IC Electricals Limited, a railway engineering and manufacturing company, is set to open its SME IPO for subscription on July 3, 2026. The issue will close on July 7, 2026, with the company looking to raise approximately ₹48 crores entirely through a fresh issue of equity shares, to be listed on NSE SME.

IC Electricals IPO Details :-

Detail	Information
IPO Open Date	July 3, 2026
IPO Close Date	July 7, 2026
Price Band	₹94 – ₹99 per share
Face Value	₹10 per equity share
Issue Size	Approximately ₹48 crores (48,39,600 equity shares)
Issue Type	Fresh Issue (Book Building Issue)
Listing Exchange	NSE SME
Anchor Bidding Date	July 2, 2026
Allotment Date	July 8, 2026
Refund / Demat Credit	July 9, 2026
Listing Date	July 10, 2026
Bidding Cut-off Time	July 7, 2026, 5:00 PM
Registrar	Skyline Financial Services Pvt. Ltd.
Lead Manager	NEXGEN Financial Solutions Pvt. Ltd.

About IC Electricals: What the Company Does

Founded in 2005, IC Electricals Limited is an engineering and manufacturing company catering to Indian Railways. The company manufactures electronic systems, rotating machines, and railway electrification solutions used directly in railway operations. It functions under a Business-to-Government (B2G) model, with revenue largely sourced from government agencies, railway production units, and railway-related original equipment manufacturers (OEMs).

The company's product portfolio spans a wide range of railway components, including Electronic Rectifier-cum-Regulating Units (ERRUs), battery chargers, vigilance control devices, passenger information systems, emergency lighting systems, alternators, traction motors, and specialised traction motor components.

Beyond manufacturing, IC Electricals also provides turnkey railway electrification solutions, covering the design, supply, installation, testing, and commissioning of 25 kV AC overhead equipment and traction substations — a more integrated, project-based revenue stream alongside its core product business.

The company's registered office is located in DSIDC, Okhla Industrial Area, North Delhi.

What the IPO Money Will Be Used For

This is a 100% fresh issue, with the entire ₹48 crores directed into the business.

Purpose	Amount (₹ Crores)
Funding working capital requirements	₹33.60
General corporate purposes	Balance

The bulk of the proceeds is earmarked for working capital — a fairly typical and necessary use for a B2G manufacturing business, where payment cycles from government and railway entities can be longer than in the private sector, requiring a stronger working capital cushion to support order execution.

Market Lot and Application Amounts

Application Category	Lots	Shares	Amount
Retail Minimum	2	2,400	₹2,37,600
Retail Maximum	2	2,400	₹2,37,600
S-HNI Minimum	3	3,600	₹3,56,400
S-HNI Maximum	8	9,600	₹9,50,400
B-HNI Minimum	9	10,800	₹10,69,200

The minimum retail application requires 2,400 shares across 2 lots, working out to ₹2,37,600 at the upper price band, with retail investors capped at 2 lots.

IPO Reservation: Who Gets What

Investor Category	Shares Offered	% of Issue
Anchor Investors	13,68,000	28.27%
QIB (excluding Anchor)	9,18,000	18.97%
NII (HNI)	6,98,400	14.43%
Retail	16,12,800	33.33%

Anchor bidding is scheduled for July 2, 2026, a day before the IPO opens. As is standard, 50% of anchor allocation will be locked in for 30 days and the remaining 50% for 90 days from the date of allotment.

Financial Performance: Strong, Consistent Growth

Period	Revenue (₹ Cr)	Expenses (₹ Cr)	PAT (₹ Cr)	Assets (₹ Cr)
FY2024	₹99.75	₹93.72	₹4.62	₹143.89
FY2025	₹122.39	₹109.75	₹9.41	₹160.04
FY2026	₹143.81	₹124.88	₹14.10	₹193.44

IC Electricals has posted a notably consistent growth trajectory. Revenue climbed from ₹99.75 crores in FY24 to ₹143.81 crores in FY26 — a roughly 44% increase over two years. PAT growth has been even sharper: profit more than tripled from ₹4.62 crores in FY24 to ₹14.10 crores in FY26, with the margin itself expanding from roughly 4.6% to nearly 10% of revenue over the same period, indicating improving operating leverage as the business has scaled.

Strengths Worth Noting

• Consistent, accelerating growth in both revenue and profit across all three reported fiscal years, with PAT more than tripling over the period
• Improving margin profile — PAT margin expanded from roughly 4.6% to 9.84% — pointing to operating leverage as the business scales
• Established 20-year operating history (founded 2005) in a specialised, technically demanding segment of railway engineering
• Diversified product portfolio spanning both manufactured components and turnkey electrification project execution
• Government/railway-backed B2G revenue model offers a degree of demand visibility tied to India's ongoing railway infrastructure and electrification push
• Relatively modest P/BV multiple of ~2.1x compared to some richly priced SME peers

Risks to Consider Before Applying

• Reported governance concern flagged publicly: A comment on the public IPO listing page alleges a serious governance dispute among the company's promoter directors, including a claim that one promoter director has filed a petition in the Delhi High Court seeking to halt the IPO, and that NSE has been informed of the matter. This is an unverified, user-submitted claim and has not been independently confirmed through official exchange or regulatory disclosures at the time of writing. Prospective investors should treat this as a serious flag requiring independent verification — check the latest NSE/SEBI disclosures, any addenda to the RHP, and official company communications before applying, and consult the final RHP and any public notices for the most current and authoritative status.
• High customer concentration risk (B2G model): Heavy reliance on government agencies and railway-related entities for revenue means the business is exposed to government procurement cycles, payment delays, and policy shifts in railway capital expenditure.
• No comparable P/E benchmark available: With the company's own P/E marked "N/A," investors have limited direct ability to assess relative valuation against the single listed peer cited.
• Debt-to-equity not disclosed: The offer document does not provide a debt-to-equity figure, limiting visibility into the company's balance sheet leverage.
• High entry ticket size: At ₹2,37,600 for the minimum retail lot, this is a substantial commitment relative to many SME issues.
• SME segment liquidity risk: As with all SME IPOs, post-listing trading liquidity tends to be thinner than mainboard issues.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Frequently Asked Questions (FAQs)

1. What is the IC Electricals IPO?

It is the SME IPO of IC Electricals Limited, a railway engineering and manufacturing company supplying electronic systems, rotating machines, and electrification solutions to Indian Railways. The company is raising approximately ₹48 crores through a 100% fresh issue at a price band of ₹94–₹99 per share, to be listed on NSE SME.

2. What are the IPO open and close dates?

The IPO opens for subscription on July 3, 2026 and closes on July 7, 2026, with the bidding cut-off at 5:00 PM on the closing day.

3. What is the lot size and minimum investment?

The minimum application is 2 lots of 1,200 shares each, totalling 2,400 shares. At the upper price band of ₹99, the minimum investment works out to ₹2,37,600.

4. When will allotment be finalised?

The basis of allotment will be finalised on July 8, 2026. Refunds and demat credits are expected on July 9, 2026.

5. When will IC Electricals list on the exchange?

The company is scheduled to list on NSE SME on July 10, 2026.