IC Electricals IPO

The IC Electricals SME IPO is open between 3 Jul 2026 and 7 Jul 2026, offered at a price band of ₹94–99 per share, and is set to list on NSE. The IPO seeks to raise ₹47.91 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,37,600.

Issue structure

The IPO is structured entirely as a fresh issue of ₹45.51 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 the working capital requirements of the company (₹33.6 crore), alongside issue expenses (₹7.19 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, IC Electricals reported revenue of ₹143.81 crore and a net profit of ₹14.1 crore. Revenue grew from ₹99.75 crore in FY2024 to ₹143.81 crore in FY2026 (+44.0%). Net worth stood at ₹65.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 12.82× post-issue earnings and 2.02× book value, against a return on net worth of 23.88% and a debt-to-equity ratio of 1.13. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are Sunil Kumar Verma, Renu Verma, SHBD LLP and Safe System India Pvt.Ltd.. Promoter holding stands at 82.92% before the issue and comes down to 60.94% after listing.

Grey market premium (GMP)

In the unofficial grey market, IC Electricals shares are quoted at a premium of ₹47 implying an expected listing around ₹146, about +47.5% 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 IC Electricals IPO was subscribed 420.09 times overall. The strongest demand came from non-institutional investors (NII) at 764.38 times, with qualified institutional buyers (QIB) at 241.75× and retail investors at 372.5×.

Listing performance

IC Electricals listed on 10 Jul 2026 at ₹166, a premium of +67.7% over the issue price of ₹99.

What to weigh

When evaluating the IC 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 IC Electricals

Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways. The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards. In addition, the company manufactures key railway components such as alternators, traction motors, and permanent magnet alternators with controllers. IC Electricals also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. The company primarily operates on a Business-to-Government (B2G) model, catering mainly to government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS). IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur–Kaptanganj–Valmiki Nagar section under the North Eastern Railway and the Ara–Sasaram section under the East Central Railway. As of August 31, 2025, the company employs 220 permanent staff members.