IC Electricals IPO Review 2026: Issue Details, Listing Dates, GMP, Allotment & Overview
IC Electricals Company Limited is launching its IPO on the NSE SME platform through a fresh issue of equity shares. The company operates in the railway technology and electrification segment, supplying electronic equipment and engineering solutions to Indian Railways and related government entities. This article provides an overview of the IPO, business operations, strengths, risks, and key information that investors may consider while evaluating the issue.
IC Electricals IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | July 3, 2026 |
| IPO Closing Date | July 7, 2026 |
| Listing Date (Tentative) | July 10, 2026 |
| Issue Type | Book Built IPO |
| Total Issue Size | 48,39,600 Shares (Approx. ₹47.91 Crore) |
| Fresh Issue | 48,39,600 Shares (Approx. ₹47.91 Crore) |
| Face Value | ₹10 Per Share |
| Price Band | ₹94 to ₹99 Per Share |
| Lot Size | 1,200 Shares |
| Issue Type | Fresh Issue Only |
| Listing Exchange | NSE SME |
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
IC Electricals IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | July 3, 2026 |
| IPO Closes | July 7, 2026 |
| Basis of Allotment | July 8, 2026 |
| Refund Initiation | July 9, 2026 |
| Credit of Shares | July 9 2026 |
| Listing Date | July 10, 2026 |
IC Electricals IPO Lot Size
| Category | Lots | Shares | Investment Amount* |
|---|---|---|---|
| Retail (Minimum) | 2 | 2,400 | ₹2,37,600 |
| HNI/NII (Minimum) | 3 | 3,600 | ₹3,56,400 |
*Calculated at the upper price band of ₹99 per share.
Refer to RHP for detailed information.
About IC Electricals Company Limited
Incorporated in 2005, IC Electricals Company Limited is engaged in manufacturing electronic equipment for railway applications and providing engineering solutions to Indian Railways. The company primarily follows a Business-to-Government (B2G) model and serves various railway zones and government departments.
The company manufactures a range of railway electronic systems including Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), Regulated Battery Chargers, Emergency Lighting Systems, Inverters, GPS-based Passenger Announcement & Passenger Information Systems (PAPIS), and microprocessor-based control systems.
IC Electricals also manufactures railway components such as alternators, traction motors, and permanent magnet alternators with controllers. Beyond manufacturing, the company undertakes turnkey railway electrification projects involving design, engineering, supply, erection, testing, and commissioning of 25 kV AC overhead electrification systems and traction substations.
The company has successfully executed railway electrification projects across multiple railway zones, including the Gorakhpur–Kaptanganj–Valmiki Nagar section under North Eastern Railway and the Ara–Sasaram section under East Central Railway.
As of May 31, 2026, the company had 288 permanent employees.
Key Products and Services
- Electronic Rectifier-cum-Regulating Units (ERRU)
- Vigilance Control Devices (VCD)
- Regulated Battery Chargers
- Emergency Lighting Systems
- Passenger Announcement & Information Systems (PAPIS)
- Microprocessor-Based Railway Electronics
- Alternators and Traction Motors
- Railway Electrification Projects
- Traction Substation Systems
Competitive Strengths
- Established presence in the railway electronics and electrification segment.
- Long-standing relationships with Indian Railways and government entities.
- Diversified portfolio of railway electronic products.
- Capability to execute turnkey railway electrification projects.
- Technical expertise in railway safety and control systems.
- Participation in India's railway modernization and electrification initiatives.
- Integrated engineering, manufacturing, and project execution capabilities.
- Experienced management team with sector-specific expertise.
Key Risk Factors
- Significant dependence on government and railway sector contracts.
- Revenue concentration from railway infrastructure spending.
- Project execution delays may impact financial performance.
- Competitive bidding environment for government contracts.
- Dependence on regulatory approvals and tender processes.
- Working capital-intensive nature of infrastructure projects.
- Changes in railway procurement policies may affect business operations.
Objects of the Issue
The company intends to utilize the proceeds from the fresh issue for business expansion, working capital requirements, capital expenditure, and general corporate purposes. Investors should refer to the Red Herring Prospectus (RHP) for detailed information regarding the utilization of proceeds.
IPO Allotment & Application Status
Registrar: Skyline Financial Services Pvt.Ltd.
Empower your IPO investment journey — stay informed with accurate dates, price band and filings.
Track Live & Upcoming IPOs
Frequently Asked Questions (FAQs) - IC Electricals Co. Ltd.
1. What is the IC Electricals IPO date?
IC Electricals IPO opens on July 3, 2026 and closes on July 7, 2026.
2. What is the price band of IC Electricals IPO?
The IPO price band is ₹94 to ₹99 per share.
3. What is the lot size of IC Electricals IPO?
The minimum application lot size is 1,200 shares.
4. What is the minimum investment required for retail investors?
Retail investors need to apply for at least 2,400 shares, requiring an investment of approximately ₹2,37,600 at the upper price band.
5. Is IC Electricals IPO a fresh issue or an OFS?
The IPO consists entirely of a fresh issue of equity shares.
6. Where will IC Electricals shares be listed?
The shares are proposed to be listed on the NSE SME platform.
7. What does IC Electricals do?
The company manufactures railway electronic equipment and undertakes railway electrification and engineering projects.
8. Who are the primary customers of IC Electricals?
The company primarily serves Indian Railways, railway zones, government ministries, and related public sector entities.
9. What are the major strengths of IC Electricals?
Its strengths include railway sector expertise, diversified product offerings, turnkey project execution capabilities, and established government sector relationships.
10. Should investors apply for IC Electricals IPO?
Investors should carefully evaluate the company's financial performance, valuation, business prospects, industry dynamics, and risk factors mentioned in the RHP before making an investment decision.
Investor Education Hub: Everything You Need to Know About IPOs
- How to Analyse an IPO Before Applying
- Step-by-Step Guide: IPO Process in India
- Understanding IPO Application & Allotment (UPI / ASBA & Eligibility)
- 8 Tips to Improve Your Chances of IPO Allotment
- Upcoming IPOs in India
- Investment Banking Services in India
Disclaimer: - Investments in IPOs are subject to market risks. Investors should read the Red Herring Prospectus carefully and consult their financial advisor before investing. https://www.mnclgroup.com/research-disclaimer
