IC Electricals IPO was launched to raise capital through a book-built public issue on the NSE SME platform. The company offered fresh equity shares to investors, while no shares were sold by existing shareholders through an Offer for Sale. The funds raised from the IPO are intended to support the company’s business requirements and strengthen its future growth plans.
IC Electricals Limited is engaged in manufacturing electrical and electromechanical equipment primarily for the railway industry. The company develops and supplies a variety of products used in railway rolling stock, electrification projects, and related infrastructure. Its product portfolio includes electrical systems, rotating machines, and engineered components designed to meet the operational requirements of railway applications.
The company operates with a focus on engineering excellence, manufacturing quality, and timely execution of customer requirements. By continuously improving its production capabilities and expanding its technical expertise, IC Electricals seeks to strengthen its position in the railway equipment manufacturing sector while serving customers across different regions.
This page provides detailed information about the IC Electricals IPO, including the issue details, important dates, reservation, lot size, company profile, financial performance, objectives of the issue, strengths, risk factors, and other key information that may help investors evaluate the public issue.
IC Electricals IPO Details
IC Electricals Limited offered its equity shares through the book-building process on the NSE SME platform. The IPO consisted entirely of a fresh issue of equity shares, enabling the company to raise capital for its planned business expansion and operational requirements. Since the issue did not include an Offer for Sale, the proceeds are proposed to be utilized in accordance with the objectives specified in the offer document.
| IPO Details | Information |
|---|---|
| IPO Name | IC Electricals IPO |
| IPO Type | Book Built Issue |
| Issue Category | SME IPO |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹94 to ₹99 per Equity Share |
| Issue Price | ₹99 per Equity Share |
| Issue Size | ₹47.79 Crore (Approx.) |
| Fresh Issue | 48,27,600 Equity Shares |
| Offer for Sale | Nil |
| IPO Opens | 3 July 2026 |
| IPO Closes | 7 July 2026 |
| Basis of Allotment | 8 July 2026 |
| Listing Exchange | NSE SME |
| Listing Date | 10 July 2026 |
| Lot Size | 1,200 Shares |
| Minimum Investment | ₹1,18,800 |
| Issue Status | Listed |
During the subscription period, eligible investors submitted their applications through the approved IPO application process. After the allotment was completed, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the NSE SME platform. As the IPO comprised only a fresh issue of equity shares, the capital raised is expected to support the company’s operational requirements, manufacturing capabilities, and long-term business expansion.
IC Electricals IPO Dates & Timeline
IC Electricals IPO followed the standard timeline applicable to SME book-built public issues. Once the subscription period concluded, the registrar completed the allotment process, processed refunds for unsuccessful applicants, credited equity shares to successful investors’ demat accounts, and completed the listing on the NSE SME platform. The complete IPO schedule is provided below.
| Event | Date |
|---|---|
| Anchor Investor Bidding | 2 July 2026 |
| IPO Opening Date | 3 July 2026 |
| IPO Closing Date | 7 July 2026 |
| Basis of Allotment | 8 July 2026 |
| Initiation of Refunds | 9 July 2026 |
| Credit of Shares to Demat | 9 July 2026 |
| Listing Date | 10 July 2026 |
Investors submitted their applications during the subscription period through the ASBA facility and other approved application channels. After the allotment process was completed, refunds were initiated for unsuccessful applicants, while successful investors received the allotted shares in their demat accounts before trading commenced on the NSE SME platform.
IC Electricals IPO Reservation
IC Electricals IPO allocated equity shares among different investor categories in accordance with the regulatory framework applicable to SME book-built public issues. The issue also included a dedicated allocation for the market maker to support liquidity after listing.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More than 50% |
| Non-Institutional Investors (NII) | Not Less than 15% |
| Retail Individual Investors (RII) | Not Less than 35% |
| Market Maker | 2,42,400 Equity Shares |
The reservation structure was designed to facilitate participation from institutional investors, non-institutional investors, retail investors, and the market maker. Applicants were required to submit their bids under the appropriate investor category as prescribed under the applicable regulations.
IC Electricals IPO Lot Size
The minimum application for the IC Electricals IPO was one lot comprising 1,200 equity shares. Investors could apply for additional lots in multiples of the prescribed lot size, subject to the applicable investment limits for each investor category.
| Application Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,200 | ₹1,18,800 |
| Retail (Maximum) | 1 | 1,200 | ₹1,18,800 |
| HNI (Minimum) | 2 | 2,400 | ₹2,37,600 |
Retail investors were permitted to apply for one lot within the prescribed investment limit. Investors wishing to apply for a higher investment amount were required to submit their applications under the non-institutional investor category. Applications were accepted only in multiples of the approved lot size.
About IC Electricals Limited
IC Electricals Limited is engaged in the manufacturing of electrical and electromechanical products used primarily in the railway sector. The company develops and supplies a range of equipment designed for railway rolling stock, electrification projects, and related infrastructure. Its manufacturing activities are supported by engineering expertise, modern production facilities, and quality control processes that help meet industry specifications.
The company’s product portfolio includes electrical machines, traction-related equipment, control systems, fabricated assemblies, and customized engineering products developed according to customer requirements. By focusing on precision manufacturing and technical reliability, IC Electricals serves organizations involved in railway transportation and infrastructure development.
The company manages various stages of the manufacturing process, including product design, fabrication, assembly, testing, and final inspection. Its emphasis on process efficiency and product quality enables it to deliver engineering solutions that comply with customer specifications while maintaining operational consistency.
Going forward, IC Electricals aims to strengthen its manufacturing capabilities by expanding production capacity, improving operational efficiency, adopting advanced technologies, and broadening its customer base. These initiatives are intended to support the company’s long-term growth within the railway equipment manufacturing industry.
IC Electricals Financial Performance
IC Electricals Limited has reported growth in its business over the reported financial years, supported by increasing manufacturing activity and improved operational performance. The company’s financial results reflect growth in revenue, profitability, and shareholders’ funds during the period under review.
| Financial Year | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹123.61 Crore | ₹180.57 Crore | ₹229.49 Crore |
| EBITDA | ₹16.43 Crore | ₹26.76 Crore | ₹37.34 Crore |
| EBITDA Margin | 13.29% | 14.82% | 16.27% |
| Profit After Tax (PAT) | ₹9.62 Crore | ₹16.14 Crore | ₹23.26 Crore |
| PAT Margin | 7.78% | 8.94% | 10.14% |
| Net Worth | ₹29.18 Crore | ₹45.43 Crore | ₹68.70 Crore |
The financial performance demonstrates consistent growth in operating income and profitability across the reported financial years. Improvements in EBITDA margin and net profit margin indicate better operating efficiency, while the increase in net worth reflects the strengthening of the company’s financial position. Investors should evaluate these financial results together with the company’s business model, industry outlook, and associated risk factors before making an investment decision.
Objectives of the IC Electricals IPO
IC Electricals IPO comprised a fresh issue of equity shares. The company intends to utilize the net proceeds from the public issue to strengthen its financial position, expand manufacturing operations, and support future business growth.
| Objective | Purpose |
|---|---|
| Funding Working Capital Requirements | To support the company’s day-to-day operational and working capital requirements. |
| Capital Expenditure | To invest in plant, machinery, equipment, and manufacturing infrastructure. |
| General Corporate Purposes | To support strategic initiatives, operational requirements, and business expansion activities. |
| Issue Expenses | To meet expenses associated with the public issue. |
The proceeds from the fresh issue are expected to improve the company’s financial flexibility and support its long-term business strategy. The planned utilization of funds is aimed at enhancing manufacturing capabilities, strengthening operational efficiency, meeting working capital needs, and supporting the company’s future expansion plans.
IC Electricals IPO Strengths
IC Electricals Limited has established its presence in the railway equipment manufacturing industry through its engineering expertise, manufacturing capabilities, and focus on delivering products that meet industry specifications. The company’s diversified product portfolio and customer-oriented approach support its long-term business growth. Some of the key strengths of the company are discussed below.
- Specialized Expertise in Railway Electrical Equipment – The company manufactures electrical and electromechanical products designed primarily for railway applications. Its specialization enables it to serve the requirements of railway infrastructure and rolling stock projects.
- Integrated Manufacturing Operations – IC Electricals manages multiple stages of the manufacturing process, including design, fabrication, machining, assembly, testing, and quality inspection. This integrated approach helps maintain product consistency and operational efficiency.
- Diversified Product Portfolio – The company offers a broad range of electrical systems, rotating machines, fabricated assemblies, and customized engineering products. This diversified product range enables it to cater to different customer requirements within the railway sector.
- Strong Quality Management Practices – Product quality remains an important aspect of the company’s operations. Manufacturing activities are supported by established quality control procedures that help ensure compliance with technical standards and customer specifications.
- Experienced Leadership Team – The promoters and senior management possess industry experience in engineering, manufacturing, and business operations. Their technical expertise supports product development, operational improvements, and strategic business decisions.
- Growth-Oriented Business Strategy – The company intends to strengthen its manufacturing infrastructure, expand production capacity, adopt advanced technologies, and increase its customer reach to support long-term business expansion.
Risk Factors
Investment in the IC Electricals IPO involves certain business and industry-specific risks that investors should evaluate carefully before making an investment decision. Future performance may be influenced by customer demand, industry developments, regulatory changes, and operational challenges.
- Dependence on the Railway Sector – A significant portion of the company’s business is linked to railway projects. Any slowdown in railway infrastructure development or reduction in capital expenditure could affect future revenue.
- Customer Concentration Risk – Revenue generated from a limited number of major customers may expose the company to business risk if any significant customer reduces procurement or terminates its business relationship.
- Raw Material Price Fluctuations – Manufacturing operations require various raw materials whose prices may vary due to market conditions. Significant cost increases could impact operating margins.
- Manufacturing and Operational Risks – Equipment breakdowns, production interruptions, labour-related issues, or supply chain disruptions may affect manufacturing schedules and business performance.
- Intense Industry Competition – The engineering and railway equipment manufacturing industry includes several organized participants competing on pricing, product quality, and technological capabilities, which may influence future growth and profitability.
- Regulatory Compliance Risk – The company is required to comply with various statutory, environmental, quality, and industrial regulations. Any changes in the regulatory framework or instances of non-compliance may impact business operations.
IC Electricals IPO FAQs
What is IC Electricals IPO?
IC Electricals IPO was an NSE SME book-built public issue comprising a fresh issue of equity shares by IC Electricals Limited.
What was the price band of the IC Electricals IPO?
The IPO was offered at a price band of ₹94 to ₹99 per equity share, with the final issue price fixed at ₹99 per share.
What was the minimum investment for retail investors?
Retail investors were required to apply for one lot consisting of 1,200 equity shares. Based on the issue price of ₹99 per share, the minimum investment amount was ₹1,18,800.
How will the IPO proceeds be utilized?
The company proposes to utilize the net proceeds for working capital requirements, capital expenditure, general corporate purposes, and expenses related to the public issue.
What does IC Electricals Limited do?
IC Electricals Limited manufactures electrical and electromechanical products for the railway industry. Its product portfolio includes electrical systems, rotating machines, fabricated assemblies, and customized engineering solutions used in railway rolling stock and infrastructure projects.
Where can investors check the IPO allotment status?
After the allotment process was completed, investors could check their IPO allotment status through the official website of the IPO registrar by entering their PAN, application number, or DP/Client ID. The allotment status was also available on the NSE website.
