IC Electricals shares made a stellar market debut on the NSE SME platform, listing at ₹166 per share on July 10, representing a 67.68% premium over the IPO price of ₹99. The stock subsequently hit the 5% upper circuit and reached a high of ₹174.30 during intraday trading, with the counter frozen at the upper limit. The company's market capitalisation post-listing stood at ₹310.45 crore, significantly higher than its pre-listing valuation of ₹180.8 crore at the upper end of the price band. This strong debut followed the IPO's exceptional market response, which achieved 390.82 times subscription during the bidding period from July 3-7, with total bids worth ₹13,432.1 crore received against the offer size of 32.29 lakh shares. About 27.56 lakh shares changed hands at the counter on the debut day.
Non-institutional investors (NIIs) led the subscription with 764.38 times their allotted quota, demonstrating strong institutional interest. The reserved portions for retail investors and qualified institutional buyers (QIBs) were subscribed 372.51 times and 241.75 times, respectively. The strong investor response was also reflected in the grey market premium, with IC Electricals Company IPO shares trading at a premium of ₹44 per share, indicating an estimated listing price of around ₹143 per share - representing a 44% gain over the IPO price of ₹99. The robust demand was evident from the very beginning of the bidding process, with the massive subscription levels ultimately translating into the strong listing performance.
New Delhi-based IC Electricals Company is raising ₹47.91 crore through an initial public offering of 48.39 lakh equity shares, comprising an entirely fresh issue. The company had already raised ₹13.54 crore from anchor investors on June 2, with the board allotting 13.68 lakh shares at ₹99 per share to 5 anchor investors. The IPO proceeds will be primarily utilised to meet the company's working capital requirements, with ₹33.60 crore earmarked for this purpose, while the remaining funds will be used for general corporate purposes, including business expansion and other operational needs. The price band for the offer was set at ₹94-99 per share, with investors required to bid for a minimum of 1,200 shares, translating to a minimum investment of ₹1,18,800 at the upper end of the price band.
With the allotment date finalised for today, July 8, 2026, successful bidders can check their status online through multiple platforms. As per LiveMint, investors can access their allotment status through the NSE website by selecting 'Equity & SME IPO bid details' and choosing 'IC Electricals' from the dropdown menu, or directly through the registrar Skyline Financial Services. Once the basis of allotment is determined, equity shares will be credited to successful bidders' demat accounts, while refunds for unallotted applicants will be processed tomorrow, July 9. The company is gearing up for its listing on Friday, July 10, on the NSE SME platform, with NEXGEN Financial Solutions serving as the book-running lead manager and Skyline Financial Services as the registrar.
Incorporated in 2005, IC Electricals Company Limited manufactures advanced electrical and electronic systems for the Indian Railways, primarily operating under a Business-to-Government (B2G) model. The company primarily serves government agencies, including the Ministry of Railways, by supplying a wide range of railway equipment and engineering solutions. Its product portfolio comprises Electronic Rectifier-cum-Regulating Units (ERRUs), Vigilance Control Devices (VCDs), regulated battery chargers, emergency lighting and inverter systems, GPS-based Passenger Announcement and Information Systems (PAPIS), and alternators, traction motors, and permanent magnet alternators. As of May 31, 2026, the company had 288 permanent employees. The company recorded revenue from operations of ₹143.04 crore and net profit of ₹14.10 crore for the period ended March 31, 2026. IC Electricals also undertakes turnkey railway electrification projects, offering end-to-end services covering the design, engineering, supply, installation, testing, and commissioning of 25 kV AC overhead electrification (OHE) systems and traction substations.
