IC Electricals IPO
IC Electricals IPO Listing Day Performance
IC Electricals listed on NSE SME on 10 July 2026 at ₹166.00, a 67.68% premium over the issue price of ₹99. A retail investor allotted the minimum application of 2,400 shares (2 lots) gained ₹1,60,800 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹39 (+39.4%) |
| GMP-implied listing | ₹138 |
| Actual listing | ₹166.00 |
| Difference | +₹28 (+20.3%) |
Demand going into listing
| Subscribed overall | 420.16× |
| QIB | 241.75× |
| NII | 764.72× |
| Retail | 372.5× |
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 4 | Day 5 |
|---|---|---|---|
| QIB | 0.11x | 3.12x | 241.75x |
| NII | 9.90x | 91.47x | 764.72x |
| bNII > ₹10L | 10.48x | 99.24x | 934.81x |
| sNII 2-10L | 8.74x | 75.93x | 424.56x |
| Retail | 9.79x | 91.69x | 372.50x |
| Total | 6.57x | 61.83x | 420.16x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 99.75 | 122.39 | 143.81 |
| Expense | 93.72 | 109.75 | 124.88 |
| Profit (PAT) | 4.62 | 9.41 | 14.10 |
| Total Assets | 143.89 | 160.04 | 193.44 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| IC Electricals This IPO | 10.49 | - | 24.88 | 47.40 | - |
| Hind Rectifiers Ltd | 13.10 | 99.50 | 24.62 | 59.88 | 45.01 Cr |
Promoters & Holding Pattern
Promoters: Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP and M/s Safe System India Private Limited
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,34,22,000 | 82.92% |
| Promoter Holding Post Issue | 1,82,61,600 | 60.94% |
Strengths & Risks
- Heavily oversubscribed — 420.2x overall (so far).
- Strong institutional (QIB) demand — 241.8x.
- Revenue grew 18% in the latest reported year.
- Solid profit margin — 9.8%.
- Strong return on equity — 25%.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About IC Electricals
IC Electricals Limited, founded in 2005, is one of the leading engineering and manufacturing companies for the Indian railways. The firm manufactures Electronic systems, Rotating machines, and Railway electrification solutions used in railway operations. The company operates its business under a Business-to-Government (B2G) model, usually earning revenue from government agencies, railway production units, and railway-related OEMs. Its product portfolio includes a diverse range of railway products, including electronic rectifier-cum-regulating units (ERRUs), battery chargers, vigilance control devices, passenger information systems, emergency lighting systems, alternators, traction motors, and specialized traction motor components. Along with railway products manufacturing, IC Electricals also offers turnkey railway electrification solutions where they design, supply, install, test, and launch 25 kV AC overhead equipment and traction substations.
Company Contact Information
IC Electricals Co.Ltd., 156 DSIDC, Okhla INDL, Area Phase, North Delhi, New Delhi, 110020
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding the working capital requirements of the Company | 33.60 |
| General Corporate Purpose | 7.01 |
Resources & Documents
Anchor Investors
IC Electricals IPO - Quick Take
IC Electricals has set a price band of Rs 94–Rs 99 per share for an issue size of Rs 48 crore. The stock listed with a 67.68% gain versus its issue price on July 10, 2026.
The issue is promoted by Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP and M/s Safe System India Private Limited with NEXGEN Financial Solutions Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding the working capital requirements of the Company (Rs 34 crore) and general Corporate Purpose (Rs 7 crore).
On fundamentals, the company is posting revenue growth of 17.5%, a profit margin of 9.8%, return on equity of 24.9% in its most recent reported period. Listed peers in this segment include Hind Rectifiers Ltd (P/E 99.50x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
IC Electricals IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 39.4%. Of the 32 SME IPOs we have tracked with a final GMP of 25% or more, 32 listed above, 0 flat and 0 below the issue price; IC Electricals listed 67.7% above its issue price.
See the full IC Electricals GMP history and trend, or learn how grey market premium works and how reliable it is.
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