Susan Electricals India IPO
Susan Electricals India IPO Details
-
Open Date
11 Jun 2026
-
Close Date
15 Jun 2026
- IPO Price Range
₹ 120 to ₹127
- IPO Size
₹ 70.38 Cr
Susan Electricals India IPO Timeline
Susan Electricals India IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 11-June-2026 | 7.01 | 6.34 | 4.79 | 5.76 |
| 12-June-2026 | 7.31 | 21.91 | 19.16 | 16.37 |
| 15-June-2026 | 142.65 | 336.00 | 207.56 | 216.63 |
Last Updated: 15 June 2026 6:56 PM by 5paisa
Susan Electricals India Limited is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations. Under the cables segment, the company manufactures Low Tension (LT) cables including Low Tension Aerial Bunched (LT AB) cables (up to 1.1 kV), High Tension (HT) cables of specified voltage grades and Medium Voltage Covered Conductor (MVCC) cables. Under the wires and conductors segment, its offerings include winding aluminium wires and strips, winding copper wires and strips and aluminium conductors. The company primarily supplies its products to state-owned electricity distribution utilities (DISCOMs), EPC contractors, and traders and distributors of wires and cables. Its products are used in power distribution networks, transformer and motor winding applications, overhead distribution lines and underground cabling works. In addition to manufacturing, the company also undertakes trading of aluminium wires and rods and provides job work services. The company operates three manufacturing facilities in Ghaziabad, Uttar Pradesh, and holds ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications. Government entities contributed 90.55% of revenue in FY24, 49.40% in FY25 and 35.78% in FY26, with private sector entities contributing 9.45%, 50.60% and 64.22% respectively.
Incorporated in: 2007
Managing Director: Vishal Jain
Peers:
Prime Cable Industries Limited
Divine Power Energy Limited
V-Marc India Limited
Susan Electricals India Objectives
1. Funding capital expenditure towards expansion of existing manufacturing facility at Sahibabad, Ghaziabad, Uttar Pradesh: ₹10.29 crore
2. Utilisation towards working capital requirements: ₹33.00 crore
3. General corporate purposes
4. The company will not receive proceeds from the Offer For Sale component
Susan Electricals India IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹70.38 Cr |
| Offer For Sale | ₹10.16 Cr |
| Fresh Issue | ₹60.22 Cr |
Susan Electricals India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 |
2,000 |
2,54,000 |
| Retail (Max) | 2 |
2,000 |
2,54,000 |
| S - HNI (Min) | 3 |
3,000 |
3,81,000 |
| S - HNI (Max) | 7 |
7,000 |
8,89,000 |
| B - HNI (Min) | 8 |
8,000 |
10,16,000 |
Susan Electricals India IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 142.65 | 10,16,000 | 14,49,37,000 | 1,840.70 |
| Non-Institutional Buyers | 336.00 | 7,65,000 | 25,70,40,000 | 3,264.41 |
| BNII | 389.07 | 5,10,000 | 19,84,26,000 | 2,520.01 |
| SNII | 229.86 | 2,55,000 | 5,86,14,000 | 744.40 |
| Individual Investors (IND category bidding for 2 Lots) | 207.56 | 17,80,000 | 36,94,50,000 | 4,692.02 |
| Total** | 216.63 | 35,61,000 | 77,14,27,000 | 9,797.12 |
*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.
Susan Electricals India IPO Anchor Allocation
| Anchor Bid Date |
June 10, 2026 |
| Shares Offered | 15,23,000 |
| Anchor portion Size (In ₹ Cr.) |
₹19.34 Cr |
| Anchor lock-in period end date for 50% shares (30 Days) |
July 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) |
September 13, 2026 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue |
103.59 |
136.05 |
269.96 |
| EBITDA |
3.64 |
12.00 |
32.08 |
| PAT |
0.76 |
5.65 |
18.25 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets |
38.08 |
73.68 |
130.05 |
| Share Capital |
2.98 |
5.02 |
15.59 |
| Total Liabilities |
38.08 |
73.68 |
130.05 |
| Cash Flows (₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities |
(5.49) |
(18.39) |
(9.71) |
| Net Cash Generated From / (used in) Investing Activities |
(4.57) |
(4.07) |
(7.56) |
| Net Cash Generated From / (used in) Financing Activities |
10.29 |
23.09 |
17.15 |
| Net Increase (Decrease) in Cash and Cash Equivalents |
0.23 |
0.63 |
(0.12) |
Strengths
1. Registered vendor with multiple state DISCOMs supporting tender-based procurement across Uttar Pradesh, Jharkhand, Madhya Pradesh and Karnataka
2. ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certified in-house manufacturing facilities at Ghaziabad, Uttar Pradesh
3. Revenue from operations grew from ₹103.48 crore in FY24 to ₹269.36 crore in FY26, a two-year CAGR of approximately 61%
4. EBITDA margin improved from 3.51% in FY24 to 8.84% in FY25 and 11.91% in FY26
5. Customer base has diversified significantly, private sector contribution grew from 9.45% in FY24 to 64.22% in FY26
Weaknesses
1. Total borrowings increased from ₹24.79 crore in FY24 to ₹66.72 crore in FY26
2. Operating cash flows have been negative across all three reported years, a characteristic of working capital-intensive manufacturing and trading operations
3. Trading in aluminium rods and wires contributed 33.69% of revenue in FY26, adding commodity trading exposure alongside manufacturing
4. Repeat customer percentage declined sharply from 89.47% in FY24 to 84.87% in FY25 and 45.09% in FY26, indicating reduced revenue from existing customer relationships
5. Manufacturing facilities concentrated in Ghaziabad, Uttar Pradesh
Opportunities
1. India's Wires and Cables Market projected to grow from USD 10.32 billion in 2025E to USD 22.35 billion in 2035P at a CAGR of 8.02% (Source: Infomerics Report)
2. Revamped Distribution Sector Scheme (RDSS) and rural electrification programmes driving sustained DISCOM capital expenditure and cable procurement
3. Planned expansion of manufacturing facility at Sahibabad, Ghaziabad will increase capacity across product lines
4. Growing private sector customer base provides further revenue diversification
Threats
1. Volatility in aluminium and copper prices, the key raw materials, can significantly impact cost structure and profitability
2. Intense competition from larger established wire and cable manufacturers with greater scale and pricing power
3. Slowdown in government infrastructure spending or changes in DISCOM procurement policies could reduce order inflow
4. High working capital debt creates sensitivity to interest rate movements and refinancing risk
1. Revenue grew from ₹103.48 crore in FY24 to ₹269.36 crore in FY26; PAT grew from ₹0.76 crore in FY24 to ₹18.25 crore in FY26
2. EBITDA margin expanded from 3.51% in FY24 to 11.91% in FY26
3. Registered vendor with multiple DISCOMs and ISO-certified manufacturing facilities provide competitive position in government procurement
4. IPO proceeds fund manufacturing capacity expansion and working capital to support continued revenue growth
India's wires and cables industry is one of the largest sub-segments within the domestic electrical equipment sector, serving transmission and distribution networks, industrial facilities, commercial infrastructure, residential electrification, telecommunications and renewable energy evacuation systems. India's Wires and Cables Market is projected to grow from USD 10.32 billion in 2025E to USD 22.35 billion in 2035P at a CAGR of 8.02% (Source: Infomerics Report). The global winding wires market is projected to grow from USD 11.91 billion in 2025E to USD 21.51 billion by 2035P at a CAGR of 6.09% (Source: Infomerics Report). The government's Revamped Distribution Sector Scheme (RDSS) and infrastructure buildout are accelerating procurement from DISCOM-approved vendors. Susan Electricals' established vendor registrations across multiple state DISCOMs, ISO-certified manufacturing facilities and rapidly expanding private sector customer base position it to benefit from this structural demand.
- Companies
- Type
- Opening On
-
IC Electricals Company
- SME
- 03rd Jul
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FAQs
Susan Electricals India IPO opens from June 11, 2026 to June 15, 2026.
The size of Susan Electricals India IPO is ₹70.38 Cr.
The price band of Susan Electricals India IPO is fixed at ₹120 to ₹127 per share.
To apply for Susan Electricals India IPO, follow the steps given below:
- Login to your 5paisa demat account and select the issue in the current IPO section
- Enter the number of lots and the price at which you wish to apply for Susan Electricals India IPO
- Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange. You will receive a mandate notification to block funds in your UPI app.
The minimum bid size of Susan Electricals India IPO is 2,000 shares (2 lots of 1,000 shares each). The minimum investment required is ₹2,54,000 at the upper price band of ₹127.
The share allotment date of Susan Electricals India IPO is June 16, 2026.
Susan Electricals India IPO will tentatively be listed on June 18, 2026 on BSE SME.
Seren Capital Private Limited is the book running lead manager for Susan Electricals India IPO.
Susan Electricals India IPO plans to utilise the raised capital from the Fresh Issue for:
- Capital expenditure towards expansion of manufacturing facility at Sahibabad, Ghaziabad, Uttar Pradesh: ₹10.29 crore
- Working capital requirements: ₹33.00 crore
- General corporate purposes