adversely impact its reputation, consumer trust and market position, which may materially affect the company business, financial condition and results of operations.
- Risks Relating to the Business: The company failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its business.
- Risks Relating to the Business: The company is dependent upon the experience and skill of its Promoters, Key Managerial Personnel and Senior Management Personnel for conducting the company business and undertaking its day to day operations. The loss of or its inability to retain, such persons could materially and adversely affect the company business performance. In addition, excess rate of attrition amongst the personnel engaged by its Company may has an adverse impact on the company business operations.
- Risks Relating to the Business: The company is dependent on third-party transportation and courier services for supply and delivery of its products, including for the company e-commerce operations and any disruption or delay could materially impact its business.
- Risks Relating to the Business: If the company is not able to successfully manage its growth, the company business and results of operations may be adversely affected.
- Risks Relating to the Business: The company operations is subject to high working capital requirements. Its inability to maintain an optimal level of working capital required for the company business may impact on its operations adversely.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue price.
- Risks Relating to the Business: The company insurance coverage may not be adequate to protect its against certain operating hazards, and this may has a material adverse effect on its business.
- Risks Relating to the Business: The company business is labor-intensive and any work stoppages, increased wages demands, or challenges in recruiting and retaining skilled personnel may adversely affect its operations, customer relationships and financial performance.
- Risks Relating to the Business: The company has incurred significant indebtedness which exposes its to various risks which may has an adverse-effect on the company business and results of operations.
- Risks Relating to the Business: Loans availed by the Company has been secured on personal guarantees of its Promoters. The company business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Promoters.
- Risks Relating to the Business: Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.
- Risks Relating to the Business: There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Risks Relating to the Business: The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Risks Relating to the Business: The Objects of the Issue for which funds is being raised, is based on the company management estimates and has not been appraised by any bank or financial institution or any independent agency.
- Risks Relating to the Business: Any variation in the utilization of Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: Information relating to the company production capacities and the historical capacity utilization of its production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off and future production and capacity utilization may vary.
- Risks Relating to the Business: The Company has not paid dividends during Fiscals 2025, 2024 and 2023 and from April 1, 2025, until the filing of this Red Herring Prospectus and may not be able to pay dividends in the future.
- Risks Relating to the Business: The company Promoters and the Promoter Group will jointly continue to retain majority shareholding in its Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Risks Relating to the Business: Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- Risks Relating to the Business: Certain key performance indicators for certain listed industry peers, including Nandani Creation Limited and Libas Consumer Products Limited, included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Risks Relating to the Business: One of the company Promoters, Mr. Sushil Kumar Lunawat, has not been able to provide the original marksheet or degree certificate for his Bachelor of Commerce qualification and its has relied on an affidavit furnished by him.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from industry reports and any reliance on such information for making an investment decision on the Issue is subject to inherent risks.
