MV Electrosystems IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 96.13x |
| NII | 397.99x |
| sNII (₹2L–₹10L) | 354.63x |
| bNII (above ₹10L) | 419.67x |
| Retail (RII) | 218.25x |
| Total | 200.66x |
Bidding day 5 · final figures at close of bidding: 6 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 30 Jul 2026
- Close Date
- 3 Aug 2026
- Listing Date
- 6 Aug 2026
- Face Value
- ₹5
- Fresh Issue
- ₹290 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 34 | ₹14,450 |
| Retail (Max) | 14 | 476 | ₹2,02,300 |
| B-HNI (Min) | 70 | 2,380 | ₹10,11,500 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 30,70,587 | 45% |
| QIB (ex-anchor) | 20,47,093 | 30% |
| NII | 10,23,502 | 15% |
| — sNII (< ₹10L) | 3,41,167 | 5% |
| — bNII (> ₹10L) | 6,82,335 | 10% |
| Retail | 6,82,346 | 10% |
| Total | 68,23,528 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 50.57 | 0.56 | 6.41 | 16.53 | 65.58 | 27.59 | — |
| FY 2025 | 64.64 | 1.4 | 8.92 | 17.91 | 74.12 | 27.5 | — |
| FY 2026 | 49.79 | -12.63 | -9.94 | 62.57 | 145.74 | 49.89 | -6.17 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- -68.88x
- P/E (post-issue)
- -91.79x
- RoNW
- -20.29%
- RoE
- -31.55%
- RoCE
- -17.69%
- Debt / Equity
- 0.8
- EPS (pre-issue)
- ₹-6.17
- EPS (post-issue)
- ₹-4.63
- EBITDA Margin
- -19.97%
- PAT Margin
- -25.36%
- P/BV
- 13.9x
- NAV / share
- ₹30.58
- Market Cap
- ₹1,159.52 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding long-term working capital requirements of the Company | ₹180 Cr |
| Investment in research design and development activities for new power electronic equipment | ₹21 Cr |
| General corporate purpose | ₹53.46 Cr |
| Issue Expenses | ₹35.54 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM fees and commission (including underwriting commission) | ₹23.98 Cr |
| Brokerage, selling commission, bidding charges, processing fees for the Members of the Syndicate, Registered Brokers, SCSBs, RTAs and CDPs | ₹2.9 Cr |
| Fees payable to Registrar to the Issue | ₹0.27 Cr |
| Fees payable to SANMARKS & Associates, Chartered Accountants, in their capacity as the Statutory Auditor, in respect of the Restated Financial Information and the Statement of Possible Special Tax Benefits and the certificates issued by them in connection with the Issue | ₹0.14 Cr |
| Fees payable to Sapient Services Private Limited, Independent Chartered Engineer, in relation to the issuance of the capacity utilization certificate prepared and issued in connection with the Issue | ₹0.08 Cr |
| Fees payable to Bilimoria Mehta & Co., Independent Chartered Accountant, in relation to the issuance of various certificates issued by them in connection with the Issue | ₹0.13 Cr |
| Fees payable to CARE Analytics and Advisory Private Limited, in relation to the commissioning and issue of their report on the Industry in which the Company operates | ₹0.24 Cr |
| Listing fees, SEBI Fees, upload fees, NSE and BSE processing fees, book building software fees and other regulatory expenses | ₹4.96 Cr |
| Printing and Stationery expenses | ₹0.53 Cr |
| Advertising and Marketing expenses | ₹1.64 Cr |
| Fees payable to Legal Advisors to the Issue | ₹0.28 Cr |
| Miscellaneous | ₹0.4 Cr |
Promoters & Shareholding
Promoters: <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>
- Holding (pre-issue)
- 76.92%
- Holding (post-issue)
- 57.68%
- Dilution
- 19.24%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | Other | 5,61,408 | ₹425 | 23.86 | 18.28% |
| SHUBHKAM VENTURES (INDIA) PVT.LTD. | Other | 4,23,538 | ₹425 | 18 | 13.79% |
| KOTAK SPECIAL OPPORTUNITIES FUND | Other | 3,36,838 | ₹425 | 14.32 | 10.97% |
| KOTAK MANUFACTURE IN INDIA FUND | Other | 3,36,872 | ₹425 | 14.32 | 10.97% |
| SHINE STAR BUILD-CAP PVT.LTD. | Other | 2,35,293 | ₹425 | 10 | 7.66% |
| FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND | Other | 1,70,578 | ₹425 | 7.25 | 5.56% |
| FOUNDERS COLLECTIVE FUND | Other | 1,64,730 | ₹425 | 7 | 5.36% |
| TATTVAM AIF TRUST-Aanjay Ageless AIF Fund | Other | 1,35,286 | ₹425 | 5.75 | 4.41% |
| MERU INVESTMENT FUND PCC-CELL 1 | Other | 1,17,674 | ₹425 | 5 | 3.83% |
| 360 ONE PRIME LTD. | Other | 1,17,674 | ₹425 | 5 | 3.83% |
| 360 ONE LVF TREASURY SOLUTIONS FUND | Other | 1,17,674 | ₹425 | 5 | 3.83% |
| ASHIKA GLOBAL FINANCE PVT.LTD. | FII/FPI | 1,17,674 | ₹425 | 5 | 3.83% |
| ASHIKA INDIA SELECT FUND | Other | 1,17,674 | ₹425 | 5 | 3.83% |
| VENTUREX FUND I | Other | 1,17,674 | ₹425 | 5 | 3.83% |
Anchor bidding took place on 29 Jul 2026. Anchor lock-in: 50% of shares unlock on 2 Sept 2026, the remainder on 1 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| MV Electrosystems | -6.52 | 30.58 | — | -20.29% | Restated |
| Hind Rectifiers Limited | 13.1 | 60.69 | 88.83x | 21.37% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the MV Electrosystems IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the MV Electrosystems IPO
The MV Electrosystems mainboard IPO runs from 30 Jul 2026 to 3 Aug 2026, offered at a price band of ₹400–425 per share, and is set to list on NSE and BSE. The company is looking to raise ₹290 crore through the offer. Retail investors bid in lots of 34 shares, a minimum application of ₹14,450.
Issue structure
The IPO is structured entirely as a fresh issue of ₹290 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding long-term working capital requirements of the company (₹180 crore), alongside general corporate purpose (₹53.46 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, MV Electrosystems reported revenue of ₹49.79 crore and a net loss of ₹12.63 crore. Revenue declined from ₹50.57 crore in FY2024 to ₹49.79 crore in FY2026 (-2.0%). Net worth stood at ₹62.57 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at -91.79× post-issue earnings and 13.9× book value, against a return on net worth of -20.29% and a debt-to-equity ratio of 0.8. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>. Promoter holding stands at 76.92% before the issue and comes down to 57.68% after listing.
Grey market premium (GMP)
In the unofficial grey market, MV Electrosystems shares are quoted at a premium of ₹106 implying an expected listing around ₹531, about +24.9% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The MV Electrosystems IPO was subscribed 200.66 times overall. The strongest demand came from non-institutional investors (NII) at 397.99 times, with qualified institutional buyers (QIB) at 96.13× and retail investors at 218.25×.
Listing performance
MV Electrosystems listed on 6 Aug 2026 at ₹519, a premium of +22.1% over the issue price of ₹425.
What to weigh
When evaluating the MV Electrosystems IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About MV Electrosystems
MV Electrosystems Ltd. is engaged in specialized electronic and electromechanical solutions. Since its establishment, the company has focused on delivering high-quality products designed to support industrial, commercial, and technological applications. The company manufactures and supplies a wide range of electronic components, control systems, and customized electrical assemblies. Its offerings support sectors such as power distribution, automation, infrastructure, and industrial equipment manufacturers. MV Electrosystems Ltd. operates through integrated design, production, and quality-testing processes. The company emphasizes innovation, precision engineering, and client-centric solutions, enabling reliable performance and long-term value across diverse industries and product categories. Products: Propulsion Equipment Cable protection & management products Competitive Strengths: Engineering and systems design focused railways company with strong in-house research, design & development capabilities for highly engineered and complex railway systems, combining precision and domain expertise. Ability to create precision driven design & development capabilities and safety critical & complex railway electric equipment acts as high barriers to entry in this segment. Long-standing and deep relationship with Indian Railways Experienced Promoter and management team with strong implementation skills and operational effectiveness.
MV Electrosystems — Contact Details
- Registered office
- Plot No. 7,, Site No 2, 14/3,, Mathura Road,, Faridabad, Haryana, 121003
- Phone
- +91 92 1199 9711
- Website
- www.mvelectrosystems.com/
- Registrar (IPO queries)
- mvelectrosystems.ipo@kfintech.com
Frequently asked questions
- What is the MV Electrosystems IPO price band?
- The MV Electrosystems IPO price band is ₹400 to ₹425 per share, with a lot size of 34 shares.
- What was the MV Electrosystems IPO GMP before listing?
- The final grey market premium recorded before the MV Electrosystems IPO listed was ₹106. The IPO listed on 6 Aug 2026 at ₹519, +22.1% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the MV Electrosystems IPO open and close?
- The MV Electrosystems IPO opens on 30 Jul 2026 and closes on 3 Aug 2026.
- When is the MV Electrosystems IPO allotment and listing date?
- Allotment is expected on 4 Aug 2026. The shares are scheduled to list on 6 Aug 2026 on NSE and BSE.
- How many times was the MV Electrosystems IPO subscribed?
- The MV Electrosystems IPO was subscribed 200.66 times in total across all investor categories.
- What is the reservation split in the MV Electrosystems IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of MV Electrosystems and what is their holding?
- The promoters are <p>Mohit Vohra, Amit Dhawan, Sumit Dhawan, Rahul Dhawan, Sonali Dhawan, Ramendra Pratap Singh</p>. Promoter holding is 76.92% before the issue and 57.68% after listing.
- What is the P/E ratio of the MV Electrosystems IPO?
- At the upper price band, the MV Electrosystems IPO is valued at -68.88× pre-issue earnings and -91.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the MV Electrosystems IPO?
- The net proceeds go primarily toward funding long-term working capital requirements of the company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the MV Electrosystems IPO?
- The book-running lead manager is Sundae Capital Advisors Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is MV Electrosystems a Mainboard or SME IPO?
- MV Electrosystems is a Mainboard IPO, listing on NSE and BSE.