IC Electricals Company IPO
IPO Listing Details
- Listing Date
10 Jul 2026
- Listing Price
₹ 166.00
- Listing Change
67.68%
- Last Traded Price
₹ 167.75
IC Electricals Company IPO Details
-
Open Date
03 Jul 2026
-
Close Date
07 Jul 2026
- IPO Price Range
₹ 94 to ₹99
- IPO Size
₹ 47.91 Cr
IC Electricals Company IPO Timeline
IC Electricals Company IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 03-July-2026 | 0.11 | 9.94 | 10.02 | 7.18 |
| 06-July-2026 | 3.12 | 91.51 | 93.58 | 67.42 |
| 07-July-2026 | 241.75 | 764.38 | 372.50 | 420.09 |
Last Updated: 07 July 2026 7:05 PM by 5paisa
IC Electricals Company Limited is engaged in providing advanced engineering solutions to Indian Railways. The company offers a range of electronic products, including regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems and vigilance control devices that comply with the latest technical standards.
It also manufactures railway components such as alternators, traction motors and permanent magnet alternators with controllers. In addition, the company executes turnkey railway electrification projects involving the design, supply, erection, testing and commissioning of 25 kV AC overhead equipment and traction substation systems.
Established in: 2005
Managing Director: Mr. Sunil Kumar Verma
Peers:
Hind Rectifiers. Ltd
IC Electricals Company Objectives
1. Funding Working Capital Requirements: ₹ 33.60 crore towards the working capital needs of the company.
2. General Corporate Purposes: The balance will be utilised for general corporate purposes.
IC Electricals Co IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹ 47.91 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹ 47.91 Cr |
IC Electricals Co IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,25,600 |
| Retail (Max) | 2 | 2,400 | ₹2,37,600 |
| S - HNI (Min) | 3 | 3,600 | ₹2,37,600 |
| S - HNI (Max) | 8 | 9,600 | ₹9,50,400 |
| B - HNI (Min) | 9 | 10,800 | ₹10,15,200 |
IC Electricals Co IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 241.75 | 9,18,000 | 22,19,30,400 | 2,197.11 |
| Non-Institutional Buyers | 764.38 | 6,98,400 | 53,38,40,400 | 5,285.02 |
| BNII | 936.70 | 4,64,400 | 43,50,03,600 | 4,306.54 |
| SNII | 422.38 | 2,34,000 | 9,88,36,800 | 978.48 |
| Individual Investors (IND category bidding for 2 Lots) | 372.50 | 16,12,800 | 60,07,68,000 | 5,947.60 |
| Total** | 420.09 | 32,29,200 | 1,35,65,38,800 | 13,429.73 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 99.22 | 121.48 | 143.93 |
| EBITDA | 12.14 | 18.34 | 25.66 |
| PAT | 4.62 | 9.28 | 14.02 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 143.89 | 160.04 | 143.93 |
| Share Capital | 3.85 | 13.42 | 25.66 |
| Total Liabilities | 6.088 | 5.147 | 14.02 |
| Cash Flows (₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | (43.35) | (802.10) | (819.18) |
| Net Cash Generated From / (used in) Investing Activities | (10.15) | (26.45) | (59.65) |
| Net Cash Generated From / (used in) Financing Activities | (151.21) | (1023.17) | (1155.45) |
| Net Increase (Decrease) in Cash and Cash Equivalents | (22.38) | (53.70) | (39.94) |
Strengths
1. Strong expertise in providing advanced engineering solutions and electronic equipment for Indian Railways, supported by specialised railway-focused product knowledge.
2. Well-equipped manufacturing facilities in Haridwar with modern technology and efficient operational processes that support timely product delivery.
3. Diverse product portfolio comprising regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, traction motors, alternators and railway electrification solutions.
4. Established track record in executing railway electrification and infrastructure projects for Indian Railways and related organisations.
Weaknesses
1. Significant dependence on government and railway sector projects exposes the business to public sector spending and procurement cycles.
2. Tender-based business involves complex and often lengthy procurement procedures that may impact order inflows and execution timelines.
3. Limited presence outside the railway and government ecosystem may restrict business diversification opportunities.
4. Project execution schedules may be affected by delays in railway infrastructure development and approvals.
Opportunities
1. Continued railway electrification and network modernisation initiatives create long-term demand for electrical and electronic railway equipment.
2. Government programmes such as Make in India and infrastructure expansion can support future business growth.
3. Expansion into metro rail systems, railway maintenance services and international opportunities can diversify revenue streams.
4. Growing adoption of automation, energy-efficient technologies and advanced rail systems may increase demand for specialised engineering solutions.
Threats
1. Intense competition from established domestic players and multinational companies operating in the railway equipment segment.
2. Competitive bidding and L1 tender mechanisms may place pressure on margins.
3. Changes in government policies, regulations or project priorities may affect future business opportunities.
4. Fluctuations in raw material prices and supply chain disruptions could impact profitability and project execution.
1. Established presence in railway electrical and electronic equipment manufacturing with a diversified product portfolio.
2. Strong experience in executing railway electrification and infrastructure projects across multiple regions in India.
3. Modern manufacturing facilities and in-house research and development capabilities support product innovation and operational efficiency.
4. Favourable industry outlook driven by railway electrification, infrastructure expansion and modernisation initiatives across the country.
IC Electricals operates within India's railway electrical and electronic equipment industry, a sector supported by ongoing investments in railway modernisation, electrification and network expansion. The company provides advanced engineering solutions and a broad range of electronic products for Indian Railways, including regulators, battery chargers, inverters, control systems, traction motors and alternators. It also undertakes turnkey railway electrification projects involving the design, supply, erection, testing and commissioning of 25 kV AC overhead equipment and traction substation systems.
India's railway infrastructure development continues to create opportunities for companies operating in this segment. The government's focus on expanding electrified rail routes, increasing operational efficiency and deploying modern train systems such as Vande Bharat trains is expected to support demand for railway electrical equipment and related engineering services. The target of achieving complete broad-gauge route electrification and continued investments in railway infrastructure could provide long-term growth opportunities for specialised players such as IC Electricals.
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FAQs
IC Electricals IPO opens on 3 July to 7th July
The size of IC Electricals IPO is ₹47.91 Cr.
The price band of the IC Electricals IPO is fixed at ₹94 to ₹99 per share..
To apply for IC Electricals IPO, follow the steps given below:
● Login to your demat and trading account and navigate to the IPO section.
● Select IC Electricals IPO from the list of open issues.
● Enter the number of lots you wish to apply for and your bid price.
● Submit your UPI ID or apply through the ASBA facility offered by your bank.
● Approve the mandate request to block the required funds in your bank account.
The minimum lot size of IC Electricals IPO is of 2,400 shares and the investment required is ₹2,25,600.
The basis of allotment for the IC Electricals IPO is expected to be finalised on July 8, 2026.
The IC Electricals IPO will likely be listed on July 10, 2026.
Nexgen Financial Solutions Private Limited is the Book Running Lead Manager to the IC Electricals IPO.
IC Electricals plans to utilise the net proceeds from the IPO for the following purposes:
● Funding capital expenditure requirements towards the purchase of machinery and equipment.
● Funding the working capital requirements of the company.
● Repayment or prepayment of certain borrowings.
● General corporate purposes.