IC Electricals SME: Check IPO Date, Live Subscription and Key Details
IC Electricals Company Limited, incorporated in 2005, is an established electronic equipment manufacturer and engineering solutions provider specializing in critical applications for the Indian Railways. Operating on a strict Business-to-Government (B2G) framework, the company design-engineers technical railway systems including Electronic Rectifier-cum-Regulating Units (ERRU), microprocessor control blocks, battery chargers, inverters, vigilance control devices (VCD), and GPS-based Passenger Announcement & Information Systems (PAPIS). In addition to manufacturing rolling stock components like traction motors and permanent magnet alternators, the enterprise executes turnkey railway electrification systems covering design, erection, and commissioning of 25 kV AC overhead equipment and traction substations.
Price Range
₹94.0 - ₹99.0
Issue Size
₹47.91 Cr
Lot Size
1,200 shares
IPO Type
NSE SME
GMP
₹47(+47.47%)
Est. Listing Price
₹146
Estimate Profit
₹1,12,800
Retail Portion
35.08%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
7.72
P/E Ratio
12.82
RoNW
23.88%
ROE
23.88%
Debt to Equity
1.13
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Timeline
IPO Opens
3 Jul
IPO Closes
7 Jul
Allotment
8 Jul
Listing
10 Jul
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 3 July 2026 | Subscription starts |
| IPO Close Date | 7 July 2026 | Subscription ends |
| Allotment Date | 8 July 2026 | Allotment |
| Listing Date | 10 July 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,37,600 |
SHNI (Min) | 3 | ₹3,56,400 |
SHNI (Max) | 8 | ₹9,50,400 |
BHNIAbove ₹10,00,000 | 9 | ₹10,69,200 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.73% |
| NII (Non-Institutional Investor) | 15.19% |
| SHNI (Small Non-Institutional Investor) | 4.84% |
| BHNI (Big Non-Institutional Investor) | 9.60% |
| Retail | 35.08% |
| Market Maker | 5.01% |
| Total | 100.00% |
IPO Objectives
- Funding the incremental ongoing working capital requirements of the Company to execute heavy B2G electrification pipelines (₹33.60 Cr).
- General Corporate Purposes.
Strengths
- The company maintains an **Entrenched B2G Railway Moat**, with over two decades of proven experience manufacturing highly specialized, RDSO-compliant electronic infrastructure components exclusively for the Ministry of Railways.
- It leverages a **Pan-India Service Support Network**, operating a robust customer service ecosystem with dedicated representatives and service hubs stationed across state capitals to ensure technical queries are resolved within 24 hours.
- The business demonstrates **Consistent Financial Scaling**, showing strong, continuous growth in consolidated income that scaled firmly from ₹99.75 Cr in FY24 to ₹143.81 Cr in FY26.
- The issue is backed by **Excellent Day-One Subscription Backing**, gaining immense local participant confidence by capturing a robust overall subscription rate of **7.18x**, driven by a massive **10.02x retail oversubscription** on its opening day.
- The firm achieves **Sound Internal Capital Returns**, recording stable operational efficiency parameters including a Return on Equity (ROE) of **23.88%** and solid EBITDA margins of **17.83%**.
Weaknesses
- The operations face a **Sovereign Concentration Bottleneck**, where functioning entirely as a B2G rail contractor leaves the company deeply vulnerable to central budget outlays, tender processing delays, and macro policy revisions by the Indian Railways.
- It carries **Notable Balance Sheet Leverage**, with total outstanding borrowings rising to **₹75.42 Crores** against an equity base of ₹65.74 Cr, leading to an elevated pre-issue debt-to-equity layer of **1.13**.
- The model exhibits **Extreme Working Capital Intensity**, as long billing cycles from sovereign departments lock up significant cash flow, requiring 100% of net issue proceeds (**₹33.60 Cr**) to fund day-to-day operations rather than long-term asset building.
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Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 193.44 | 160.04 | 143.89 |
| Revenue (₹ Cr.) | 143.81 | 122.39 | 99.75 |
| PAT (₹ Cr.) | 14.1 | 9.41 | 4.62 |
| Net Worth (₹ Cr.) | 65.74 | 51.71 | 33.22 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.11x | 3.12x | 241.75x |
| NII | 9.94x | 91.51x | 764.38x |
| S-HNI | 8.81x | 76.69x | 422.38x |
| B-HNI | 10.51x | 98.97x | 936.7x |
| RII | 10.02x | 93.58x | 372.5x |
| Total | 7.18x | 67.42x | 420.09x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,18,000 | 22,19,30,400 | 2,197.11 |
| NII | 6,98,400 | 53,38,40,400 | 5,285.02 |
| Small NII | 2,34,000 | 9,88,36,800 | 978.48 |
| Big NII | 4,64,400 | 43,50,03,600 | 4,306.54 |
| RII | 16,12,800 | 60,07,68,000 | 5,947.6 |
| Total | 32,29,200 | 1,35,65,38,800 | 13,429.73 |
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Company Details
- IC Electricals Co.Ltd.
- 156 DSIDC, Okhla Industrial Area, New Delhi, New Delhi, 110020
- +91 011 490507
- info@icelectricals.in
- https://www.icelectricals.in/
Registrar Details
- Skyline Financial Services Pvt.Ltd.
- 011-26812682
- ipo@skylinerta.com
- https://www.skylinerta.com/
Frequently Asked Questions
What does IC Electricals do?
IC Electricals manufactures electrical and electronic equipment for the railway sector, including rectifiers, battery chargers, control systems, and railway electrification solutions.
What are the IPO dates for IC Electricals SME IPO?
The IC Electricals SME IPO opened for subscription on July 3, 2026, and will close on July 7, 2026.
What is the price band and minimum investment for IC Electricals IPO?
The IPO price band is fixed at ₹94 to ₹99 per share. Retail investors need to apply for a minimum of 2 lots (2,400 shares), requiring an investment of ₹2,37,600 at the upper price band.
What is the Grey Market Premium (GMP) of IC Electricals IPO today?
As of July 5, 2026, the Grey Market Premium (GMP) of IC Electricals IPO is around ₹30 per share, indicating an estimated listing price of about ₹129.
Where will IC Electricals IPO be listed?
IC Electricals IPO is proposed to be listed on NSE SME (NSE Emerge), with the tentative listing date set for July 10, 2026.
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