IC Electricals SME IPO
ListedNSE SMEOpens 3 July 2026Closes 7 July 2026
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…
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.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
3 Jul
IPO Closes
7 Jul
Allotment
8 Jul
Listing
10 Jul
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 3 July 2026 |
| IPO Close Date | 7 July 2026 |
| Allotment Date | 8 July 2026 |
| Listing Date | 10 July 2026 |
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.
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 |
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
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IC Electricals SME IPO News & Updates
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IC Electricals SME IPO IPO Pages
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IC Electricals SME IPO Details
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IC Electricals SME IPO GMP
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IC Electricals SME IPO Subscription
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IC Electricals SME IPO Allotment
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IC Electricals SME IPO Review
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IC Electricals SME IPO News
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Sources
We match IC Electricals SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Skyline Financial Services Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, and How allotment chances work.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.