Summary
IC Electricals Co. IPO is a SME book-built issue of 48,39,000 fresh shares, opening on 3 July 2026 and closing on 7 July 2026, with a price band of ₹94 to ₹99 per share.
The funds from this offering will be used to meet capital requirements and other general corporate purposes.
The IC Electricals Co. IPO is a book-built issue on the NSE SME platform through which the company plans to raise fresh capital by issuing 48,39,000 new equity shares. The public issue is scheduled to open for subscription on 3rd July 2026 and close on 7th July 2026. The basis of allotment is likely to be on 8th July 2026, while the shares are to debut on the NSE SME platform on 10th July 2026, subject to the completion of regulatory processes. The price is expected to range between ₹94 and ₹99 per equity share.
The funds from the public issue will primarily be utilised to support working capital needs and meet general corporate expenses. This IPO offers investors an opportunity to gain exposure to a business operating in a specialised segment that largely serves the railway industry.
IC Electricals Co. IPO Key Details
The table below provides a quick overview of the essential information investors should know before applying for the IC Electricals Co. IPO.
| IPO Open Date | 3 July 2026 |
| Close Date | 7 July 2026 |
| Face value | ₹10 each share |
| Price Band | ₹94 to ₹99 a share |
| IPO Lot Size | 1,200 shares per lot |
| Fresh issue | 48,39,600 fresh shares |
| Type of issue | Book-build SME IPO |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | _ |
| Minimum Investment | 2 lots (2,400 shares) |
IC Electricals Co. IPO Timeline
Below is the complete schedule of events associated with the IC Electricals Co. IPO IPO.
| Bid Opening | 3 July 2026 |
| Bid Closing | 7 July 2026 |
| Tentative Allotment | 8 July 2026 |
| Initiation of Refunds | 9 July 2026 |
| Credit of Shares to Demat | 9 July 2026 |
| Tentative Listing Date | 10 July 2026 |
| UPI mandate closing date | 7 July 2026 |
Key Performance Indicators of IC Electricals Co. IPO
These KPIs highlight the company’s profitability, capital efficiency, and overall financial performance across the last three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE | 24.88 | 23.28 | 15.79 |
| ROCE | 18.47 | 17.58 | 15.25 |
| Debt Equity | 1.19 | 1.13 | 1.54 |
| RoNW | 24.88 | 23.28 | 15.79 |
| PAT Margin | 9.84 | 7.69 | 4.56 |
| EBITDA margin | 17.96 | 15.17 | 12.06 |
| Price to book | 2.02 | _ | _ |
IC Electricals Co. IPO Financial Details
The Financial information of the IC Electricals Co. IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 14,444.21 | 12,183.74 | 9,951.79 |
| Total Asset | 19,108.38 | 15,812.36 | 14,254.55 |
| Profit | 1,402.45 | 928.26 | 461.92 |
IC Electricals Co. IPO Subscription Status
The subscription data is not available yet.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
IC Electricals Co. IPO Grey Market Premium (GMP)
The current status of Grey Market Premium for IC Electricals Co. IPO is showing ₹28. According to the status, the estimated listing price is ₹127 with a 28.28% as rate for estimated profit.
| GMP Date | GMP | Est. Listing Price | Est. Profit | Last updated |
| 1-07-2026 | ₹28 | ₹127(28.28%) | ₹33,600 | 1-07-2026, 10:31 |
| 30-06-2026 | ₹28 | ₹127(28.28%) | ₹33,600 | 30-06-2026, 23:35 |
| 29-06-2026 | ₹28 | ₹127(28.28%) | ₹33,600 | 29-06-2026, 23:36 |
| 28-06-2026 | ₹0 | ₹(%) | ₹0 | 28-06-2026, 11:00 |
IC Electricals Co. IPO Reservation
The following table outlines the allocation of shares reserved for retail investors, QIBs, NIIs, and the market maker under the IPO.
| Investor Category | Offered No. of Shares | Net issue (%) | Total issue(%) |
| Market maker | 2,42,400 | 5.01 | |
| QIBs | 22,86,000 | 49.73 | 47.24 |
| NIIs | 6,98,400 | 15.19 | 14.43 |
| Retails | 16,12,800 | 35.08 | 33.33 |
| Total | 48,39,600 | 100% | 100% |
IC Electricals Co. IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ Lakhs |
| Individual Investor IND (Min) | 2 | 2,400 | 2,37,600 |
| Individual Investor IND (Max) | 2 | 2,400 | 2,37,600 |
| S-HNI (Min) | 3 | 3,600 | 3,56,400 |
| S-HNI (Max) | 8 | 9,600 | 9,50,400 |
| B-HNI (Min) | 9 | 10,800 | 10,69,200 |
IC Electricals Co. IPO Prospectus
The available prospectus for IC Electricals Co. IPO is mentioned below.
About IC Electricals Co. Ltd.
IC Electricals Company Ltd, established in 2005, is engaged in the design, manufacturing, and supply of electrical and electronic products used on railway applications. The company provides a wide range of equipment required for rolling stock, railway electrification, and maintenance operations. Its product specification includes battery chargers, voltage regulators, static inverters, alternators, traction motors, control panels, and other customised electrical systems designed to meet customer-specific requirements.
Most of its customers are from the railway sector, including government organisations and railway-related entities. Apart from manufacturing, it facilitates engineering support and technical services to ensure its products meet stringent industry specifications. The company has expanded its production capabilities while maintaining its product quality, technological improvements, and customer relationships. With increasing government expenditure on railway infrastructure, the company seeks to equally strengthen its position by expanding its operational capacity and product offerings.
Promoters:
- Mr Sunil Kumar Verma
- Mrs Renu Verma
- Ms Aakansha Verma
- Ms Devisha Verma
- Mrs Savita Sachdeva
- M/s SHBD LLP
- M/s Safe System India Pvt. Ltd.
| Book Runner | NEXGEN Financial Solutions Pvt. Ltd. |
| Issue Registrar | Skyline Financial Services Pvt. Ltd. |
Purpose of IC Electricals Co. IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Amount in ₹ Lakhs |
| For Working Capital | 3,360.00 |
| General Corporate Purpose | _ |
| Total | _ |
IC Electricals Co. Ltd.- Strengths and benefits
- Expertise in Railway Equipment: The company has developed expertise in manufacturing specialised electrical products for railway applications. This experience enabled it to understand customer requirements and deliver products that comply with industry standards.Â
- Diversified products: The company provides multiple categories of electrical and electronic equipment rather than depending on a single product line. This helps the company cater to different customer requirements while reducing business concentration risk.Â
- Engineering support capability: Alongside standard products, the company plans and manufactures customised ideas based on customer specifications. This capability enables it to participate in specific railway projects that require customised electrical systems.Â
IC Electricals Co. Ltd.- Risks and limitations
- Dependence on Railway Infrastructure: A large fraction of the company’s revenue comes from railway-related clients. Any decline in railway projects or government spending could heavily impact its overall performance.
- Impact of government policies: Since railway infrastructure projects are highly supported by government expenditure, policy changes, budget revisions, or slower project execution may influence future order inflows. Â
- Limited customer base: The company generates a significant portion of its income from a concentrated customer base. If any customer reduces purchases or payments, it may heavily impact revenue and cash flows.Â
IC Electricals Co. IPO Review
IC Electricals Company operates in a specialised segment that benefits from India’s ongoing emphasis on expanding and modernising its railway infrastructure. Its experience in manufacturing railway electrical equipment, diversified product portfolio, and established customer relationships provide an expert operational foundation. The company’s technical expertise and focus on customised solutions are proven to be its strengths.
Investors should carefully evaluate the company’s dependence on railway-related businesses, customer concentration, and exposure to government funding. Investors should make investment decisions based on factors such as financial performance, valuation, order book strength, and long-term growth potential.
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IC Electricals Co. IPO FAQs
The IC Electricals Co. IPO is a book-built SME public issue comprising a fresh issue of 48,39,000 equity shares, opening on 3 July 2026 and closing on 7 July 2026. The company plans to use the proceeds to strengthen its meet working capital requirements, and support general corporate purposes.
Investors can apply through the ASBA facility offered by banks or through UPI-enabled IPO applications available on registered stockbroking platforms.
The IPO offers exposure to a company operating in the railway electrical equipment sector, which is supported by increasing infrastructure investments. However, investors should also assess risks such as dependence on railway projects, customer concentration, financial performance, and valuation before making an investment decision.
The IC Electricals Co. IPO is scheduled to open on July 3, 2026, and close on July 7, 2026.
The minimum application size is 1,200 equity shares per lot, while retail investors are required to apply for at least 2 lots (2,400 shares).
The basis of allotment for the IC Electricals Co. IPO is expected to be finalized on July 8, 2026.
The shares of IC Electricals Company Limited are expected to be listed on the NSE SME platform on July 3, 2026, subject to the completion of regulatory formalities.
