About IC Electricals Co. IPO
IC Electricals Company IPO Details
IC Electricals IPO is a 100% book-built issue of 48.39 lakh equity shares worth up to ₹48 crore, entirely a fresh issue of shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on June 18, 2026.
The price band of the issue is set at ₹94 to ₹99 per share, with the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail investor) is ₹2,37,600 (2,400 shares). The IPO will be open from July 3 to 7, 2026, on the NSE SME platform, with a tentative listing date fixed as July 10, 2026. The book-running lead manager of the issue is Nexgen Financial Solutions Pvt. Ltd., while the registrar to the offer is Skyline Financial Services Pvt. Ltd.
IC Electricals Company IPO Date & Timeline
The IC Electricals Company IPO is officially set to open for subscription on July 3, 2026 and will close on July 7, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on June 18, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Jul 8, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Jul 9, 2026. Finally, shares of IC Electricals Company Ltd. are tentatively scheduled to list on the stock exchanges on Jul 10, 2026.
IC Electricals Co. IPO Timeline
| IPO Open Date | Fri, Jul 3, 2026 |
| IPO Close Date | Tue, Jul 7, 2026 |
| Tentative Allotment | Wed, Jul 8, 2026 |
| Initiation of Refunds | Thu, Jul 9, 2026 |
| Credit of Shares to Demat | Thu, Jul 9, 2026 |
| Tentative Listing Date | Fri, Jul 10, 2026 |
| Cut-off time for UPI mandate confirmation | - |
IC Electricals Co. IPO Details
| Detail | Description |
|---|---|
| IPO Date | 3 to 7 Jul, 2026 |
| Listing Date | 10 Jul, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 94 to ₹ 99 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital Only |
| Total Issue Size | 48,39,600 shares (agg. up to ₹ 48 Cr) |
| Reserved for Market Maker | 2,42,400 shares (agg. up to ₹ 2 Cr) Mansi Share & Stock Broking Pvt.Ltd. |
| Fresh Issue(Ex Market Maker) | 45,97,200 shares (agg. up to ₹ 46 Cr) |
| Net Offered to Public | 45,97,200 shares (agg. up to ₹ 46 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,34,22,000 shares |
| Share Holding Post Issue | 1,82,61,600 shares |
IC Electricals Company IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The IC Electricals Company IPO GMP is currently trading at ₹45, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹144, which is 45.45% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹99 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹47 and a lot size of 1200 shares.
IC Electricals Co. GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 10 Jul 2026 | ₹99.00 | ₹47 | 10 Jul, 202611:20 AM |
| 9 Jul 2026 | ₹99.00 | ₹42 | 9 Jul, 202604:27 PM |
| 8 Jul 2026 | ₹99.00 | ₹42 | 8 Jul, 202610:16 AM |
| 7 Jul 2026 | ₹99.00 | ₹49 | 7 Jul, 202610:03 AM |
| 6 Jul 2026 | ₹99.00 | ₹45 | 6 Jul, 202612:17 PM |
| 5 Jul 2026 | ₹99.00 | ₹55 | 6 Jul, 202609:59 AM |
| 4 Jul 2026 | ₹99.00 | ₹45 | 4 Jul, 202602:39 PM |
| 3 Jul 2026 | ₹99.00 | ₹44 | 3 Jul, 202609:59 AM |
| 2 Jul 2026 | ₹99.00 | ₹40 | 2 Jul, 202609:57 AM |
| 1 Jul 2026 | ₹99.00 | ₹32 | 1 Jul, 202602:56 PM |
| 30 Jun 2026 | ₹99.00 | ₹28 | 30 Jun, 202609:50 AM |
| 29 Jun 2026 | ₹99.00 | ₹28 | 30 Jun, 202609:50 AM |
| 28 Jun 2026 | ₹99.00 | ₹30 | 23 Jun, 202604:47 PM |
Company Background
IC Electricals Company Ltd. was incorporated as a private limited company on August 05, 2005, in Delhi and Haryana. Over nearly two decades of operations, the firm established its footing within the domestic electrical equipment and contracting sectors. The company is mainly engaged in the manufacturing of electrical equipment for railway applications, providing advanced solutions to the Indian railways.
Then, on September 23, 2024, the company converted into a public limited company to proceed with its public listing procedure. The registered corporate office of the enterprise is situated in Okhla Industrial Area, New Delhi, while its corporate operational hub is located in Jasola, New Delhi.
Operations & Product Range
IC Electricals Company Ltd. operates within the electrical engineering and equipment landscape, delivering customised solutions and infrastructure support. The operating model centers on the engineering, assembly and distribution of industrial electrical systems, addressing complex commercial and industrial power distribution needs. The target client base spans public infrastructure projects, manufacturing units and corporate enterprises requiring compliance-driven electrical setups.
Facilities & Capacity
The operational unit of IC Electricals Company Ltd. is located at its primary facilities based in New Delhi, India. These facilities house the assembly, testing and engineering departments essential for managing equipment portfolios. IC Electrics conducted the first trial of India’s first hydrogen train in 2025, with a capacity of 8 coaches and the ability to carry more than 2,600 passengers.
Brands & Market Presence
IC Electricals Company Ltd. drives its market reach under the core banner, emphasising trust and technology delivery. The organisation has built a geographical footprint originating from its capital base in New Delhi and radiating across regional industrial corridors. Its presence is supported by industry-standard certifications necessary to bid for large-scale electrical contracts, which act as a barrier to entry for smaller, unorganised players.
Revenue Streams & Business Model
The primary revenue engine for IC Electricals Company Ltd. consists of the supply of electrical systems, design engineering services and execution of power distribution projects. Segment-wise and geography-wise financial contributions remain centred largely around domestic infrastructure developments. The company operates a business-to-business (B2B) model where revenue generation cycles rely on long-term contract fulfillment, milestones achieved in engineering projects and direct procurement orders from enterprise partners.
Management & Shareholding
The promoter group of IC Electricals Company Ltd. includes Mr. Sunil Kumar Verma, Mrs. Renu Verma, Ms. Aakansha Verma, Ms. Davisha Verma, Mrs. Savita Sachdeva, M/S SHBD LLP and M/S Safe System India Private Ltd. Before the IPO, the promoters held a 73.50% stake and the promoter group held a 9.42% stake in the company, but after the IPO, the promoters’ and promoter groups’ ownership will be slightly diluted as the offering includes a fresh issue of 48.39 lakh equity shares.
Board & Key Management
The leadership of IC Electricals Company Ltd. is led by a team of experts with many years of experience. Mr. Dasari Bhaskar Reddy serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Mr. Sunil Kumar Verma, the Managing Director, along with Whole-Time Director, Rahul Varma. To ensure good governance, the board includes Independent Directors Nitin Sarup Chawdhary, Bhaskar Reddy Dasari and Sanjay Pandey for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
IC Electricals Co. IPO Financial Information
Latest Revenue
143.92
₹ Crore
Profit After Tax
14.1
₹ Crore
Net Worth
65.74
₹ Crore
Total Borrowing
55.79
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 193.44 | 143.92 | 14.1 | 65.74 | 50.2 | — | |||
| 31 Mar 2025 | 160.04 | 121.48 | 9.41 | 51.71 | 36.12 | 55.79 | |||
| 31 Mar 2024 | 143.89 | 99.21 | 4.62 | 33.22 | 27.11 | 47.81 | |||
| Amount in ₹ Crore | |||||||||
IC Electricals Co. Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 23.88 % |
| ROCE | 18.18 % |
| RoNW | 23.88 % |
| PAT Margin | 9.84 % |
| EBITDA Margin | 17.83 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.5 | 10.5 |
| P/E (x) | 9.42 | 12.82 |
IC Electricals Company IPO Objectives
The company planned to use the IC Electricals Company IPO proceeds for strategic purposes:
- • Funding the working capital requirements
- • Capital expenditure for upgrading existing technical infrastructure and machinery.
- • General corporate purposes
IC Electricals Company IPO Review
IC Electricals Company Ltd. occupies a specialised operational niche within India’s expanding electrical engineering and contracting space. Benefiting from structural macroeconomic tailwinds, such as increased government expenditure on infrastructure and industrial modernisation, the firm is positioned to capture extended market demand.
Financially, the company has reported profitable and growing financial statements. For FY26, the total income was reported at ₹143.81 crore, the PAT was reported at ₹14.09 crore and the EBITDA was ₹25.66 crore. Year-on-year, the company has shown around 10% growth.
However, investors must be aware of both sides of the company, from the positive financial statements to potential risks, including concentration risks related to its regional operations, dependency on industrial capital expenditure cycles and potential variations in raw material pricing for critical electrical components. Prospective investors should analyse how effectively the management balances these structural constraints against operational growth.
Overall, the IPO provides a direct look into an established regional player looking to scale up its national presence. The ultimate trajectory of the business will depend on project execution timelines and the stabilisation of working capital cycles post-listing.
Conclusion
IC Electricals Company IPO is an opportunity for investors to invest in a growing company that is backed by its foundational presence in the industrial electrical sector and a clear promoter structure. The company has established an infrastructure capable of handling evolving market requirements. With this listing, the company aims to update its technical equipments, funding the working capital requirement and general corporate expenses.
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Competitive Strengths
Long-standing presence within the electrical engineering domain since its initial incorporation in 2005.
Diversified promoter backing comprising both individual professionals and corporate entities.
Structured operational base in New Delhi allowing efficient access to key northern industrial zones.
Scalable business model executing an entirely fresh issue of shares to directly fund future corporate needs without promoter exit.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2400 | 237600 |
| Individual investors (Retail) (Max) | 2 | 2400 | 237600 |
| S-HNI (Min) | 3 | 3600 | 356400 |
| S-HNI (Max) | 8 | 9600 | 950400 |
| B-HNI (Min) | 9 | 10800 | 1069200 |