Susan Electricals India 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 | 142.65x |
| NII | 336x |
| Retail (RII) | 207.56x |
| Total | 216.63x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 11 Jun 2026
- Close Date
- 15 Jun 2026
- Listing Date
- 18 Jun 2026
- Face Value
- ₹10
- Fresh Issue
- ₹54.41 Cr
- OFS
- ₹10.16 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,54,000 |
| HNI (Min) | 3 | 3,000 | ₹3,81,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 15,23,000 | 29.96% |
| QIB (ex-anchor) | 10,16,000 | 19.98% |
| NII | 7,65,000 | 15.05% |
| — sNII (< ₹10L) | 2,55,000 | 5.02% |
| — bNII (> ₹10L) | 5,10,000 | 10.03% |
| Retail | 17,80,000 | 35.01% |
| Total | 50,84,000 | 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 | 103.59 | 0.76 | 3.64 | 6.21 | 38.08 | 24.79 | — |
| FY 2025 | 136.05 | 5.65 | 12 | 17.98 | 73.68 | 45.27 | — |
| FY 2026 | 269.96 | 18.25 | 32.08 | 38.48 | 130.05 | 66.72 | 11.7 |
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)
- 10.85x
- P/E (post-issue)
- 14.15x
- RoNW
- 47.42%
- RoE
- 64.64%
- RoCE
- 29.05%
- EPS (pre-issue)
- ₹11.7
- EPS (post-issue)
- ₹8.97
- EBITDA Margin
- 11.91%
- PAT Margin
- 6.77%
- P/BV
- 5.15x
- NAV / share
- ₹24.68
- Market Cap
- ₹258.2 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 of Capital expenditure towards Expansion of existing Manufacturing Facility situated at Plot No.18/31, Sahibabad, Ghaziabad, Uttar Pradesh | ₹10.29 Cr |
| Funding of Working Capital Requirements | ₹33 Cr |
| General corporate purposes | ₹8.94 Cr |
| Issue Expenses | ₹9.33 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manger Fees (including underwriting commission, marketing and selling fees) | ₹8.45 Cr |
| Fees Payable to Registrar to the Issue | ₹0.06 Cr |
| Fees Payable for Advertising and Publishing Expenses | ₹0.12 Cr |
| Fees Payable to Regulators including Stock Exchanges, CDSL and NSDL | ₹0.28 Cr |
| Fees Payable to Statutory Auditor, Legal Advisors, and other Professionals including Chartered Engineer, Independent Chartered Accountant, Practicing Company Secretary, Industry Report | ₹0.34 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) | ₹0.07 Cr |
Promoters & Shareholding
Promoters: Vishal Jain and Mahak Jain
- Holding (pre-issue)
- 92.47%
- Holding (post-issue)
- 66.97%
- Dilution
- 25.5%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| MOTILAL OSWAL FINVEST LTD. | Other | 5,58,000 | ₹127 | 7.09 | 36.64% |
| SAGEONE-FLAGSHIP GROWTH OE FUND | Other | 2,95,000 | ₹127 | 3.75 | 19.37% |
| SHINE STAR BUILD-CAP PVT.LTD. | Other | 2,95,000 | ₹127 | 3.75 | 19.37% |
| VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES | FII/FPI | 2,95,000 | ₹127 | 3.75 | 19.37% |
| ARTHASANCHAY INVESTMENT TRUST-ARTHASANCHAY GROWTH FUND | Other | 80,000 | ₹127 | 1.02 | 5.25% |
Anchor bidding took place on 10 Jun 2026. Anchor lock-in: 50% of shares unlock on 16 Jul 2026, the remainder on 14 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Susan Electricals India | 11.96 | 24.68 | — | 47.42% | — |
| Divine Power Energy | 10.83 | 51.71 | 46.35x | 20.69% | 9.84x |
| Prime Cable Industries | 6.68 | 33.17 | 16.77x | 20.14% | 3.39x |
| V-Marc India | 40.97 | 118.55 | 27.9x | 34.56% | 9.69x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. 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 Susan Electricals India IPO
The Susan Electricals India SME IPO is open between 11 Jun 2026 and 15 Jun 2026, offered at a price band of ₹120–127 per share, and is set to list on BSE. The IPO seeks to raise ₹64.57 crore. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,54,000.
Issue structure
The offer combines a fresh issue of ₹54.41 crore with an offer for sale (OFS) of ₹10.16 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 (₹33 crore), alongside funding of capital expenditure towards expansion of existing manufacturing facility situated at plot no.18/31, sahibabad, ghaziabad, uttar pradesh (₹10.29 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Susan Electricals India reported revenue of ₹269.96 crore and a net profit of ₹18.25 crore. Revenue grew from ₹103.59 crore in FY2024 to ₹269.96 crore in FY2026 (+161.0%). Net worth stood at ₹38.48 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.15× post-issue earnings and 5.15× book value, against a return on net worth of 47.42%. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Divine Power Energy and Prime Cable Industries, with a median peer P/E of about 27.9×. The issue's own post-issue P/E works out to 14.15×.
Promoters
The promoters of the company are Vishal Jain and Mahak Jain. Promoter holding stands at 92.47% before the issue and comes down to 66.97% after listing.
Grey market premium (GMP)
In the unofficial grey market, Susan Electricals India shares are quoted at a premium of ₹43 implying an expected listing around ₹170, about +33.9% 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 Susan Electricals India IPO was subscribed 216.63 times overall. The strongest demand came from non-institutional investors (NII) at 336 times, with qualified institutional buyers (QIB) at 142.65× and retail investors at 207.56×.
Listing performance
Susan Electricals India listed on 18 Jun 2026 at ₹186, a premium of +46.5% over the issue price of ₹127.
What to weigh
When evaluating the Susan Electricals India 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 Susan Electricals India
Susan Electricals India Ltd. manufactures a wide range of aluminium and copper-based electrical products, including winding wires, conductors, and power cables, available in different sizes, grades, and specifications. Its product offerings include winding wires and strips that are widely used in transformers, electric motors, alternators, coils, and other electrical applications. The company also produces aluminium stranded conductors that support overhead electricity transmission and distribution networks. The company’s cable portfolio comprises low-tension (LT) and high-tension (HT) power cables. These include PVC and XLPE insulated LT cables with voltage ratings up to 1.1 kV, along with LT Aerial Bunched (AB) cables and HT cables designed for advanced power distribution requirements. Susan Electricals primarily serves government-owned power distribution companies (DISCOMs), EPC contractors, infrastructure developers, and businesses operating within the electrical equipment and cable industry. Apart from its manufacturing operations, the company is involved in the trading of aluminium wires and rods used as essential raw materials. It also provides job-work services for the processing and conversion of winding wires and strips.
Susan Electricals India — Contact Details
- Registered office
- 1703, Nirmal Tower, 26, Barakhamba Road, Connaught Plaza, New Delhi, New Delhi, 110001
- Phone
- 0120-4331296
- office@seil.net.in
- Website
- seil.net.in/
- Registrar (IPO queries)
- ipo@mudrarta.com
Frequently asked questions
- What is the Susan Electricals India IPO price band?
- The Susan Electricals India IPO price band is ₹120 to ₹127 per share, with a lot size of 1000 shares.
- What was the Susan Electricals India IPO GMP before listing?
- The final grey market premium recorded before the Susan Electricals India IPO listed was ₹43. The IPO listed on 18 Jun 2026 at ₹186, +46.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Susan Electricals India IPO open and close?
- The Susan Electricals India IPO opens on 11 Jun 2026 and closes on 15 Jun 2026.
- When is the Susan Electricals India IPO allotment and listing date?
- The shares are scheduled to list on 18 Jun 2026 on BSE.
- How many times was the Susan Electricals India IPO subscribed?
- The Susan Electricals India IPO was subscribed 216.63 times in total across all investor categories.
- What is the reservation split in the Susan Electricals India IPO?
- Of the total shares offered, retail investors get 35.01%, QIBs 19.98% (plus 29.96% anchor), non-institutional investors 15.05%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Susan Electricals India and what is their holding?
- The promoters are Vishal Jain and Mahak Jain. Promoter holding is 92.47% before the issue and 66.97% after listing.
- What is the P/E ratio of the Susan Electricals India IPO?
- At the upper price band, the Susan Electricals India IPO is valued at 10.85× pre-issue earnings and 14.15× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Susan Electricals India 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 Susan Electricals India IPO?
- The book-running lead manager is Seren Capital Pvt.Ltd..
- Is Susan Electricals India a Mainboard or SME IPO?
- Susan Electricals India is an SME IPO, listing on BSE (SME platform).