Susan Electricals India SME IPO
ListedBSE SMEOpens 11 June 2026Closes 15 June 2026
Susan Electricals India Limited, incorporated in 2007, is an established manufacturer specializing in aluminium and copper-based electrical winding wires, stranded conductors, and power cables. The company's diversified…
Susan Electricals India Limited, incorporated in 2007, is an established manufacturer specializing in aluminium and copper-based electrical winding wires, stranded conductors, and power cables. The company's diversified product portfolio features high-specification winding wires and strips utilized across transformers, industrial motors, alternators, and coils. It also engineers low-tension (LT) and high-tension (HT) power distribution cables (up to 1.1 kV, including Aerial Bunched lines) for electrical transmission grids. Operating from three manufacturing units inside Ghaziabad, Uttar Pradesh, the company chiefly caters to state-owned electricity distribution utilities (DISCOMs), large infrastructure builders, and EPC enterprise clients across multiple Indian states.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
11 Jun 2026
IPO Closes
15 Jun 2026
Allotment
16 Jun 2026
Listing
18 Jun 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 11 June 2026 |
| IPO Close Date | 15 June 2026 |
| Allotment Date | 16 June 2026 |
| Listing Date | 18 June 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,54,000 |
SHNI (Min) | 3 | ₹3,81,000 |
SHNI (Max) | 7 | ₹8,89,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,16,000 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.94% |
| NII (Non-Institutional Investor) | 15.05% |
| Retail | 35.01% |
| Market Maker | 8.26% |
| Total | 100.00% |
IPO Objectives
- Funding of capital expenditure requirements towards the expansion of the existing manufacturing facility situated at Plot No.18/31, Sahibabad, Ghaziabad, Uttar Pradesh (₹7.72 Cr).
- Funding the incremental working capital requirements of the Company (₹33.00 Cr).
- General Corporate Purposes.
Strengths
- The company benefits from a Deep Operating Legacy, bringing over 15 years of verified industrial expertise to the complex electrical conductors and grid cabling sector.
- It demonstrates Consistent Top-line Expansion, with a clear secular revenue growth path scaling rapidly from ₹77.56 Cr in FY23 to ₹154.12 Cr within the 9-month window ending December 2025.
- The business leverages Triple Production Assets, operating three independent, specialized manufacturing centers inside the industrial zones of Ghaziabad, UP, to ensure smooth processing parameters.
- The firm maintains a strong Institutional Distribution Network, establishing a long-standing, high-volume vendor status with various state electricity distribution utilities (DISCOMs) and heavy power infrastructure EPC partners.
Weaknesses
- The company carries Extremely High Balance Sheet Leverage, managing an aggressive total borrowing footprint of ₹74.05 Cr against a modest net worth base of ₹28.16 Cr, which implies significant debt-servicing exposure.
- It operates on Razor-Thin Operating Margins, running a structurally tight profitability matrix with a net PAT margin of only 5.16%, leaving profits highly vulnerable to base metal raw commodity shocks (copper and aluminium).
- The business faces significant Institutional Concentration Risks, as financial pipelines remain heavily reliant on public tender renewals, government budget outlays, and lengthy working capital recovery milestones from state boards.
- The issue is met with Muted Unofficial Sentiment, with early gray market attention initially opening flat with a tracking premium of ₹0, indicating highly conservative local interest ahead of opening hours.
Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 121.06 | 73.68 | 38.08 | 33.58 |
| Revenue (₹ Cr.) | 154.12 | 136.05 | 103.59 | 77.56 |
| PAT (₹ Cr.) | 7.93 | 5.65 | 0.76 | 0.4 |
| Net Worth (₹ Cr.) | 28.16 | 17.98 | 6.21 | 3.28 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Susan Electricals India | 0 | 24.47 | 34.36% | 28.16 |
| Prime Cable Industries | 4.06 | 0 | 22.58% | 15.13 |
| V-Marc India | 12.77 | 36.94 | 34.57% | 189.1 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 7.01x | 7.31x | 142.65x |
| NII | 6.34x | 21.91x | 336x |
| S-HNI | 5.11x | 16.55x | 229.86x |
| B-HNI | 6.96x | 24.59x | 389.07x |
| RII | 4.79x | 19.16x | 207.56x |
| Total | 5.76x | 16.37x | 216.63x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 10,16,000 | 14,49,37,000 | 1,840.7 |
| NII | 7,65,000 | 25,70,40,000 | 3,264.41 |
| Small NII | 2,55,000 | 5,86,14,000 | 744.4 |
| Big NII | 5,10,000 | 19,84,26,000 | 2,520.01 |
| RII | 17,80,000 | 36,94,50,000 | 4,692.02 |
| Total | 35,61,000 | 77,14,27,000 | 9,797.12 |
Company Details
- Susan Electricals India Ltd.
- 1703, Nirmal Tower, 26, Barakhamba Road, Connaught Plaza, New Delhi, New Delhi, 110001
- 0120-4331296
- office@seil.net.in
- https://www.seil.net.in/
Registrar Details
- Mudra RTA Ventures Private Limited
- +91 9870297591
- ipo@mudrarta.com
- https://www.mudrarta.com/
Frequently Asked Questions
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Sources
We match Susan Electricals India 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
- Mudra RTA Ventures Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
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.