IC Electricals IPO
Consumer Durables • ₹47.91 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Heavy dependence on government or PSU customers
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹99
Lot Size
1200 shares
Issue Size
₹47.91 Cr
Open
03 Jul 2026
Close
07 Jul 2026
Subscription
379×
IPO Schedule
| Issue Open Date | 03 Jul 2026 |
| Issue Close Date | 07 Jul 2026 |
| Listing Date | 09 Jul 2026 |
About IC Electricals
IC Electricals Company Limited is involved in the manufacturing of electronic equipment for railway applications, providing engineering solutions to Indian Railways. The company offers products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices. It also manufactures railway components, including alternators, traction motors, and permanent magnet alternators with controllers. The company undertakes turnkey railway electrification projects, covering the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. Its revenue is derived from manufacturing activities, value-added operations, and service-related contracts, which are executed by its Contract Division. The company holds approved supplier registrations with various professional directorates under the Research, Design & Standards Organisation of the Ministry of Railways. It primarily operates on a business-to-government model, with the majority of its revenue coming from government departments and ministries such as the Ministry of Railways. The registered office of the company is located in Okhla Industrial Area, New Delhi.
Company Details
Founders / Promoters
Mr Sunil Kumar Verma
Founded
2005
Registrar
SKYLINE
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
IC Electricals — IPOFins Verdict
QuantitativeDriven by QIB demand at 234.9x and elevated disclosed risk (7/10), IC Electricals listed at a premium of 67.7% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- The company has a dedicated research & development team that focuses on developing new product lines and enhancing the quality and performance of existing products. The company claims that its R&D ini
- The company's manufacturing facility is located in Haridwar, Uttarakhand, and is claimed to be equipped with modern technological advancements. The company states that its operational processes are de
- The company is led by a senior management team, which it claims has long-standing industry experience across commercial, engineering, and technical domains.
- The company claims to maintain a sales and service network across India, coordinated through a central sales office in Delhi, with a service centre or representative present in every state capital. Th
- The company's marketing and sales department comprises six employees, supported by a wider network of engineers across various regions for sales assistance and service support.
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹99
Listing Price
₹166
Listing Gain/Loss
+67.68%
Listing Date
09 Jul 2026
Price Since Listing
Returns are measured against the ₹99 issue price.
Listing
₹166
+67.7%
Current
₹152
+53.5%
Want to buy this stock?
Trade IC Electricals on the secondary market
FAQ
What is the price band of IC Electricals IPO?
The price band is ₹99 per share with a lot size of 1200 shares. Minimum investment: ₹1,18,800.
What does IC Electricals do?
IC Electricals Company Limited is involved in the manufacturing of electronic equipment for railway applications, providing engineering solutions to Indian Railways. The company offers products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices. It also manufactures railway components, including alternators, traction motors, and permanent magnet alternators with controllers. The company undertakes turnkey railway electrification projects, covering the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. Its revenue is derived from manufacturing activities, value-added operations, and service-related contracts, which are executed by its Contract Division. The company holds approved supplier registrations with various professional directorates under the Research, Design & Standards Organisation of the Ministry of Railways. It primarily operates on a business-to-government model, with the majority of its revenue coming from government departments and ministries such as the Ministry of Railways. The registered office of the company is located in Okhla Industrial Area, New Delhi.
Should I apply for IC Electricals IPO?
IC Electricals listed at ₹166 (+67.7% premium to the ₹99 issue price) after 378.6x subscription. IPOFins Score 8/10: Driven by QIB demand at 234.9x and elevated disclosed risk (7/10), IC Electricals listed at a premium of 67.7% to its issue price. SME listings are also thinner and more volatile after listing. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded IC Electricals?
IC Electricals was founded by Mr Sunil Kumar Verma in 2005.