The IC Electricals IPO is set to debut on the NSE SME platform on July 10, with strong demand in both the primary market and the grey market fueling optimism for a healthy listing.
The IPO is currently commanding a Grey Market Premium (GMP) of Rs 44, indicating an estimated listing price of around Rs 143 against the upper price band of Rs 99—a potential gain of nearly 45%. However, investors should note that the grey market is unofficial, and GMP is only an indicator of market sentiment, not a guarantee of listing performance.
The IC Electricals IPO received an overwhelming response from investors, with the public issue being subscribed 420.09 times by the close of bidding. The retail investor segment witnessed subscriptions of 372.51 times, while the Qualified Institutional Buyers (QIBs) portion was booked 241.75 times. Demand was strongest in the Non-Institutional Investors (NIIs) category, which was subscribed 764.38 times.
The IPO was open for subscription from July 3 to July 7, 2026. The company raised Rs 47.91 crore through an entirely fresh issue of 48.39 lakh equity shares, with the price band fixed at Rs 94–99 per share.
The company plans to use the IPO proceeds primarily to strengthen its working capital, allocating Rs 33.60 crore for this purpose. The remaining funds will be utilized for general corporate purposes, supporting business expansion and operational requirements.
Established in 2005, IC Electricals Company Limited manufactures advanced electronic equipment and engineering solutions for the Indian Railways. Operating largely under a Business-to-Government (B2G) model, the company supplies products to various government departments, including the Ministry of Railways.
Electronic Rectifier-cum-Regulating Units (ERRU)
GPS-based Passenger Announcement & Information Systems (PAPIS)
Alternators, Traction Motors and Permanent Magnet Alternators
Apart from manufacturing, IC Electricals undertakes turnkey railway electrification projects involving the design, supply, installation, testing and commissioning of 25 kV AC overhead electrification systems and traction substations.
The company has successfully executed key railway projects, including the Gorakhpur–Kaptanganj–Valmiki Nagar section under North Eastern Railway and the Ara–Sasaram section under East Central Railway.
As of May 31, 2026, the company employed 288 permanent employees.
For the financial year ended March 31, 2026:
Total income increased 18% to Rs 143.81 crore, compared with Rs 122.39 crore in FY25. Profit after tax (PAT) surged 50% to Rs 14.10 crore, up from Rs 9.41 crore a year earlier.
Over the last three financial years, IC Electricals has maintained consistent growth, with revenue rising from Rs 99.75 crore in FY24 to Rs 143.81 crore in FY26, while net profit nearly tripled from Rs 4.62 crore to Rs 14.10 crore during the same period.
The IPO managed by NEXGEN Financial Solutions Pvt. Ltd. as the Book Running Lead Manager, while Skyline Financial Services Pvt. Ltd. is acting as the registrar. Mansi Share & Stock Broking Pvt. Ltd. has been appointed as the market maker.
