Published: 8 June 2026 | 9.00 PM
Last Updated: 8 June 2026 | 9.00 PM
IPO Overview / Intro
Susan Electricals India IPO is a BSE SME book build issue aggregating to Rs. 70.38 crore. The IPO comprises a fresh issue of 47.42 lakh equity shares aggregating to Rs. 60.22 crore and an Offer for Sale (OFS) of 8.00 lakh equity shares aggregating to Rs. 10.16 crore.
The IPO opens for subscription on 11 June 2026 and closes on 15 June 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 18 June 2026.
Susan Electricals India Ltd is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors and power cables used in transformers, motors, alternators, power distribution networks and industrial electrical infrastructure projects. The company primarily caters to DISCOMs, EPC contractors and electrical equipment manufacturers.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | SME Book Build IPO |
| Issue Size | Rs. 70.38 Crore |
| Fresh Issue | Rs. 60.22 Crore |
| Offer For Sale | Rs. 10.16 Crore |
| Price Band | Rs. 120 to Rs. 127 Per Share |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Shares |
| Retail Application | 2,000 Shares |
| Market Cap | Rs. 258.20 Crore |
| Listing Date | 18 June 2026 (Tentative) |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Susan Electricals India IPO GMP – Latest Update
| GMP Details | Value |
| Susan Electricals India IPO GMP Today | Rs.10 |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Rs.7,600 |
Susan Electricals India 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 | 11 June 2026 to 15 June 2026 |
| Listing Date | 18 June 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 120 to Rs. 127 Per Share |
| Lot Size | 1,000 Shares |
| Issue Type | Book Build IPO |
| Listing At | BSE SME |
| Total Issue Size | 55,42,000 Shares |
| Fresh Issue | 47,42,000 Shares |
| Offer For Sale | 8,00,000 Shares |
| Issue Size | Rs. 70.38 Crore |
| Reserved for Market Maker | 4,58,000 Shares |
| Fresh Issue Excluding Market Maker | 42,84,000 Shares |
| Net Offered to Public | 50,84,000 Shares |
| Shareholding Pre Issue | 1,55,88,795 Shares |
| Shareholding Post Issue | 2,03,30,795 Shares |
| Market Cap | Rs. 258.20 Crore |
IPO Timetable
| Event | Date |
| IPO Open Date | 11 June 2026 |
| IPO Close Date | 15 June 2026 |
| Basis of Allotment | 16 June 2026 |
| Refund Initiation | 17 June 2026 |
| Credit of Shares | 17 June 2026 |
| Listing Date | 18 June 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 25,39,000 | 49.94% | 45.81% |
| Anchor Investor | 15,23,000 | – | 27.48% |
| QIB Ex Anchor | 10,16,000 | – | 18.33% |
| NII Shares Offered | 7,65,000 | 15.05% | 13.80% |
| B-HNI Shares Offered | 5,10,000 | – | 9.20% |
| S-HNI Shares Offered | 2,55,000 | – | 4.60% |
| Retail Shares Offered | 17,80,000 | 35.01% | 32.12% |
| Market Maker Shares Offered | 4,58,000 | – | 8.26% |
| Total Shares Offered | 55,42,000 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 2,000 | Rs. 2,54,000 |
| Retail Maximum | 2 | 2,000 | Rs. 2,54,000 |
| S-HNI Minimum | 3 | 3,000 | Rs. 3,81,000 |
| S-HNI Maximum | 7 | 7,000 | Rs. 8,89,000 |
| B-HNI Minimum | 8 | 8,000 | Rs. 10,16,000 |
Company Details
Susan Electricals India Ltd was incorporated in 2007 and manufactures aluminium and copper-based winding wires, strips, conductors and power cables used across power transmission, distribution and industrial electrical applications.
The company supplies winding wires used in transformers, motors, alternators and coils. It also manufactures aluminium stranded conductors for overhead power distribution networks and produces LT and HT power cables used in electrical infrastructure projects.
The company primarily serves state electricity distribution companies (DISCOMs), EPC contractors and businesses engaged in the power infrastructure sector. Apart from manufacturing activities, the company also undertakes trading of aluminium rods and wires and provides job work services.
The company operates three manufacturing facilities in Ghaziabad, Uttar Pradesh and has a presence across multiple states including Uttar Pradesh, Jharkhand, Madhya Pradesh and Karnataka.
Competitive Strengths
| Key Strengths |
| Approved vendor with multiple DISCOMs |
| Strong participation in utility tenders |
| Beneficiary of RDSS and rural electrification spending |
| Diverse product portfolio |
| Established manufacturing infrastructure |
| Multi-state customer presence |
| Experienced management team |
IPO Objects
| Sr. No. | Objects of the Issue | Est Amt (Rs. Crore) |
| 1 | Expansion of Manufacturing Facility at Ghaziabad | 10.29 |
| 2 | Funding Working Capital Requirements | 33.00 |
| 3 | General Corporate Purposes | – |
| Total | 43.29 |
Company Address
| Particulars | Details |
| Registered Office | 1703, Nirmal Tower, 26 Barakhamba Road, Connaught Place, New Delhi – 110001 |
| Phone | 0120-4331296 |
| office@seil.net.in | |
| Website | Visit Website |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Mudra RTA Ventures Private Limited |
| Registrar Phone | +91 9870297591 |
| Registrar Email | ipo@mudrarta.com |
Financials
| Particulars (Rs. Crore) | FY2026 | FY2025 | FY2024 |
| Total Assets | 130.05 | 73.68 | 38.08 |
| Total Income | 269.96 | 136.05 | 103.59 |
| Profit After Tax | 18.25 | 5.65 | 0.76 |
| EBITDA | 32.08 | 12.00 | 3.64 |
| Net Worth | 38.48 | 17.98 | 6.21 |
| Reserves & Surplus | 22.89 | 12.96 | 3.23 |
| Total Borrowings | 66.72 | 45.27 | 24.79 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
| ROE | 64.64% |
| ROCE | 29.05% |
| RoNW | 47.42% |
| PAT Margin | 6.77% |
| EBITDA Margin | 11.91% |
| Price to Book Value | 5.15 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 11.70 | 8.97 |
| P/E (x) | 10.85x | 14.15x |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 92.47% | 66.97% |
Chanakya View
Investment Summary
| Parameter | Observation |
| Business Segment | Electrical Conductors & Power Cables |
| Industry Outlook | Positive |
| Revenue Growth | Excellent |
| Profit Growth | Very Strong |
| Government Spending Linkage | Strong |
| Working Capital Requirement | High |
| Valuation | Reasonable |
| SME Liquidity Risk | Present |
Positives
| Strengths |
| Revenue nearly doubled in FY2026 |
| PAT surged more than 223% YoY |
| Strong ROE and RoNW |
| Beneficiary of power infrastructure spending |
| Vendor approvals with multiple DISCOMs |
| Expansion plans supported by IPO proceeds |
| Reasonable valuation compared to growth profile |
Concerns
| Risks |
| Borrowings remain relatively high |
| Working capital intensive business |
| Dependence on government utility orders |
| Commodity price fluctuations in aluminium and copper |
| Margins remain moderate |
| SME liquidity risk post listing |
Susan Electricals India operates in a sector directly linked to India’s power infrastructure expansion, transmission upgrades, rural electrification and government-backed utility spending. The company has demonstrated exceptional growth in FY2026, with revenue rising to Rs. 269.96 crore from Rs. 136.05 crore, while PAT increased to Rs. 18.25 crore from Rs. 5.65 crore.
The company enjoys established relationships with DISCOMs and EPC contractors, which can support future growth opportunities. A significant portion of the IPO proceeds is earmarked for working capital and manufacturing expansion, which should strengthen operational capabilities.
At the upper price band of Rs. 127, the post-issue P/E of 14.15x appears reasonable considering the company’s growth profile, strong return ratios and favourable industry outlook.
Considering strong financial growth, healthy return ratios, power sector tailwinds and reasonable valuation, we assign a “Subscribe for Listing Gain as well as Medium-Term Investment” rating to the IPO.
FAQs
What is Susan Electricals India IPO GMP today?
Susan Electricals India IPO GMP is currently not available. Investors should monitor GMP trends closer to the opening and listing dates.
What is the Susan Electricals India IPO price band?
The IPO price band is fixed at Rs. 120 to Rs. 127 per share.
What is the Susan Electricals India IPO lot size?
Retail investors need to apply for a minimum of 2,000 shares amounting to Rs. 2,54,000.
When will Susan Electricals India IPO list?
Susan Electricals India IPO is expected to list on BSE SME on 18 June 2026.