Rajnandini Fashion India IPO Fully Subscribed on First Day, Institutional Investors Lead the Charge

Rajnandini Fashion India IPO Opens for Subscription

The initial public offering (IPO) of Rajnandini Fashion India commenced on Tuesday, 26 May, and is set to conclude on Friday, 29 May. The company has fixed a price band of ₹59-63 per equity share, with a face value of ₹10 per share. Investors can bid for a minimum of 2,000 equity shares, with the option to acquire additional shares in increments of 2,000.

Rajnandini Fashion India operates in the women's clothing sector, focusing on designing, producing, and selling ethnic and casual wear through both digital and physical channels. The company primarily caters to the women's fashion segment, meeting the increasing demand in the organised apparel market. It operates through two business segments: B2C (Business-to-Consumer) and B2B (Business-to-Business).

The B2C segment recorded sales of approximately 22.91 lakh units as of December 2025. In contrast, the B2B business generated revenue of ₹15.23 crore during the same period. The company promotes its offerings through four distinct brands: Merira, Monira, Roly Poly, and Rajnandini, each targeting various customer demographics and price ranges. Product prices generally range from ₹250 to ₹2,000, depending on the category.

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Rajnandini Fashion India has expanded its production capacity with the launch of its initial manufacturing facility in Surat in 2023 and a second plant in Jaipur in 2024. The Surat facility is equipped with 90 sewing machines, while the Jaipur facility has 50, enhancing the company's growing production capabilities.

IPO Details and Subscription Status

The BSE SME offering aims to generate approximately ₹18.2 crore through a new issuance of 28.9 lakh equity shares. For HNI investors, the minimum application requirement is 3 lots (6,000 shares), totalling ₹3.78 lakh. Prior to the IPO launch, the company secured about ₹5.15 crore from anchor investors on 25 May.

As of day 1, the IPO subscription status stands at 1.62x, with the retail portion subscribed at 32%. The Non-Institutional Investor (NII) portion was booked at 2.14x, while Qualified Institutional Buyers (QIBs) portion was subscribed 3.51x. The company has received bids for 31,22,000 shares against 19,26,000 shares on offer at 15:27 IST, according to chittorgarh.com.

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