The IPO of Susan Electricals India will open for subscription on Thursday, June 11, with the electrical conductors and power cables manufacturer looking to raise Rs 70.38 crore through a combination of fresh issue and offer-for-sale.
Ahead of the issue opening, the company's shares were commanding a grey market premium (GMP) of around 20%, indicating a potential listing price of about Rs 152-153 per share against the upper end of the price band of Rs 127. However, investors should note that GMP is an unofficial market indicator and may not accurately reflect actual listing performance.
The IPO consists of a fresh issue of 47.42 lakh shares worth Rs 60.22 crore and an offer-for-sale of 8 lakh shares worth Rs 10.16 crore. The issue will close on June 15, while the allotment is expected to be finalised on June 16. The shares are scheduled to list on the BSE SME platform on June 18.
The company has fixed the price band at Rs 120-127 per share. Investors can apply for a minimum of 2,000 shares, requiring an investment of Rs 2.54 lakh at the upper price band. The issue is being managed by Seren Capital, while Mudra RTA Ventures is the registrar.
Susan Electricals has reserved nearly 50% of the net offer for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors.
Founded in 2007, Susan Electricals manufactures aluminium and copper-based electrical winding wires, conductors, and power cables used in transformers, motors, alternators, and power distribution networks. Its customers include state electricity distribution companies (DISCOMs), EPC contractors, and businesses in the power transmission and distribution sector.
The company believes it is well-positioned to benefit from government-backed power infrastructure programmes, including the Revamped Distribution Sector Scheme (RDSS) and rural electrification initiatives. It currently operates three manufacturing facilities in Ghaziabad, Uttar Pradesh, and sold products across seven states during FY26.
Financial performance has improved sharply over the last year. Revenue nearly doubled to Rs 269.96 crore in FY26 from Rs 136.05 crore in FY25, while profit after tax surged 223% to Rs 18.25 crore from Rs 5.65 crore a year earlier. EBITDA rose to Rs 32.08 crore from Rs 12 crore.
The company plans to utilise the fresh issue proceeds towards expanding its existing manufacturing facility in Ghaziabad and funding working capital requirements.
