IC Electricals Company Limited's initial public offering (IPO) closed its three-day subscription window with exceptional investor interest, reaching 419.79 times overall subscription by 4:50 PM on Day 3 (July 7, 2026). The ₹47.91 crore book-build issue, priced at ₹94 to ₹99 per share, received bids for 1,35,55,93,200 shares against 32,29,200 shares on offer, with total applications reaching 3,12,622.

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Subscription Status of IC Electricals IPO

Here are the subscription details for IC Electricals IPO Day 3, as of 5:04 PM:

Key Highlights – Day 3

• Overall subscription surged to 419.79 times on the final day, from Day 2's 67.42 times, driven by a sharp last-day surge in institutional and NII demand.
• Non-institutional investors led with exceptional demand at 764.28 times, surging from Day 2's 91.51 times, with bNII at 936.70 times and sNII at 422.10 times, reflecting extraordinary HNI appetite for this railway electronics and electrification SME IPO.
• Qualified institutional buyers (ex-anchor) surged to 241.75 times from Day 2's 3.12 times, indicating massive institutional interest concentrated on the closing day.
• Individual investors recorded strong participation at 371.95 times, surging from Day 2's 93.58 times.
   

Key Highlights – Day 2

• Overall subscription surged to 67.42 times, from Day 1's 7.18 times, driven by strong acceleration across all investor categories.
• Non-institutional investors surged to 91.51 times from Day 1's 9.94 times, with bNII at 98.97 times and sNII at 76.69 times.
• Individual investors surged to 93.58 times from Day 1's 10.02 times.
• Qualified institutional buyers (ex-anchor) improved to 3.12 times from Day 1's 0.11 times.

Key Highlights – Day 1

• Overall subscription crossed full subscription at 7.18 times on Day 1 (July 3, 2026), reflecting strong initial investor interest in this railway electronics and electrification SME IPO.
• Individual investors led opening participation at 10.02 times on Day 1.
• Non-institutional investors recorded strong demand at 9.94 times, with bNII at 10.51 times and sNII at 8.81 times on Day 1.
• Qualified institutional buyers (ex-anchor) showed negligible participation at 0.11 times on Day 1.
• Anchor investors fully subscribed their allocation of ₹13.54 crores on July 2, 2026.

About IC Electricals Company Limited

Incorporated in 2005, IC Electricals Company Limited manufactures electronic equipment for railway applications including regulators, battery chargers, inverters, microprocessor-based control systems, vigilance control devices, alternators, and traction motors, and undertakes turnkey railway electrification projects. The company operates primarily on a B2G model serving the Ministry of Railways, and has executed railway electrification projects across North Eastern Railway and East Central Railway zones.