Rajnandini Fashion India SME IPO covered 1.62x on day 1; NIIs, QIBs lead the book

Surat-based women's ethnic and casual wear maker Rajnandini Fashion India saw its ₹18.2 cr SME IPO (price band ₹59-63) fully subscribed on day one, with QIBs at 3.51x and NIIs at 2.14x. Brand sells via Amazon, Flipkart, Myntra, Ajio and Nykaa Fashion. GMP holding at ₹6.

— Source publishedTue, 26 May, 2026, 15:31 IST·First seen Tue, 26 May, 2026, 15:41 IST·Source Mint · Markets

What happened

Women's ethnic/casual wear maker Rajnandini Fashion India's SME IPO (₹18.2 cr, price band ₹59-63) was 1.62x subscribed on day 1, led by NIIs and QIBs. Sells via

Key facts

  • price band ₹59-63
  • issue size ₹18.2 crore
  • 28.9 lakh shares
  • anchor ₹5.15 crore
  • GMP ₹6
  • day 1 subscription 1.62x
  • QIB 3.51x
  • NII 2.14x
  • retail 32%
  • B2B revenue ₹15.23 crore
  • 22.91 lakh units B2C

Why this matters

Rajnandini's listing creates another small-cap comp in the women's ethnic D2C-on-marketplaces segment, useful for benchmarking valuations on similar Surat/Tirupur apparel targets.