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IC Electricals IPO
Price Band
₹94.0–99.0
Issue Size
₹47.91 Cr
Lot Size
1,200 shares
Min Investment
₹237,600
2 LOTS MIN
GMP
+₹47.0 (47.47%)
Issue Price
₹99.0
IC Electricals IPO AI Summary
- IC Electricals IPO is listed on NSE SME in the Other Electrical Equipment sector.
- Price band: ₹94.0–₹99.0 per share, lot size 1,200 shares (min. investment ₹237,600, 2 lots minimum).
- Subscription window: 25 Jun–30 Jun 2026, listing on 10 Jul 2026.
- Current GMP is +₹47.0 (47.47%), an estimated listing price of ₹146 — unofficial and can change daily.
IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications, primarily serving government clients. The IPO has seen significant interest, with oversubscription across all categories, and the company aims to use the proceeds for working capital and other corporate purposes.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
295.08x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
241.75x
|
242x 🔥 |
| NII (HNI) |
764.38x
|
764x 🔥 |
| ↳ bNII (>₹10L) |
936.70x
|
937x 🔥 |
| ↳ sNII (<₹10L) |
422.38x
|
422x 🔥 |
| Retail (RII) |
372.51x
|
373x 🔥 |
| Total | 295.08x | 295.08x |
Auto-updated every 5 min · As of 7th Jul 2026 18:56
IC Electricals IPO Grey Market Premium (GMP) Today
GMP
+₹47.0
GMP %
+47.47%
Est. Listing
₹146.0
Updated: 14 Jul 2026 15:51
GMP Trend (Last 7 Days)
About the Company
Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways. The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards. In addition, the company manufactures key railway components such as alternators, traction motors, and permanent magnet alternators with controllers. IC Electricals also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. The company primarily operates on a Business-to-Government (B2G) model, catering mainly to government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS). IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur–Kaptanganj–Valmiki Nagar section under the North Eastern Railway and the Ara–Sasaram section under the East Central Railway. As of August 31, 2025, the company employs 220 permanent staff members.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 193.44 | 160.04 | 143.89 |
| Total Income | 143.81 | 122.39 | 99.75 |
| Profit After Tax | 14.10 | 9.41 | 4.62 |
| EBITDA | 25.66 | 18.34 | 12.14 |
| NET Worth | 65.74 | 51.71 | 33.22 |
| Reserves and Surplus | 50.20 | 36.12 | 27.11 |
| Total Borrowing | 75.42 | 55.79 | 47.81 |
Key Ratios
EPS
₹10.50
NAV
₹48.98
ROE
23.88%
ROCE
18.18%
RoNW
23.88%
P/B Value
2.02
P/E Ratio
9.42
Market Cap
₹180.79 Cr
PAT Margin
9.84%
Debt/Equity
1.13
Promoters
Sunil Kumar Verma, Renu Verma, SHBD LLP and Safe System India Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the working capital requirements of the Company 33.60 2 General Corporate Purposes 7.13 3 Issue Expenses 7.19 Total 47.91
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹99.75 Cr in the period ending 31 Mar 2024, rising to ₹122.39 Cr by 31 Mar 2025, and further increasing to ₹143.81 Cr by 31 Mar 2026.
Profit Trend
Profit After Tax was ₹4.62 Cr in the period ending 31 Mar 2024, increasing to ₹9.41 Cr by 31 Mar 2025, and further rising to ₹14.10 Cr by 31 Mar 2026.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the demand for an IPO before it lists on the stock exchange. A positive GMP suggests that the IPO is expected to list at a higher price than its issue price, while a negative GMP indicates the opposite. Investors often look at GMP as a gauge for potential listing gains.
Subscription Demand
The IPO was oversubscribed, with a total subscription of 295.08 times as of 7th July 2026. The QIB category was subscribed 241.75 times, the NII (HNI) category was subscribed 764.38 times, and the Retail category was subscribed 372.51 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's essential to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors with a low risk tolerance or those seeking guaranteed returns may want to avoid IPOs, as they can be subject to significant price fluctuations and market uncertainties.
IPO Timeline, Explained
The IPO opens for subscription on 25th June 2026 and closes on 30th June 2026. Allotment of shares will be finalized by 8th July 2026, and the shares are expected to be listed on the stock exchange on 10th July 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the listing day, compared to the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock. Investors should be aware that the stock price may fluctuate significantly after listing.
This evaluation is generated from IC Electricals's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is IC Electricals IPO GMP today?
IC Electricals IPO GMP today is +₹47.0 (47.47%), indicating an estimated listing price of ₹146. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of IC Electricals IPO?
The price band of IC Electricals IPO is ₹94.0–₹99.0 per share.
When does IC Electricals IPO open and close?
IC Electricals IPO opens on 25 June 2026 and closes on 30 June 2026.
When does IC Electricals IPO list on the stock exchange?
IC Electricals IPO listed on 10 July 2026 at ₹146.0.
What is the lot size for IC Electricals IPO?
The lot size for IC Electricals IPO is 1200 shares, requiring a minimum investment of ₹237,600 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹94.0 to ₹99.0.
What is the minimum investment required?
The minimum investment required is ₹237,600.
What is the lot size for the IPO?
The lot size for the IPO is 1200 shares.
When is the listing date?
The listing date is expected to be on 10th July 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO compared to its issue price.
Issue Details
Investor Allocation
Registrar
Anchor Investors
₹50.0 Cr
Total allocated
Anchor allocation date: 23 Jun 2026
SBI Mutual Fund
HDFC Mutual Fund
Nippon India MF
ICICI Prudential MF
Kotak MF
Mirae Asset MF
+ 1 more anchor investors
⚠️ Lock-in: 50% of anchor shares unlock 30 days after listing. Watch for selling pressure around that date.
Lead Managers / Book Running
IPO Timeline
Open
25 Jun 2026
Close
30 Jun 2026
Allotment
08 Jul 2026
Listing
10 Jul 2026
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