IC Electricals Company IPO GMP today is Rs 45. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
ICELCO
IC Electricals Company IPO GMP & Allotment
IC Electricals Company Limited is engaged in the manufacture of electronic equipment and electrical systems for railway applications, primarily serving Indian Railways and related railway-sector customers. The company offers products such as rectifier-cum-regulating units, regulated battery chargers, emergency light units, inverters, microprocessor-based control systems, vigilance control devices, alternators, traction motors, and permanent magnet alternators with controllers. It also undertakes railway electrification projects through its Contract Division, providing services for 25 kV AC overhead equipment systems, including design, material supply, erection, testing, and commissioning. The company earns revenue from product sales, services, after-sales replacements, and maintenance-related supplies. It primarily follows a B2G model, with a significant portion of revenue from the Ministry of Railways and related government entities. The company holds approved supplier registrations with railway authorities and operates manufacturing facilities in Haridwar.
- IPO Price Band
- ₹94.00 - ₹99.00
- Lot Size
- 1,200 Shares
- Bidding Closes
- 07 Jul 2026
- Listing Date
- 10 Jul 2026
Current GMP Status
₹45
+45.45% vs upper band
Est. Listing Gain
+67.68%
Last Trend
09 Jul 2026
Listing Price
₹166.00
Retail Entry
₹2,37,600
IPO Details
Complete IPO information
| IPO Open Date | 03 Jul 2026 |
|---|---|
| IPO Close Date | 07 Jul 2026 |
| IPO Price Band | ₹94.00 - ₹99.00 |
| Lot Size | 1,200 Shares |
| Current GMP | ₹45 |
| Estimated Listing Gain | +67.68% |
| Issue Size | Approx ₹47.91 Cr |
| Fresh Issue | - |
| Issue Type | SME |
| IPO Listing | NSE, BSE |
| Retail Quota | TBA |
| Registrar | TBA |
| Overall Subscription | 420.08x |
| Minimum Investment | ₹2,37,600 |
| DRHP Draft Prospectus | - |
| RHP Draft Prospectus | - |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, IC Electricals Company is priced at ₹99 per share. With a minimum lot size of 1,200 shares, a retail investor applying for one lot would need approximately ₹2,37,600 to participate in this SME issue.
The latest recorded Grey Market Premium for IC Electricals Company stands at ₹45, implying an estimated listing gain of around 45.45% over the issue price if it holds until listing. This is down ₹10 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, IC Electricals Company's IPO was subscribed 420.08x overall, with a category-wise breakdown of Retail 372.48x, QIB 241.75x.
Among the strengths highlighted in IC Electricals Company's IPO documents: IC Electricals provides a wide range of electronic products and systems for Indian Railways.; The company manufactures key railway components such as alternators, traction motors, and permanent magnet alternators..
Investors should also weigh the risk factors IC Electricals Company has disclosed, including: A large portion of revenue depends on contracts from the Ministry of Railways and related government entities..
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
03 Jul 2026
✓
Bidding Closes
07 Jul 2026
✓
Allotment
08 Jul 2026
✓
Listing
10 Jul 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 09 Jul 2026 | ₹45.00 | -₹10.00 | 45.45% |
| 07 Jul 2026 | ₹55.00 | - | 55.56% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,37,600 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,37,600 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹3,56,400 |
| S-HNI Maximum | 8 Lot | 9,600 | ₹9,50,400 |
| B-HNI Minimum | 9 Lot | 10,800 | ₹10,69,200 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- IC Electricals provides a wide range of electronic products and systems for Indian Railways.
- The company manufactures key railway components such as alternators, traction motors, and permanent magnet alternators.
- It executes turnkey railway electrification projects covering design, supply, installation, testing, and commissioning.
- The company holds approved supplier registrations with various directorates under the Ministry of Railways, including RDSO.
- It has operated in the railway engineering and electrification business since its incorporation in 2005.
Risks
- A large portion of revenue depends on contracts from the Ministry of Railways and related government entities.
- The company operates in a highly competitive industry, which may put pressure on margins and market share.
- Any blacklisting or debarment by railway or government authorities could affect future business opportunities.
- The company is substantially dependent on working capital for its operations.
- Its business may be affected by dependence on suppliers of raw materials and components.
Analysis
IC Electricals IPO Reservation
IC Electricals Limited has allocated shares across various investor categories in accordance with SEBI regulations applicable to book-building IPOs. The reservation structure aims to ensure participation from institutional investors, non-institutional investors, and retail investors.
The IPO includes a dedicated allocation for Anchor Investors and Qualified Institutional Buyers (QIBs), while separate quotas have been reserved for Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs). This diversified allocation structure helps maintain a balanced investor base in the public issue.
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 13,68,000 Shares | 28.27% |
| QIB (Ex. Anchor) | 9,18,000 Shares | 18.97% |
| NII Shares Offered | 6,98,400 Shares | 14.43% |
| Retail Shares Offered | 16,12,800 Shares | 33.33% |
Analysis
IC Electricals IPO Anchor Investors
IC Electricals Limited has reserved a portion of its IPO for Anchor Investors as part of the book-building process. Anchor investors generally include institutional participants such as mutual funds, insurance companies, banks, and foreign portfolio investors who invest before the IPO opens for public subscription.
Participation by anchor investors is often viewed positively by the market as it reflects institutional interest in the company. The shares allotted to anchor investors are subject to mandatory lock-in periods as prescribed under SEBI regulations.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 02, 2026 |
| Anchor Investors List | |
| Shares Offered | 13,68,000 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date for 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date for Remaining 50% Shares (90 Days) | 2026 |
Note: The final anchor investor list and anchor issue size will be disclosed after completion of the anchor allocation process and regulatory filings.
Analysis
IC Electricals Company IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 03 Jul 2026 |
| IPO Close Date | 07 Jul 2026 |
| Basis of Allotment | 08 Jul 2026 |
| Refunds | - |
| Credit to Demat Account | - |
| IPO Listing Date | 10 Jul 2026 |
Note: The timeline for IC Electricals Company IPO is tentative and subject to change.
Analysis
IC Electricals IPO Promoters and Holding Pattern
The promoters of IC Electricals Limited are Mr. Sunil Kumar Verma, Mrs. Renu Verma, M/s SHBD LLP, and M/s Safe System India Private Limited. The promoter group has played a significant role in establishing the company and expanding its presence in the electrical products and solutions industry.
Following the completion of the IPO, promoter shareholding will reduce due to the dilution arising from the fresh issue of equity shares. Despite the dilution, the promoters will continue to hold a majority stake in the company and remain actively involved in its management and future growth strategy.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,34,22,000 | 82.92% |
| Promoter Holding Post Issue | 1,82,61,600 | 60.94% |
Note: The post-issue shareholding pattern is based on the successful completion of the IPO and may be subject to final allotment and regulatory approvals.
Analysis
IC Electricals Company Objects of the Issue & Utilisation of Proceeds
To Be Updated Soon
Analysis
IC Electricals - About IPO
IC Electricals Limited, founded in 2005, is one of the leading engineering and manufacturing companies for the Indian railways. The firm manufactures Electronic systems, Rotating machines, and Railway electrification solutions used in railway operations. The company operates its business under a Business-to-Government (B2G) model, usually earning revenue from government agencies, railway production units, and railway-related OEMs.
Its product portfolio includes a diverse range of railway products, including electronic rectifier-cum-regulating units (ERRUs), battery chargers, vigilance control devices, passenger information systems, emergency lighting systems, alternators, traction motors, and specialized traction motor components. Along with railway products manufacturing, IC Electricals also offers turnkey railway electrification solutions where they design, supply, install, test, and launch 25 kV AC overhead equipment and traction substations.
Analysis
IC Electricals Company Company Financials
To Be Updated Soon
Analysis
IC Electricals Company Company Valuation – FY2026
To Be Updated Soon
Analysis
IC Electricals Company IPO Peer Group Comparison
To Be Updated Soon
Analysis
IPO Lead Managers aka Merchant Bankers
- NEXGEN Financial Solutions Pvt.Ltd.
Comparison
Compare IC Electricals Company IPO with similar IPOs
FAQ
IC Electricals Company IPO FAQs
IC Electricals Company IPO price band is Rs 94.00 to Rs 99.00. Check the latest issue price, lot size and GMP together before applying.
IC Electricals Company IPO open date is 03 Jul 2026, close date is 07 Jul 2026, and listing date is 10 Jul 2026.
IC Electricals Company IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,37,600.
IC Electricals Company is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
IC Electricals Company IPO subscription status currently shows Retail 372.48x, QIB 241.75x, Overall 420.08x.
IC Electricals Company Limited is engaged in the manufacture of electronic equipment and electrical systems for railway applications, primarily serving Indian Railways and related railway-sector customers. The company offers products such as rectifier-cum-regulating units, regulated battery chargers, emergency light units, inverters, microprocessor-based control systems, vigilance control devices, alternators, traction motors, and permanent magnet alternators with controllers. It also undertakes railway electrification projects through its Contract Division, providing services for 25 kV AC overhead equipment systems, including design, material supply, erection, testing, and commissioning. The company earns revenue from product sales, services, after-sales replacements, and maintenance-related supplies. It primarily follows a B2G model, with a significant portion of revenue from the Ministry of Railways and related government entities. The company holds approved supplier registrations with railway authorities and operates manufacturing facilities in Haridwar.
IC Electricals Company IPO issue size is 47.91 and the expected allotment date is 08 Jul 2026.
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