Rajnandini Fashion India IPO opens May 26–29, 2026 at ₹59–₹63 on BSE SME. Issue size ₹18.21 crore (100% fresh). GMP today ₹2. Revenue grew 33% and PAT 120% in FY25. Brands include Merira, Monira, Roly Poly. Sells on Amazon, Myntra, Flipkart. Full review, lot size and investment guide inside.
Rajnandini Fashion India IPO 2026 — Complete Review, GMP, Price Band & Investment Guide
Rajnandini Fashion India Limited, a Jaipur and Surat-based women's apparel brand, is opening its BSE SME IPO on May 26, 2026. With revenue growth of 33% and PAT rising 120% in FY2025, this small-ticket IPO of ₹18.21 crore is targeting India's booming online ethnic wear segment. Here is everything you need to know.
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## Rajnandini Fashion India IPO Key Details
| IPO Detail | Information |
|---|---|
| IPO Open Date | May 26, 2026 (Tuesday) |
| IPO Close Date | May 29, 2026 (Friday) |
| Price Band | ₹59 – ₹63 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Application (Retail – 2 lots) | ₹2,52,000 (4,000 shares) |
| Issue Size | ₹18.21 crore |
| Issue Type | Book Build — 100% Fresh Issue (28.90 lakh shares) |
| Listing Exchange | BSE SME |
| Listing Date | June 3, 2026 |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Promoters | Vikesh Sushil Lunawat, Sushil Kumar Lunawat, Priyanka Chopra |
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## Rajnandini Fashion IPO GMP Today (May 23, 2026)
The Rajnandini Fashion India IPO GMP today is approximately ₹2 per share, suggesting a modest expected listing gain of around 3% at the upper price band of ₹63. The grey market has shown a high of ₹8 on May 22, 2026.
> **Note:** With a very small issue size of ₹18.21 crore, the IPO could see massive oversubscription in the retail category, which may push the listing price higher than the current GMP suggests.
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## About Rajnandini Fashion India Limited
Incorporated in 2010 (originally as Vyoum Trade Link Private Limited), Rajnandini Fashion India Limited designs, manufactures, and sells women's ethnic and casual apparel through both online and offline channels. The company operates under four in-house brands:
- **Merira** — ethnic wear
- **Monira** — casual wear
- **Roly Poly** — children's/casual
- **Rajnandini** — premium ethnic
**Product portfolio:** sarees, kurtis, kurta sets, unstitched dress materials, tops, tunics, co-ord sets, dresses, plus-size garments, and maternity wear
**Fabrics used:** poly-cotton, rayon, silk, cotton, and blended fabrics
**Manufacturing:** Facilities in Surat (Kadodara Road) and Jaipur (Sitapura Industrial Area)
**B2C channels:** Amazon, Flipkart, Myntra, Ajio, Limeroad, Nykaa, Shopsy, and own website — processed 2,78,046 orders in FY 2024-25
**B2B channels:** wholesalers, retailers, garment processors — generated ₹11.70 crore in FY 2024-25
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## Rajnandini Fashion Financial Performance
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| B2B Revenue | ₹1.13 crore | ₹4.08 crore | ₹11.70 crore |
| Revenue Growth (YoY) | — | — | +33% |
| PAT Growth (YoY) | — | — | +120% |
The company has reported strong improvement in profitability and operating performance during FY2025 while maintaining healthy return ratios and operating margins. B2B revenue grew nearly 10x between FY2023 and FY2025.
**How IPO proceeds will be used:**
- Capital expenditure for new manufacturing facility
- Repayment of borrowings
- General corporate purposes
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## Strengths & Risks
**Strengths:**
- Presence across 8+ major e-commerce platforms
- Four distinct brand identities targeting different customer segments
- Strong B2B growth (10x in 2 years)
- Manufacturing in Surat — India's textile hub
- Small issue size → potential for strong oversubscription
**Risks:**
- Fashion and apparel is highly competitive and trend-sensitive
- Consumer demand seasonality affects revenue
- E-commerce platform dependency
- Small company with limited track record post-rebranding
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## Should You Apply for Rajnandini Fashion India IPO?
At ₹63 per share (upper band), this is one of the lowest-priced IPOs in the current SME cycle. The small issue size (₹18.21 crore) significantly increases the chance of high oversubscription — which historically drives better listing performance. Women's ethnic wear via online platforms is a structural growth story in India.
**Recommendation:** Apply for medium to long term. Short-term listing gains may surprise positively given the small issue size.
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> **Disclaimer:** This article is for informational and educational purposes only. Please consult a SEBI-registered investment advisor before investing.