The IC Electricals IPO has achieved exceptional investor response on its final day of bidding, with overall subscription reaching 107.93 times as of 10:51 AM on July 7. The Grey Market Premium (GMP) has surged to ₹51, indicating a listing price of ₹150 per share at a premium of 51.52% on the upper limit of the price band. The latest GMP represents a significant increase from the lowest recorded GMP of ₹28, with the highest GMP reaching ₹55, signaling strong market confidence in the railway equipment manufacturer. The robust subscription numbers came despite the IPO being postponed by a week from its original June 25-30 schedule due to prudence and good governance considerations.
The IPO has witnessed exceptional investor participation across all categories, with retail investors bidding 91.69 times their allocated quotas and non-institutional investors subscribing 91.46 times their portion. By 12 pm on Friday, the SME IPO had seen an overall subscription of 6.57 times, with the QIB segment subscribed to 3.1 times during the initial hours of trading. Ahead of the public issue, IC Electricals raised ₹13.54 crore by allocating 13,68,000 shares at an average price of ₹99 to anchor investors, which included Pine Oak Global Fund - Class B, SageOne Flagship Growth Open-Ended (OE) Fund, Bengal Finance and Investment Private Limited, Akalpya India Equity Fund, and ArthaSanchay Growth Fund. The anchor book was completed on July 2 with these prominent institutional investors participating.
The company is launching its ₹47.91 crore NSE SME IPO, comprising an entirely fresh issue of 48.39 lakh equity shares with a face value of ₹10 each. To participate in the IPO, retail investors need to bid for two lots comprising 2,400 shares, requiring an investment of ₹1,18,800. HNIs can participate by bidding for a minimum of 3 lots, leading to an investment of ₹3,56,400. The IPO will remain open from July 3 to July 7, 2026, with the share allotment expected on July 8 and shares to be transferred to successful bidders' demat accounts on July 9, 2026. The company has fixed the price band at ₹94–99 per share, with NEXGEN Financial Solutions serving as the book-running lead manager and Skyline Financial Services Ltd. as the registrar for the issue.
According to the Red Herring Prospectus, IC Electricals designs and manufactures electronic equipment for railways and executes electrification projects for the Indian Railways. The company offers a comprehensive range of electronic products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards. The company also manufactures key railway components including alternators, traction motors, and permanent magnet alternators with controllers. The company has completed major railway projects, including the Gorakhpur–Kaptanganj–Valmiki Nagar section under North Eastern Railway and the Ara–Sasaram section under East Central Railway. IC Electricals is solely focused on rail transportation and has expertise in Power Electronics, Instrumentation & Distribution System, Microprocessor Based Control Systems for Railway Application, Rotating Machines and Railway Electrification.
As reported in the Red Herring Prospectus, IC Electricals has demonstrated consistent growth over the past three years. For the financial year ended March 31, 2026, the company's revenue grew from ₹99.25 crore in FY2024 to ₹143.04 crore in FY2026, while PAT nearly tripled from ₹4.62 crore to ₹14.10 crore. The company's FY25 revenue stood at ₹121.89 crore and FY26 profits reached ₹14.10 crore. The company will use the net proceeds from the issue to meet working capital requirements and for general corporate purposes. The shares are scheduled to list on the NSE SME platform on July 10, 2026, with successful bidders receiving shares on July 9, 2026 and refunds for unallocated bidders on the same day.
