G.V. Electricals 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 | 91.55x |
| NII | 272.79x |
| sNII (₹2L–₹10L) | 187.69x |
| bNII (above ₹10L) | 315.34x |
| Retail (RII) | 168.69x |
| Total | 169.26x |
Bidding day 8 · final figures at close of bidding: 12 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 31 Jul 2026
- Close Date
- 7 Aug 2026
- Listing Date
- 12 Aug 2026
- Face Value
- ₹10
- Fresh Issue
- ₹35.36 Cr
- OFS
- ₹3.25 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,60,000 |
| HNI (Min) | 3 | 3,000 | ₹3,90,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 8,88,000 | 29.9% |
| QIB (ex-anchor) | 5,92,000 | 19.93% |
| NII | 4,50,000 | 15.15% |
| — sNII (< ₹10L) | 1,50,000 | 5.05% |
| — bNII (> ₹10L) | 3,00,000 | 10.1% |
| Retail | 10,40,000 | 35.02% |
| Total | 29,70,000 | 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 | 112.03 | 2.8 | 6.14 | 17.05 | 42.06 | 4.95 | — |
| FY 2025 | 131.36 | 4.66 | 8.04 | 23.2 | 51.43 | 7.84 | — |
| FY 2026 | 156.66 | 10.47 | 17.05 | 33.67 | 78.4 | 16.47 | 12.64 |
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)
- 10.28x
- P/E (post-issue)
- 14.01x
- RoNW
- 31.09%
- RoE
- 36.81%
- RoCE
- 31.13%
- Debt / Equity
- 0.49
- EPS (pre-issue)
- ₹12.64
- EPS (post-issue)
- ₹9.28
- EBITDA Margin
- 10.9%
- PAT Margin
- 6.69%
- P/BV
- 3.2x
- NAV / share
- ₹40.66
- Market Cap
- ₹146.63 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 |
|---|---|
| Repayment of a portion of certain borrowings availed by the Company | ₹6 Cr |
| Funding of Working Capital Requirements | ₹22 Cr |
| General Corporate Purpose | ₹5.49 Cr |
| Issue Expenses | ₹5.97 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manger Fees (including underwriting commission and marketing fees) | ₹5.46 Cr |
| Fees Payable to Registrar to the Issue | ₹0.05 Cr |
| Fees Payable for Advertising and Publishing Expenses | ₹0.07 Cr |
| Fees Payable to Regulators including Stock Exchanges | ₹0.25 Cr |
| Payment for Printing & Stationery, Postage, etc. | ₹0.01 Cr |
| Fees Payable to Statutory Auditor, Legal Advisors, Chartered Engineer, Independent Chartered Accountant, Practicing Company Secretary and Industry Research Agency | ₹0.14 Cr |
| Others (Commission/processing fee for SCSBs, Sponsor Bank and Banker(s) to the Issue and brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0 Cr |
Promoters & Shareholding
Promoters: <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>
- Holding (pre-issue)
- 95.65%
- Holding (post-issue)
- 67.99%
- Dilution
- 27.66%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| MOTILAL OSWAL FINVEST LTD. | Other | 3,86,000 | ₹130 | 5.02 | 43.47% |
| SHINE STAR BUILD-CAP PVT.LTD. | Other | 1,55,000 | ₹130 | 2.02 | 17.45% |
| VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES | FII/FPI | 1,54,000 | ₹130 | 2 | 17.34% |
| COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND | Other | 1,16,000 | ₹130 | 1.51 | 13.06% |
| KHANDELWAL FINANCE PVT.LTD. | Other | 77,000 | ₹130 | 1 | 8.67% |
Anchor bidding took place on 30 Jul 2026. Anchor lock-in: 50% of shares unlock on 13 Sept 2026, the remainder on 11 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| G V ELECTRICALS Limited | 12.64 | 40.66 | — | 31.09% | — |
| Parth Electricals & Engineering Limited | 11.35 | 81.54 | 39.2x | 12.78% | 5.48x |
| Rajesh Power Services Ltd | 79.52 | 225.56 | 10.69x | 35.26% | 3.78x |
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.
Listing Performance
About the G.V. Electricals IPO
The G.V. Electricals SME IPO opens for subscription on 31 Jul 2026 and closes on 7 Aug 2026, offered at a price band of ₹123–130 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹42.25 crore. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,60,000.
Issue structure
The offer combines a fresh issue of ₹35.36 crore with an offer for sale (OFS) of ₹3.25 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding of working capital requirements (₹22 crore), alongside repayment of a portion of certain borrowings availed by the company (₹6 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, G.V. Electricals reported revenue of ₹156.66 crore and a net profit of ₹10.47 crore. Revenue grew from ₹112.03 crore in FY2024 to ₹156.66 crore in FY2026 (+40.0%). Net worth stood at ₹33.67 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.01× post-issue earnings and 3.2× book value, against a return on net worth of 31.09% and a debt-to-equity ratio of 0.49. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Parth Electricals & Engineering Limited and Rajesh Power Services Ltd, with a median peer P/E of about 24.9×. The issue's own post-issue P/E works out to 14.01×.
Promoters
The promoters of the company are <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>. Promoter holding stands at 95.65% before the issue and comes down to 67.99% after listing.
Grey market premium (GMP)
In the unofficial grey market, G.V. Electricals shares are quoted at a premium of ₹25 implying an expected listing around ₹155, about +19.2% 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 G.V. Electricals IPO was subscribed 169.26 times overall. The strongest demand came from non-institutional investors (NII) at 272.79 times, with qualified institutional buyers (QIB) at 91.55× and retail investors at 168.69×.
Listing performance
G.V. Electricals listed on 12 Aug 2026 at ₹158, a premium of +21.5% over the issue price of ₹130.
What to weigh
When evaluating the G.V. Electricals 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 G.V. Electricals
Incorporated in February 1985, G.V. Electricals Limited offers operation, maintenance, and support services mainly to India's electricity distribution utilities. The company offers services like operation, maintenance, and field execution of electricity distribution networks and infrastructure, including lines, feeders, substations, poles, and cables used to supply electricity to consumers. The company operates in three business verticals:- Network Operation and Maintenance (“O&M”) Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services. The company supports maintenance and operations of electrical distribution systems at various voltage levels, including 33 kV, 11 kV, and LT networks. It provides O&M for 33/11 kV substations and deploys technical staff for field tasks like line maintenance, network inspection, and fault rectification. The company has ISO 9001:2015, 14001:2015, 45001:2018, and SA 8000:2014 certifications for its management systems covering quality, environmental, occupational health and safety, and social accountability. As of February 28, 2026, the Company’s order book includes 34 ongoing projects valued at about ₹ 594.67 crores. As of February 28, 2026, the Company had 4,770 employees, including 4,629 permanent staff and 141 contract workers across offices and projects. Competitive Strength Presence Across Electrical Infrastructure Activities with Major Revenue from O&M Services Order Book Providing Revenue Visibility Majority of Revenue from Repetitive Customers Experienced Management Team and Manpower Strength
G.V. Electricals — Contact Details
- Registered office
- Unit no 324, 3rd floor, Plot no 416,, Hammersmith Industrial Premises Co-op Society Ltd,, Off. Sitladevi Temple Road, Mahim,, Mumbai, Maharashtra, 400016
- Phone
- 011-43083804
- Website
- gvelectricals.com/
- Registrar (IPO queries)
- ipo@mudrarta.com
Frequently asked questions
- What is the G.V. Electricals IPO price band?
- The G.V. Electricals IPO price band is ₹123 to ₹130 per share, with a lot size of 1000 shares.
- What was the G.V. Electricals IPO GMP before listing?
- The final grey market premium recorded before the G.V. Electricals IPO listed was ₹25. The IPO listed on 12 Aug 2026 at ₹158, +21.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the G.V. Electricals IPO open and close?
- The G.V. Electricals IPO opens on 31 Jul 2026 and closes on 7 Aug 2026.
- When is the G.V. Electricals IPO allotment and listing date?
- Allotment is expected on 10 Aug 2026. The shares are scheduled to list on 12 Aug 2026 on BSE.
- How many times was the G.V. Electricals IPO subscribed?
- The G.V. Electricals IPO was subscribed 169.26 times in total across all investor categories.
- What is the reservation split in the G.V. Electricals IPO?
- Of the total shares offered, retail investors get 35.02%, QIBs 19.93% (plus 29.9% anchor), non-institutional investors 15.15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of G.V. Electricals and what is their holding?
- The promoters are <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>. Promoter holding is 95.65% before the issue and 67.99% after listing.
- What is the P/E ratio of the G.V. Electricals IPO?
- At the upper price band, the G.V. Electricals IPO is valued at 10.28× pre-issue earnings and 14.01× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the G.V. Electricals IPO?
- The net proceeds go primarily toward funding of working capital requirements, 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 G.V. Electricals IPO?
- The book-running lead manager is Seren Capital Pvt.Ltd..
- Is G.V. Electricals a Mainboard or SME IPO?
- G.V. Electricals is an SME IPO, listing on BSE (SME platform).