Published: 22 June 2026 | 8.00 AM
Last Updated: 22 June 2026 | 8.00 PM
IC Electricals IPO Review, GMP, Price Band, Subscription & Allotment Status
IPO Overview / Intro
IC Electricals IPO is an SME book building issue aggregating up to Rs. 47.91 Crore. The IPO comprises a fresh issue of 48,39,600 equity shares and there is no Offer for Sale component.
The IPO opens for subscription on 25 June 2026 and closes on 30 June 2026. The shares are proposed to be listed on NSE SME with a tentative listing date of 3 July 2026.
IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and providing engineering solutions to Indian Railways. The company offers products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems and vigilance control devices.
The company also manufactures railway components including alternators, traction motors and permanent magnet alternators with controllers. It also executes turnkey railway electrification projects covering design, supply, erection, testing and commissioning of railway electrical systems.
IC Electricals primarily operates on a Business-to-Government model and serves government departments, ministries and railway-related customers. Its business is linked to railway electrification, railway safety systems and electronic equipment demand from Indian Railways.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | SME Book Building IPO |
| Issue Size | Rs. 47.91 Crore |
| Fresh Issue | 48,39,600 Shares |
| Offer For Sale | Nil |
| Price Band | Rs. 94 to Rs. 99 Per Share |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | NSE SME |
| Lot Size | 1,200 Shares |
| Retail Application | Rs. 2,37,600 |
| Market Cap | Rs. 180.79 Crore |
| Listing Date | 3 July 2026 |
👉 | IPO GMP – which IPO commands fancy?
| IPO Reviews | IPO Subscription | IPO Allotment |
IC Electricals IPO GMP – Latest Update
| GMP Details | Value |
| IC Electricals IPO GMP Today | Rs.20 |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Rs.18,200 |
IC Electricals IPO Subscription Status – Live Update
| Category | Subscription |
| QIB Category | Updating Soon |
| NII Category | Updating Soon |
| Retail Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
| IPO Date | 25 June 2026 to 30 June 2026 |
| Listing Date | 3 July 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 94 to Rs. 99 Per Share |
| Lot Size | 1,200 Shares |
| Issue Type | Book Building SME IPO |
| Listing At | NSE SME |
| Total Issue Size | 48,39,600 Shares |
| Issue Size | Rs. 47.91 Crore |
| Fresh Issue | 48,39,600 Shares |
| Offer For Sale | Nil |
| Reserved For Market Maker | 2,42,400 Shares |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
| Net Offered To Public | 45,97,200 Shares |
| Shareholding Pre Issue | 1,34,22,000 Shares |
| Shareholding Post Issue | 1,82,61,600 Shares |
| Market Cap | Rs. 180.79 Crore |
IPO Timetable
| Event | Date |
| IPO Open Date | 25 June 2026 |
| IPO Close Date | 30 June 2026 |
| Basis of Allotment | 1 July 2026 |
| Refund Initiation | 2 July 2026 |
| Credit of Shares | 2 July 2026 |
| Listing Date | 3 July 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 22,86,000 | 49.73% | 47.24% |
| Anchor Investor Shares Offered | 13,68,000 | – | 28.27% |
| QIB Ex-Anchor Shares Offered | 9,18,000 | – | 18.97% |
| NII Shares Offered | 6,98,400 | 15.19% | 14.43% |
| bNII Shares Offered | 4,64,400 | – | 9.60% |
| sNII Shares Offered | 2,34,000 | – | 4.84% |
| Retail Shares Offered | 16,12,800 | 35.08% | 33.33% |
| Market Maker Shares Offered | 2,42,400 | – | 5.01% |
| Total Shares Offered | 48,39,600 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 2,400 | Rs. 2,37,600 |
| Retail Maximum | 2 | 2,400 | Rs. 2,37,600 |
| S-HNI Minimum | 3 | 3,600 | Rs. 3,56,400 |
| S-HNI Maximum | 8 | 9,600 | Rs. 9,50,400 |
| B-HNI Minimum | 9 | 10,800 | Rs. 10,69,200 |
Company Details
IC Electricals Company Limited was incorporated in 2005 and is engaged in the manufacturing of electronic equipment for railway applications and engineering solutions for Indian Railways.
The company manufactures regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, vigilance control devices, Electronic Rectifier-cum-Regulating Units, GPS-based Passenger Announcement and Passenger Information Systems and other railway electronics.
The company also manufactures railway components such as alternators, traction motors and permanent magnet alternators with controllers. It 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 model and serves government departments and ministries including the Ministry of Railways. It has executed railway electrification projects across sections under North Eastern Railway and East Central Railway.
Competitive Strengths
| Key Strengths |
| Strong Research And Development Focus |
| Experienced Management Team |
| Railway Electronics Product Portfolio |
| Business-to-Government Operating Model |
| Railway Electrification Project Experience |
| Service Network Across State Capitals |
| Well-Equipped Manufacturing Facilities |
| Presence In Indian Railways Supply Chain |
IPO Objects
| Sr. No. | Objects of the Issue | Estimated Amount |
| 1 | Funding Working Capital Requirements | Rs. 33.60 Crore |
| 2 | General Corporate Purposes | Balance Amount |
| Total | Total Utilisation | Rs. 33.60 Crore |
Company Address
| Particulars | Details |
| Registered Office | 156 DSIDC, Okhla Industrial Area Phase, North Delhi, New Delhi – 110020 |
| Phone | +91 011 490507 |
| info@icelectricals.in |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Registrar Phone | 02228511022 |
| Registrar Email | ipo@skylinerta.com |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | FY2026 | FY2025 | FY2024 |
| Total 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 & Surplus | 50.20 | 36.12 | 27.11 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
| ROE | 23.88% |
| ROCE | 18.18% |
| RoNW | 23.88% |
| PAT Margin | 9.84% |
| EBITDA Margin | 17.83% |
| Price To Book Value | 2.09 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 10.50 | 7.72 |
| P/E (x) | 9.42 | 12.82 |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 82.92% | 60.94% |
Chanakya View
Investment Summary
| Parameter | Observation |
| Industry | Railway Electronics & Electrical Equipment |
| Product Portfolio | Railway Electronics And Components |
| Business Model | B2G Railway Supply And Projects |
| Revenue Trend | Steady Growth |
| Profitability | Strong Improvement |
| Debt Levels | Not Disclosed In Provided Data |
| Working Capital Requirement | High |
| Order Visibility | Linked To Railway Spending |
| Valuation | Reasonable |
| Listing | NSE SME |
Positives
| Strengths |
| Strong Revenue Growth |
| Sharp Improvement In Profitability |
| Railway-Focused Business Model |
| Established Product Portfolio |
| Government And Railway Customer Base |
| R&D Focused Operations |
| Turnkey Electrification Capability |
| Healthy Return Ratios |
Concerns
| Risks |
| Dependence On Government And Railway Orders |
| Working Capital Intensive Operations |
| Project Execution Risk |
| Tender-Based Business Risk |
| Payment Cycle Risk |
| SME Liquidity Risk |
IC Electricals operates in the railway electronics and electrical equipment segment, with products and services linked to Indian Railways and railway electrification projects. The company has a specialised business model focused on railway applications and government-linked demand.
Financial performance has improved steadily, with revenue rising and profit after tax showing strong growth. The company also reports healthy return ratios and operating margins, indicating improving efficiency and scale benefits.
The IPO proceeds are primarily intended for working capital requirements, which is important for a business dependent on project execution, railway supplies and government-linked contracts.
From a valuation perspective, the issue appears reasonably priced at the upper band of Rs. 99, considering the company’s post-issue P/E, improving profitability and railway-sector positioning. However, investors should also consider risks related to tender-based orders, working capital cycles and dependence on public-sector customers.
Chanakya View: Subscribe for Long Term. IC Electricals offers exposure to railway electronics and electrification opportunities with improving financials, reasonable valuation and a specialised B2G business model.
FAQs
What is the IC Electricals IPO GMP today?
IC Electricals IPO GMP is currently updating in the grey market. Investors should track the latest GMP before the IPO opens for subscription.
What is the IC Electricals IPO price band?
IC Electricals IPO price band is fixed at Rs. 94 to Rs. 99 per share.
What is the IC Electricals IPO lot size?
IC Electricals IPO lot size is 1,200 shares. Retail investors need to apply for a minimum of 2,400 shares.
When will IC Electricals IPO list?
IC Electricals IPO is expected to list on NSE SME on 3 July 2026.