Bookbuilding IPO | ₹48 Cr | Listed at NSE SME | Fri, Jul 3, 2026 - Tue, Jul 7, 2026
IC Electricals IPO is a book build issue of ₹47.91 crores. The issue is entirely a fresh issue of 0.48 crore shares of ₹47.91 crore.
IC Electricals IPO bidding started from Jul 3, 2026 and ended on Jul 7, 2026. The allotment for IC Electricals IPO was finalized on Jul 8, 2026. The shares got listed on the NSE SME on Jul 10, 2026.
IC Electricals IPO is set final issue price at ₹99 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,37,600 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,56,400.
NEXGEN Financial Solutions Pvt.Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Mansi Share & Stock Broking Pvt.Ltd.
Refer to IC Electricals IPO RHP for detailed Information.
IPO Open
Fri, Jul 3, 2026
IPO Close
Tue, Jul 7, 2026
Issue Price
₹99 per share
Market Cap (Pre-IPO)
₹180.79 Cr
| IPO Date | 3 to 7 Jul, 2026 |
| Listed on | Fri, Jul 10, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹99 |
| Issue Price | ₹99 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 48,39,600 shares (agg. up to ₹48 Cr) |
| Reserved for Market Maker | 2,42,400 shares Mansi Share & Stock Broking Pvt.Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 45,97,200 shares (agg. up to ₹46 Cr) |
| Net Offered to Public | 45,97,200 shares (agg. up to ₹46 Cr) |
| Share Holding Pre Issue | 1,34,22,000 shares |
| Share Holding Post Issue | 1,82,61,600 shares |
| NSE Symbol | ICELCO |
| ISIN | INE0XE501015 |
IC Electricals IPO comprises a total issue size of 48,39,600 shares. The net offer to the public is 45,97,200 shares, after excluding 2,42,400 shares allotted on a firm basis. Of the Net offer 22,86,000 (49.73%) are allocated to QIB, 6,98,400 (15.19%) allocated to NII 16,12,800 (35.08%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 22,86,000 | 49.73% | 47.24% |
| − Anchor Investor Shares Offered | 13,68,000 | 28.27% | |
| − QIB (Ex. Anchor) Shares Offered | 9,18,000 | 18.97% | |
| NII (HNI) Shares Offered | 6,98,400 | 15.19% | 14.43% |
| − bNII > ₹10L | 4,64,400 | 9.60% | |
| − sNII < ₹10L | 2,34,000 | 4.84% | |
| Retail Shares Offered | 16,12,800 | 35.08% | 33.33% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,42,400 | 5.01% | |
| Total Shares Offered | 48,39,600 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,37,600 |
| Individual investors (IND) (Max) | 2 | 2,400 | ₹2,37,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,56,400 |
| S-HNI (Max) | 8 | 9,600 | ₹9,50,400 |
| B-HNI (Min) | 9 | 10,800 | ₹10,69,200 |
IC Electricals IPO raises ₹13.54 crore from anchor investors. IC Electricals IPO Anchor bid date is July 2, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Jul 2, 2026 |
| Shares Offered | 13,68,000 |
| Anchor Portion (₹ Cr.) | 13.54 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Aug 7, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Oct 6, 2026 |
Incorporated in 2005, IC Electricals Company Limited is engaged in the manufacturing of electronic equipment for railway applications and in providing engineering solutions to Indian Railways.
The company offers a diverse range of electronic products including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, all compliant with the latest technical standards.
In addition, the company manufactures key railway components, including alternators, traction motors, and permanent magnet alternators with controllers. IC Electricals also undertakes turnkey railway electrification projects, covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems.
The company primarily operates on a Business-to-Government (B2G) model, serving government departments and ministries, including the Ministry of Railways. Its key product offerings include Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, and GPS-based Passenger Announcement & Passenger Information Systems (PAPIS).
IC Electricals has successfully executed multiple railway electrification projects such as the Gorakhpur–Kaptanganj–Valmiki Nagar section under the North Eastern Railway and the Ara–Sasaram section under the East Central Railway.
As of May 31, 2026, the company employs 288 permanent staff members.
Competitive Strength:
IC Electricals Co.Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 50% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 193.44 | 160.04 | 143.89 |
| Total Income | 143.81 | 122.39 | 99.75 |
| Profit After Tax | 14.10 | 9.41 | 4.62 |
| EBITDA | 25.66 | 18.34 | 12.14 |
| NET Worth | 65.74 | 51.71 | 33.22 |
| Reserves and Surplus | 50.20 | 36.12 | 27.11 |
| Total Borrowing | 75.42 | 55.79 | 47.81 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Vivid Electromech Ltd. | SME | ₹130.54 Cr | ₹555 | 19.2 | ₹563.05 | +1.45% | ₹1,183.20 (+0.88%) |
| INDO SMC Ltd. | SME | ₹91.95 Cr | ₹149 | 16.1 | ₹154.80 | +3.89% | ₹421.75 (+0.85%) |
| Sugs Lloyd Ltd. | SME | ₹85.66 Cr | ₹123 | 11.91 | ₹125.85 | +2.32% | ₹149.35 (+3.61%) |
| Parth Electricals & Engineering Ltd. | SME | ₹49.67 Cr | ₹170 | 18.05 | ₹182.70 | +7.47% | ₹412.35 (-1.35%) |
| Smarten Power Systems Ltd. | SME | ₹50.00 Cr | ₹100 | 11.75 | ₹151.20 | +51.20% | ₹60.65 (-2.80%) |
| Fujiyama Power Systems Ltd. | Mainboard | ₹828.00 Cr | ₹228 | 40.85 | ₹208.44 | -8.58% | ₹382.70 (+4.99%) |
| Emmvee Photovoltaic Power Ltd. | Mainboard | ₹2,900.00 Cr | ₹217 | 34.9 | ₹219.40 | +1.11% | ₹333.25 (-0.15%) |
| Saatvik Green Energy Ltd. | Mainboard | ₹900.20 Cr | ₹465 | 24.35 | ₹440.70 | -5.23% | ₹449.20 (-1.17%) |
| Mangal Electrical Industries Ltd. | Mainboard | ₹400.00 Cr | ₹561 | 24.31 | ₹535.35 | -4.57% | ₹301.10 (+0.35%) |
| Vikram Solar Ltd. | Mainboard | ₹2,079.37 Cr | ₹332 | 75.16 | ₹356.40 | +7.35% | ₹203.35 (+5.12%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the working capital requirements of the Company | 33.60 |
| 2 | General Corporate Purposes | 7.13 |
| 3 | Issue Expenses | 7.19 |
| Total | 47.91 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 23.88% |
| ROCE | 18.18% |
| Debt/Equity | 1.13 |
| RoNW | 23.88% |
| PAT Margin | 9.84% |
| EBITDA Margin | 17.83% |
| Price to Book Value | 2.02 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.50 | 7.72 |
| P/E (x) | 9.42 | 12.82 |
| Promoter Holding | 82.92% | 60.94% |
| Market Cap | ₹180.79 Cr. |
The IC Electricals IPO is subscribed 420.09 times on July 7, 2026 6:54:59 PM (Day 3). The public issue subscribed 372.51 times in the individual investors category, 241.75 times in the QIB category, and 764.38 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 241.75 | 9,18,000 | 22,19,30,400 | 149 |
| NII* | 764.38 | 6,98,400 | 53,38,40,400 | 62,537 |
| bNII (> ₹10L) | 936.70 | 4,64,400 | 43,50,03,600 | |
| sNII (< ₹10L) | 422.38 | 2,34,000 | 9,88,36,800 | |
| Individual Investor | 372.51 | 16,12,800 | 60,07,87,200 | 2,50,328 |
| Total | 420.09 | 32,29,200 | 1,35,65,58,000 | 3,13,014 |
Total Applications: 3,13,014
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead manager(s) fees | 1.50 |
| 2 | Underwriting commission. | 2.39 |
| 3 | Brokerage, selling commission and upload fees. | 0.09 |
| 4 | Registrars to the issue | 0.02 |
| 5 | Legal Advisors | 0.05 |
| 6 | Advertising Expenses | 0.09 |
| 7 | Regulators including stock exchanges | 0.10 |
| 8 | Printing and Distribution of Issue Stationary | 0.01 |
| 9 | Others, if any (Peer Review Auditors, and other misc. expenses) | 2.94 |
| Total | 7.19 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹99.00 |
| Open | ₹166.00 |
| Low | ₹157.70 |
| High | ₹174.30 |
| Last Trade | ₹174.30 |
Lead Manager Reports
IC Electricals IPO is a SME IPO of 48,39,600 equity shares of the face value of ₹10 aggregating up to ₹48 Crores. The issue is priced at ₹99 per share. The minimum order quantity is 1200.
The IPO opens on Fri, Jul 3, 2026, and closes on Tue, Jul 7, 2026.
Skyline Financial Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in IC Electricals IPO using UPI as a payment gateway. Zerodha customers can apply in IC Electricals IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IC Electricals IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IC Electricals IPO opens on Fri, Jul 3, 2026 and closes on Tue, Jul 7, 2026.
IC Electricals IPO lot size is 1200, and the minimum amount required for application is ₹2,37,600, with 2 lots being the minimum application size.
You can apply in IC Electricals IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for IC Electricals IPO will be done on Wednesday, July 8, 2026, and the allotted shares will be credited to your demat account by Thu, Jul 9, 2026. Check the IC Electricals IPO allotment status.
The IC Electricals IPO listing date is on Fri, Jul 10, 2026.
