Susan Electricals IPO GMP Today, Subscription Status, Allotment Chances & Review 2026

Susan Electricals India Limited, a Ghaziabad-based manufacturer of electrical winding wires and insulated power cables, is raising Rs 70.38 crore through its SME IPO on the BSE SME platform.

The IPO opened on June 11, 2026, and closes on Monday, June 15, 2026. Listing is scheduled for June 18, 2026.

The grey market premium (GMP) today stands at Rs 61, pointing to an estimated listing price of Rs 188 and a potential listing gain of around 48% over the upper price band of Rs 127.

📋 Table of Contents

Susan Electricals IPO Key Details

Susan Electricals IPO GMP Today

The Susan Electricals IPO GMP today is Rs 61, suggesting an estimated listing price of Rs 188 per share. At the upper price band of Rs 127, this GMP implies a listing gain of approximately 48.03% for allottees. The grey market premium has moved steadily upward since pre-IPO trading began, supported by strong retail and NII subscription numbers.

GMP Last Updated: June 14, 2026

Susan Electricals IPO GMP Trend

The GMP rose sharply from Rs 15 before bidding opened to Rs 64 on Day 2, before settling at Rs 61 on Day 3. The stabilization at this level suggests the market has largely priced in current subscription demand. A sustained GMP above Rs 50 heading into the final day is generally considered a positive signal, though grey market premiums can shift quickly and should not be treated as a guarantee of listing gains.

For live GMP tracking across all active IPOs, visit the IPOwiz Live GMP Tracker.

Susan Electricals IPO Subscription Status Today

As of Day 2 close on June 12, 2026, the Susan Electricals IPO has been subscribed 16.37 times overall.

Category-wise Subscription (Day 2)

Total bids received represent approximately Rs 740.27 crore in demand against an issue size of Rs 70.38 crore. The anchor book was closed on June 10, 2026, with Rs 19.34 crore raised from institutional investors at Rs 127 per share (15,23,000 shares). Final subscription figures will be available after the close of Day 3 on June 15, 2026.

For real-time subscription updates, join the IPOwiz Telegram channel.

Susan Electricals IPO Allotment Chances

With the issue subscribed 16.37 times overall by Day 2, allotment will be decided by a computer lottery for retail applicants.

Estimated Allotment Probability by Category

For retail applicants, roughly 18 out of every 20 applications are likely to receive no allotment based on current subscription levels. Some investors apply across multiple family demat accounts linked to separate PAN numbers to improve their overall probability. Each application must comply with SEBI guidelines and use separate bank accounts. Final allotment probabilities will depend on the Day 3 subscription numbers.

Susan Electricals IPO Allotment Status: How to Check

The basis of allotment will be finalized on June 16, 2026. Shares will be credited to demat accounts and refunds initiated on June 17, 2026.

Susan Electricals IPO Important Dates

Susan Electricals IPO Lot Size and Minimum Investment

About Susan Electricals India Limited

Susan Electricals India Limited was incorporated in 2007 and operates from manufacturing facilities in Sahibabad, Ghaziabad, Uttar Pradesh. The company manufactures and supplies non-ferrous metal conductors, electrical winding wires, and insulated power cables.

Its product range includes:

• Winding wires and strips in copper and aluminum, used in transformers, electric motors, and electromagnetic coils
• Aluminium stranded conductors for overhead transmission networks
• Low-tension and high-tension insulated power cables, including PVC/XLPE LT cables, aerial bunched cables, and high-voltage transmission solutions

The company also operates a raw material trading division, buying and selling aluminum rods and copper ingots across seven states. This trading segment contributed approximately 33.69% of total revenues in FY26.

Additionally, Susan Electricals provides job-work conversion services, where clients supply their own raw materials and the company handles drawing, insulation, and winding processing for a fixed fee. This model reduces raw material price risk and supports stable capacity utilization.

Susan Electricals IPO Financial Performance

The company has reported strong revenue and profit growth over the past three financial years.

Revenue nearly doubled in FY26, rising from Rs 136.05 crore to Rs 269.96 crore. Net profit grew 223%, from Rs 5.65 crore to Rs 18.25 crore.

While the growth trajectory is impressive, the pace of profit expansion in a single year warrants scrutiny. The company operates in a fragmented, margin-sensitive sector, and sustaining these profit levels will depend on commodity price stability and order book continuity. Borrowings have also risen sharply, from Rs 24.79 crore in FY24 to Rs 66.72 crore in FY26, reflecting heavy reliance on debt to fund working capital and expansion.

Key Financial Ratios (FY2026)

• Return on Equity (ROE): 64.64%
• Return on Net Worth (RoNW): 47.42%
• Return on Capital Employed (ROCE): 29.05%
• PAT Margin: 6.77%
• EBITDA Margin: 11.91%
• Debt to Equity Ratio: 1.73x
• Net Asset Value (NAV): Rs 24.68

Susan Electricals IPO: Strengths and Risks

💪 Strengths

• Strong revenue and profit growth in FY26, with revenue doubling and PAT growing 223%
• Diversified revenue model combining manufacturing, raw material trading, and job-work services
• Reasonable post-issue valuation at 14.15x P/E compared to listed peers
• Anchor investor participation provides institutional validation
• Exposure to India's expanding power infrastructure sector under RDSS and related government schemes

⚠️ Key Risks

• Sudden profit spike in FY26 raises questions about long-term margin sustainability in a competitive, low-margin sector
• High debt-to-equity ratio of 1.73x pre-IPO, with borrowings rising each year
• Top 10 customers contributed 63.68% of FY26 revenues, down from 95.94% in FY25 but still concentrated
• Government and DISCOM clients accounted for 35.78% of revenues, exposing the company to policy changes, tender delays, and payment cycles
• High working capital requirements due to long credit periods with government and institutional clients

Susan Electricals IPO: Objects of the Issue

The fresh issue proceeds of Rs 60.22 crore will be used as follows:

The bulk of the proceeds, Rs 33 crore, will go toward working capital. This is consistent with the company's high receivables cycle and dependence on credit-heavy institutional clients.

Susan Electricals IPO Valuation vs Listed Peers

At 14.15x post-issue P/E, Susan Electricals is priced at a discount to all three listed peers. The company also delivers a higher RoNW than any of the comparables, which supports the valuation case. The discount may partly reflect the higher debt load and the concentration risks noted above. Investors should weigh the valuation gap against these structural considerations.

Should You Apply for Susan Electricals IPO?

For listing gain seekers: The GMP of Rs 61 suggests a potential 48% listing gain at current grey market levels. Subscription is strong across all categories, and anchor investor participation adds credibility. If the GMP holds through the final day, the listing opportunity looks reasonable for short-term participants. That said, SME IPO listings can be volatile, and GMP is not a reliable predictor of actual listing price.

For long-term investors: The FY26 financial performance is impressive, but the sudden profit jump, rising debt, and customer concentration deserve careful consideration. Investors looking to hold beyond listing should monitor post-IPO quarterly results to assess whether the FY26 margins are repeatable.

Verdict: Reasonable for listing gain applicants given current GMP and subscription momentum. Long-term investors should wait for at least two post-listing quarterly results before building a meaningful position.

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