IC Electricals IPO: dates, price band, lot size and GMP
IC Electricals IPO listed on 10 Jul at ₹166 (NSE SME). Issue dates 3 – 7 Jul 2026, price band ₹99, lot 1,200 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: IC Electricals listed on 10 Jul 2026 on NSE SME at ₹166, +₹67 (+67.7%) against the ₹99 upper band. IC Electricals IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the IC Electricals IPO has a price band of ₹99, a lot of 1,200 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 3 – 7 Jul 2026 |
| Price band | ₹99 |
| Lot size | 1,200 shares |
| Issue size | ₹47.91 Cr |
| Fresh issue | ₹45.51 Cr |
| Subscription | 295.08x |
| Registrar | Skyline Financial Services Pvt.Ltd. |
| Lead managers | NEXGEN Financial Solutions Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 3 Jul
- Issue closes: 7 Jul
- Allotment: 8 Jul
- Refunds: 9 Jul
- Demat credit: 9 Jul
- Listing: 10 Jul
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 241.75x |
| NII | 764.38x |
| sNII | 422.38x |
| bNII | 936.7x |
| Retail | 372.51x |
| Total | 295.08x |
Last updated 7 Jul 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹180.79 Cr |
| P/E (pre-issue) | 9.42x |
| P/E (post-issue) | 12.82x |
| Fresh issue (shares) | 45,97,200 |
| Total shares offered | 45,97,200 |
| Promoter holding pre-issue | 82.92% |
| Promoter holding post-issue | 60.94% |
| Promoters | Sunil Kumar Verma, Renu Verma, SHBD LLP and Safe System India Pvt.Ltd. |
| Lead managers | NEXGEN Financial Solutions Pvt.Ltd. |
| Registrar phone | 011-26812682 |
| Registrar email | ipo@skylinerta.com |
| Company website | icelectricals.in |
| Anchor bid date | 2 Jul 2026 |
| Anchor lock-in ends (50%) | 7 Aug 2026 |
| Anchor lock-in ends (remaining) | 6 Oct 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 1,200 | ₹2,37,600 |
| Retail (maximum) | 2 | 2,400 | ₹2,37,600 |
| sNII (minimum) | 3 | 3,600 | ₹2,37,600 |
| bNII (minimum) | 3 | 3,600 | ₹10,69,200 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.8% | 13,68,000 | |
| QIB | 20% | 9,18,000 | Not more than 50.00% of the Net offer |
| NII (HNI) | 15.2% | 6,98,400 | Not less than 15% of the Net Offer |
| sNII | 5.1% | 2,34,000 | |
| bNII | 10.1% | 4,64,400 | |
| Retail | 35.1% | 16,12,800 | Not less than 35% of the Net Offer |
| Market Maker | 5.3% | 2,42,400 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 7 Jul | 241.75x | 764.38x | 422.38x | 936.70x | 372.51x | 295.08x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹10.5 |
|---|---|
| EPS (post-issue) | ₹7.72 |
| P/E (pre-issue) | 9.42x |
| P/E (post-issue) | 12.82x |
| RoNW | 23.88% |
| RoCE | 18.18% |
| RoE | 23.88% |
| PAT margin | 9.84% |
| EBITDA margin | 17.83% |
| Price / book | 2.02x |
| NAV per share | ₹48.98 |
| Debt / equity | 1.13 |
| Market cap (upper band) | ₹180.79 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 193.44 | 160.04 | 143.89 | +20.9% |
| Total Income | 143.81 | 122.39 | 99.75 | +17.5% |
| Profit After Tax | 14.1 | 9.41 | 4.62 | +49.8% |
| EBITDA | 25.66 | 18.34 | 12.14 | +39.9% |
| NET Worth | 65.74 | 51.71 | 33.22 | +27.1% |
| Reserves and Surplus | 50.2 | 36.12 | 27.11 | +39% |
| Total Borrowing | 75.42 | 55.79 | 47.81 | +35.2% |
About IC Electricals
Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways. The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards. In addition, the company manufactures key railway components such as alternators, traction motors, and permanent magnet alternators with controllers.
IC Electricals also 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 (B2G) model, catering mainly to government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS).
IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur-Kaptanganj-Valmiki Nagar section under the North Eastern Railway and the Ara-Sasaram section under the East Central Railway. As of August 31, 2025, the company employs 220 permanent staff members.
Objects of the issue
- Funding the working capital requirements of the Company — ₹33.6 Cr
- General Corporate Purposes — ₹7.13 Cr
- Issue Expenses — ₹7.19 Cr
Net proceeds: ₹47.91 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| IC Electricals Co. Ltd. (issuer) | 10.49 | 10.49 | 47.4 | — | 24.88% | — | Consolidated |
| Hind Rectifiers Limited | 13.1 | 13.1 | 59.88 | 99.5x | 24.62% | 20.15 | Consolidated |
Notes: Considering the nature and turnover of the business of the Company, the peers are not strictly comparable. However, the same have been included for broader comparison. Page 140 of 480 The figures for IC Electricals Company Limited are based on the restated Consolidated results for the financial year ended March 31, 2026. The figures for the peer group are based on Consolidated audited results for the Period ended March 31, 2026 • Current Market Price (CMP) is the closing price of respective scrip as on June 17, 2026.
Offer documents: DRHP (PDF) · RHP (PDF)
Frequently asked questions
When does the IC Electricals IPO open and close?
The issue is scheduled for 3 – 7 Jul 2026.
What is the IC Electricals IPO price band?
The price band is ₹99 per share with a lot size of 1,200 shares.
How big is the IC Electricals IPO?
The total issue size is ₹47.91 Cr.
When will IC Electricals list?
The tentative listing date is 10 Jul on the SME platform.
How do I apply for the IC Electricals IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), IC Electricals · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), IC Electricals · as filed · nsearchives.nseindia.com
- Registrar allotment page, Skyline Financial Services Pvt.Ltd. · allotment 8 Jul · skylinerta.com
- NSE public issues page · listing 10 Jul · nseindia.com
- IC Electricals company website · icelectricals.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 28 Jul, 06:00 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “IC Electricals IPO”, https://buyunlistedshares.com/ipo/ic-electricals-ipo, as of 17 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
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