The IC Electricals IPO is set to open for public subscription on July 3, 2026, and is already creating excitement in the grey market. The latest Grey Market Premium (GMP) stands at Rs 40, indicating an estimated listing price of Rs 139 against the upper issue price of Rs 99. If the current GMP holds, investors could see an estimated 40.40% listing gain.
IC Electricals is launching its Rs 47.91 crore NSE SME IPO, comprising an entirely fresh issue of 48.39 lakh equity shares. The IPO will remain open from July 3 to July 7, 2026, with the allotment expected on July 8 and a tentative listing on the NSE SME platform on July 10, 2026.
The company has fixed the price band at Rs 94–99 per share. Investors can apply for a minimum of 2 lots (2,400 shares), requiring an investment of Rs 1,18,800 at the upper price band.
The company intends to utilize the net proceeds from the IPO primarily to strengthen its working capital position, with ₹33.60 crore earmarked for funding working capital requirements. The remaining funds will be used for general corporate purposes, supporting the company's overall business operations and future growth initiatives.
As of July 2, 2026, the IPO is commanding a Grey Market Premium (GMP) of Rs 40. Based on the upper price band of Rs 99, the estimated listing price works out to Rs 139, translating into a potential 40.40% premium. While GMP reflects market sentiment, it is unofficial and should not be considered a guarantee of listing performance.
Founded in 2005, IC Electricals Company Limited manufactures advanced electronic equipment and engineering solutions for the Indian Railways. Operating primarily under a Business-to-Government (B2G) model, the company supplies products to 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
Beyond manufacturing, the company also executes turnkey railway electrification projects, including the design, supply, installation, testing, and commissioning of 25 kV AC overhead electrification systems and traction substations.
IC Electricals 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.
The company has a workforce of 288 permanent employees as of May 31, 2026.
IC Electricals has built its reputation on-
A strong focus on research and development.
An experienced management team with a proven execution record.
Service centers or representatives in every state capital, enabling customer support within 24 hours.
Modern and well-equipped manufacturing facilities.
The company's financials reflect consistent growth.
Total income rose 18% to Rs 143.81 crore, up from Rs 122.39 crore in FY2025. Profit After Tax (PAT) jumped 50% to Rs 14.10 crore, compared to Rs 9.41 crore in the previous year.
Looking over the past three years, IC Electricals has demonstrated steady momentum, with revenue growing from Rs 99.75 crore in FY2024 to Rs 143.81 crore in FY2026, while PAT nearly tripled from Rs 4.62 crore to Rs 14.10 crore.
The issue is being managed by NEXGEN Financial Solutions Pvt. Ltd. as the Book Running Lead Manager, while Skyline Financial Services Pvt. Ltd. is acting as the registrar. The role of market maker has been assigned to Mansi Share & Stock Broking Pvt. Ltd..
