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Rajnandini Fashion India Ltd IPO
Status: Closed
Overview
IPO date
26 May 2026 to 29 May 2026
Face value
₹ 10 per share
Price
₹ 59 to ₹63 per share
Issue Size
2,890,000 shares
(aggregating up to ₹ 18.21 Cr)
(aggregating up to ₹ 18.21 Cr)
Allotment Date
01 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Trading
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T&C*
Strengths vs Risks of Rajnandini Fashion India Ltd
Know the pros & cons
Strengths
- Wide range of products across multiple price points.
- Presence across multiple online platforms.
- In-house manufacturing facilities.
- Experienced Management Team & Promoters.
Risks
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The company Business is subject to risk of Sales Returns in the B2C Segment, which could adversely affect its financial and business performance.
- The Company does not carry out any printing activities in-house and the entire printing process is outsourced to external vendors.
- 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.
- The company is exposed to risks relating to online retail, including negative reviews, intense discounting and rapid consumer preference shifts.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The Company has unsecured loans which is repayable on demand.
- The Company has certain contingent liabilities, which, if they materialize, may adversely affect its business, financial condition and results of operations.
- 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.
- Form ADT-3 in respect of the resignation of the company erstwhile statutory auditor, HRJ and Associates, in Fiscal 2023 is not available.
- 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.
- 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.
- The company failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its 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.
- 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.
- If the company is not able to successfully manage its growth, the company business and results of operations may be adversely affected.
- 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.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue price.
- 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.
- 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.
- 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.
- 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.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- 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.
- 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.
- Any variation in the utilization of Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- 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.
- 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.
- 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.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- 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.
- 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.
- 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.
Rajnandini Fashion India Ltd Peer Comparison
Understand the company’s industry standing
Rajnandini Fashion India Limited
Nandani Creation Limited
Libas Consumer Products Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
30.69
69.64
91.91
EPS-Basis
6.77
2.41
1.23
EPS-Diluted
6.77
2.41
1.23
NAV Per Share
---
---
---
P/E-Basic EPS
---
12.33
9.99
P/E-Diluted EPS
---
---
---
RONW(%)
54.41
7.1
3.24
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 26 May 2026 & closes on 29 May 2026.
Rajnandini Fashion India Limited was incorporated as Vyoum Trade Link Private Limited on October 11, 2010, with the Registrar of Companies, Rajasthan. The name of the Company was changed to Jainam Overseas Private Limited on January 20, 2012. Subsequently, the name of the Company was changed to Rajnandini Fashion India Private Limited vide fresh Certificate of Incorporation issued by the Registrar of Companies, Central Processing Centre, on July 18, 2024. Thereafter, the Company was converted from a private company to a public company and its name was changed to Rajnandini Fashion India Limited w.e.f. January 01, 2025.
Company is primarily engaged in the design, manufacturing and sale of women's apparel, catering to both ethnic and casual wear categories through online and offline channels. The ethnic wear portfolio includes Unstitched Dress Materials, Plus-Size Garments, Sarees, Kurtis and Kurta Sets, Patiala Suits, while the casual wear portfolio comprises of Co-Ord Sets, Tops, Tunics, Long and Short dresses and Maternity Gowns made of poly-cotton, rayon, cotton and other fabrics.
The sales operations are carried out under two segments - business-to-consumer (B2C) and business-to-business (B2B). In the B2C segment, the Company manages sales through its own website as well as leading e-commerce platforms including Amazon, Flipkart, Myntra, Ajio, LimeRoad, Nykaa and others. In the B2B segment, it serve channel partners and garment processors by supplying unstitched and semi-stitched fabrics as well as ready-to-wear garments.
In 2023, Company established first manufacturing facility at Surat to undertake in-house production of women's apparel. In 2024, it expanded manufacturing operations by starting another facility at Jaipur. Currently, the Surat unit is equipped with 90 sewing machines and the Jaipur unit with 50 sewing machines. Prior to 2023, the Company was primarily engaged in outsourced manufacturing of women's apparel and trading of fabrics.
Company is planning the IPO of 26,88,000 equity shares having the face value of Rs 10 through fresh issue.
Rajnandini Fashion India Ltd IPO will close on 29 May 2026.
- Wide range of products across multiple price points.
- Presence across multiple online platforms.
- In-house manufacturing facilities.
- Experienced Management Team & Promoters.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vikesh Sushil Lunawat | 7098300 | 94.9 | 7098300 | 68.45 |
| 2 | Sushil Kumar Lunawat | 170000 | 2.27 | 170000 | 1.64 |
| 3 | Priyanka Chopra | --- | --- | --- | --- |
| 4 | Mahaveer Choudhary | 340 | --- | 340 | --- |
| 5 | Puneet Lunawat | 340 | --- | 340 | --- |
| 6 | Usha Lunawat | 340 | --- | 340 | --- |
| 7 | Pooja Choudhary | 340 | --- | 340 | --- |
| 8 | Saroj | 340 | --- | 340 | --- |
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The company Business is subject to risk of Sales Returns in the B2C Segment, which could adversely affect its financial and business performance.
- The Company does not carry out any printing activities in-house and the entire printing process is outsourced to external vendors.
- 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.
- The company is exposed to risks relating to online retail, including negative reviews, intense discounting and rapid consumer preference shifts.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- The Company has unsecured loans which is repayable on demand.
- The Company has certain contingent liabilities, which, if they materialize, may adversely affect its business, financial condition and results of operations.
- 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.
- Form ADT-3 in respect of the resignation of the company erstwhile statutory auditor, HRJ and Associates, in Fiscal 2023 is not available.
- 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.
- 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.
- The company failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its 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.
- 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.
- If the company is not able to successfully manage its growth, the company business and results of operations may be adversely affected.
- 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.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue price.
- 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.
- 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.
- 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.
- 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.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- 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.
- 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.
- Any variation in the utilization of Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- 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.
- 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.
- 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.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- 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.
- 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.
- 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.
The Issue type of Rajnandini Fashion India Ltd is Book Building - SME.
The minimum application for shares of Rajnandini Fashion India Ltd is 4000.
The total shares issue of Rajnandini Fashion India Ltd is 2890000.
Initial public issue of 28,90,000 equity shares of face value of Rs.10/- each (the "Equity Shares") of Rajnandini Fashion India Limited ("the Company" or "RFIL" or "the Issuer") at an issue price of Rs. 63 per equity share for cash aggregating to Rs.18.21 Crores ("Public Issue") out of which 1,46,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 63 per equity share for cash aggregating to Rs. 0.92 Crores was reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. Net issue of 27,44,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 63 per equity share for cash aggregating to Rs. 17.29 Crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 27.87% and 26.46% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 63/- per equity share of face value of Rs. 10/- each.
The floor price is 6.3 times of the face value of the equity shares.
Bids can be made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.