IC Electricals IPO GMP: The initial public offering of IC Electricals Ltd, which was opened for public subscription on July 3, is witnessing its second day of bidding today, July 6. Till 10:45 am on the second day of bidding on Monday, the Rs 47.91-crore NSE SME IPO received a strong 22.89x subscription, garnering bids for 7,39,18,800 shares as against the 32,29,200 shares on offer.
Its retail category has received a 32.14x subscription so far, while the qualified institutional buyer (QIB) quota has received a muted 0.11x subscription. The non-institutional investor (NII) category received a strong 31.47x subscription.
The IPO will be closed tomorrow, July 7. Its listing is scheduled to take place on both the NSE Emerge on July 10, 2026.
IC Electricals
Company Ltd, which was incorporated in 2005, manufactures electronic equipment for railway applications and provides engineering solutions to the Indian Railways. The company’s product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems and vigilance control devices, all designed in line with the latest technical standards. It also manufactures key railway components such as alternators, traction motors and permanent magnet alternators with controllers.
Apart from manufacturing, IC Electricals executes turnkey railway electrification projects, undertaking the design, supply, erection, testing and commissioning of 25 kV AC overhead equipment (OHE) and traction substation systems.
IC Electricals IPO Price
The company has set the IPO price band at Rs 94 to Rs 99 per share.
IC Electricals IPO Lot Size
Retail investors can bid for a minimum of 2,400 shares, requiring Rs 1,18,800 at the upper price band. For NIIs, the minimum investment is Rs 3,56,400 (3 lots).
NIIs (non-institutional investors) include high-net-worth individuals (HNIs), trusts, corporates, and other investors applying for more than Rs 2 lakh worth of shares in an IPO.
IC Electricals IPO GMP
According to market observers, unlisted shares of IC Electricals Ltd were trading at Rs 154 apiece in the grey market, which is 55.56 per cent grey market premium (GMP) over the upper IPO price of Rs 99. It indicates strong listing gains for investors on July 10.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
IC Electricals IPO Financials
IC Electricals has reported steady financial growth over the last three financial years. For the financial year ended March 31, 2026, the company’s total income increased to Rs 143.81 crore from Rs 122.39 crore in FY25, while profit after tax (PAT) rose sharply to Rs 14.10 crore from Rs 9.41 crore a year ago.
The company’s EBITDA also improved to Rs 25.66 crore in FY26 from Rs 18.34 crore in FY25, reflecting better operating performance. Net worth stood at Rs 65.74 crore as of March 31, 2026, compared with Rs 51.71 crore a year earlier, while total assets increased to Rs 193.44 crore from Rs 160.04 crore. Total borrowings also rose to Rs 75.42 crore in FY26 from Rs 55.79 crore in FY25.
Overall, the company recorded an 18% year-on-year increase in revenue and a 50% jump in profit after tax in FY26 compared with FY25.
IC Electricals IPO: More Details
The IC Electricals IPO is a book-built issue worth ₹47.91 crore, comprising entirely a fresh issue of 48.39 lakh equity shares. There is no offer-for-sale (OFS) component in the public issue.
The IPO opened for subscription on July 3 and will close on July 7, 2026. The basis of allotment is likely to be finalised on July 8, while the company’s shares are expected to make their debut on the NSE SME platform on July 10, 2026.
NEXGEN Financial Solutions Pvt. Ltd. is the book-running lead manager to the issue, while Skyline Financial Services Pvt. Ltd. has been appointed as the registrar. Mansi Share & Stock Broking Pvt. Ltd. will act as the market maker for the IPO.
