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IC Electricals Company Ltd IPO
Status: Closed
Overview
IPO date
03 Jul 2026 to 07 Jul 2026
Face value
₹ 10 per share
Price
₹ 94 to ₹99 per share
Issue Size
4,839,600 shares
(aggregating up to ₹ 47.91 Cr)
(aggregating up to ₹ 47.91 Cr)
Allotment Date
08 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Consumer Durables
Unlock Stock of the Month
T&C*
Strengths vs Risks of IC Electricals Company Ltd
Know the pros & cons
Strengths
- Designing and execution capabilities.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our consumers.
- Quality assurance and control.
Risks
- The company business is heavily dependent on contracts awarded by the Ministry of Railways and its affiliated entities, and any reduction in railway sector spending, adverse policy changes or inability to maintain historical business levels with Indian Railways may materially and adversely affect its business, financial condition and results of operations.
- The Company operates in a competitive industry, and increasing competition may exert pressure on its profit margins, potentially leading to a reduction in the company market share and overall profitability.
- Risk of the Company Being Blacklisted by Government Authorities.
- The Company requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- As an integral aspect of its business operations, it is necessary for its to provide bank guarantees and additional guarantee. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact the company cash flows and financial standing.
- There are outstanding legal proceedings involving the Company as well as its promoter. Any adverse outcome on such proceedings may affect its business, financial condition and reputation.
- Its depends on a limited number of clients for a significant portion of the company revenues. The loss of a major customer or significant reduction in demand from any of its major clients may adversely affect the company business, financial condition, results of operations and prospects.
- The company Top 10 Suppliers contribute a significant portion of its raw material Any dispute with one or more of them may adversely affect its business operations.
- The Company is dependent on third parties for the supply of raw materials required for its products and is exposed to risks relating to fluctuations in prices and shortage of raw material. Further, its does not has any long-term supply agreements with the raw material providers.
- Its has negative cash flows from operating, investing and financing activities as per the restated financial statements in the past and may continue to have negative cash flows in the future.
- Contracts in the company order book are subject to modification, cancellation, or suspension at the discretion of its clients. As a result, the order book may not be a reliable indicator of the company future revenues or profitability.
- Some of the company's property used as its Registered offices, factory and branch office for the purpose of its operations is not owned by it. Any termination of the relevant lease agreements could adversely affect its operations.
- The company contingent liabilities as stated in its Restated Financial Statements could adversely affect the company financial conditions.
- The Company may incur penalties or liabilities for delays in filings with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
- Clerical Error in Statutory Filing of PAS-3 with RoC and Related Compliance Proceedings.
- The Company may incur penalties or liabilities for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three (3) Years.
- The company operations are subject to physical hazards and similar risks that could expose it to material liabilities, loss in revenues and increased expenses.
- Failures to Safeguard Confidential Project Data Could Adversely Affect its Business and Financial Performance.
- The company funding requirements and proposed deployment of the Net Proceeds has not been appraised by a bank or a financial institution and if there are any delays or cost overruns, its may has to incur additional cost to fund the objects of the Issue because of which the company business, financial condition and results of operations may be adversely affected.
- As an integral aspect of its business operations, it is necessary for it to provide bank guarantees and additional guarantee. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact the company cash flows and financial standing.
- Majority of the company revenues from operations are derived from the State of Uttarakhand. Any loss of business from this state may adversely affect its revenues and profitability.
- The company projects are generally assigned to its organization upon fulfillment of specified per-qualification prerequisites and subsequent engagement in a competitive tendering procedure. Any failures to secure new projects or premature termination of contracts awarded to it could potentially has adverse repercussions on both its business operations and financial standing.
- Any loss of or breakdown of operations at the company manufacturing facility may has a material adverse effect on its business, financial condition and results of operations.
- The Company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company procurement of raw materials is majority derived from the State of Delhi, and any disruption in this region may adversely affect its business operations.
- Its Inability to protect the company intellectual property or any claim that its infringe on the intellectual property rights of others could erode the company competitive advantage and could has a material adverse effect on it.
- The Company has entered into certain related party transactions at arm length price in the past and may continue to does so in the future.
- The company Promoters and senior management are integral to the company day-to-day operations, and its relies heavily on their industry knowledge, experience, and leadership. They has played a pivotal role in its growth and success. Any inability to retain the company Promoters, key managerial personnel (KMPs), or senior management personnel (SMPs) could adversely affect its business operations and future performance.
- The company promoter and member of promoter group jointly will continue to has majority control over the Company will may allow them to determine the outcome of matters submitted to shareholders for approval.
- Some of the company's Board of Directors does not has experience of listed companies.
- Fluctuation of Interest rate may adversely affect the Company's business.
- Complex and time-consuming tendering processes, particularly with respect to tenders issued by the Ministry of Railways and its associated entities, may adversely affect its ability to secure contracts and impact the company revenues and profitability.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company financial risk.
- Its requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect the company operations, results of operations and financial condition.
- The company limited brand visibility outside the government sector may restrict its ability to expand the company customer base and adversely affect its growth prospects.
- The Company has unsecured loans from promoters and directors that are repayable on demand, and any demand for repayment could adversely affect its liquidity, cash flows, and financial condition.
- There is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of the company Management and its Board of Directors, though it shall be monitored by the Audit Committee.
- The company insurance coverage in connection with its business may not be adequate and may adversely affect the company operations and profitability.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
- The Company's operation and growth is dependent upon successful implementation of its business strategies.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company financial risk.
- Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, Its to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Its not identified any alternate source of funding and hence any failures or delay on the company part to mobilize the required resources or any shortfall in the issue proceeds may delay the implementation schedule.
- The L1 tender system adopted by government authorities may lead to price-based competition, which could adversely affect its margins and profitability.
- Delays in execution of railway projects may adversely affect its revenues, profitability and cash flows.
- The Company's business is dependent on continuous research and development ("R&D") activities, and any inability to successfully develop new products in a timely and cost-effective manner could adversely affect its business, results of operations and financial condition.
- Compliance with environmental, health and safety laws and labour-related regulations may increase the company operational costs, and any changes or non-compliance could adversely affect its results of operations and financial condition.
- Its ability to raise capital at competitive costs depends on the company credit ratings, and any downgrade or adverse rating action may increase its borrowing costs and limit the company access to funding.
- The company directors previously served on the Board of a company that was struck off due to non-filing of financial statements, and this may adversely impact the perception of the Company.
- Current promoters are not the original promoters of the Company.
- Its ability to pay dividends in the future may be affected by any material adverse effect on the company future earnings, financial condition or cash flows.
- The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by it, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
- Equity Shares of the Company has never been publicly traded, and after the Issue, the Equity Shares may be subject to price and volume fluctuations, and an active trading market for the Equity Shares may or may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Individual Investors are not permitted to withdraw their Bids after closure of the Bid/ Issue Closing Date.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- A third-party could be prevented from acquiring control of it post this Issue, because of anti-takeover provisions under Indian law.
IC Electricals Company Ltd Peer Comparison
Understand the company’s industry standing
IC Electricals Company Ltd
Hind Rectifiers Ltd
Face Value
10
2
Standalone / Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
---
---
EPS-Basis
10.49
13.1
EPS-Diluted
---
---
NAV Per Share
47.4
59.88
P/E-Basic EPS
---
99.50
P/E-Diluted EPS
---
---
RONW(%)
24.88
24.62
Latest NAV Period
---
---
Latest NAV
---
---
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The IPO opens on 03 Jul 2026 & closes on 07 Jul 2026.
IC Electricals Company Limited was originally incorporated as a Private limited company under the Companies Act, 1956 issued by the Registrar of Companies, Delhi and Haryana dated August 05, 2005, with the name IC Electricals Company Private Limited'. Subsequently, Company was converted into a Public Limited company and a fresh Certificate of Incorporation was granted to Company dated September 23, 2024 at the Central Processing Centre.
Company operate 3 manufacturing units in Haridwar and is involved in the business of providing advanced engineering solutions to Indian Railways. It provide a broad range of electronic products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, compliant with the latest technical standards. Company manufactures key railway components including alternators, traction motors, and permanent magnet alternators with controllers. Additionally, it provide services for turnkey railway electrification projects, encompassing the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems.
In addition to this, the electronic solutions support critical on-board functions by ensuring reliable power regulation, lighting, control and monitoring in improving performance and safety in railway coaches. Additionally, the turnkey electrification ensure implementing high-voltage railway infrastructure, playing a key role in the modernization and expansion of India's rail network.
Company has filed a Draft Red Herring Prospectus with SEBI& is planning for IPO for issuance of 48,40,000 Equity shares of Rs 10 each through Fresh issue.
IC Electricals Company Ltd IPO will close on 07 Jul 2026.
- Designing and execution capabilities.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our consumers.
- Quality assurance and control.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sunil Kumar Verma | 1353840 | 10.09 | 1353840 | 7.41 |
| 2 | Renu Verma | 777300 | 5.79 | 777300 | 4.26 |
| 3 | Aakansha Verma | 405000 | 3.02 | 405000 | 2.22 |
| 4 | Davisha Verma | --- | --- | --- | --- |
| 5 | Savita Sachdeva | 558840 | 4.16 | 558840 | 3.06 |
| 6 | Shbd LLP | 1500000 | 11.18 | 1500000 | 8.21 |
| 7 | Safe System India Private Limi | 5269620 | 39.26 | 5269620 | 28.86 |
| 8 | Safe Insulation Technologies | 562500 | 4.19 | 562500 | 3.08 |
| 9 | Akash Sachdeva | 552000 | 4.11 | 552000 | 3.02 |
| 10 | Aditi Sachdeva | 150000 | 1.12 | 150000 | 0.82 |
- The company business is heavily dependent on contracts awarded by the Ministry of Railways and its affiliated entities, and any reduction in railway sector spending, adverse policy changes or inability to maintain historical business levels with Indian Railways may materially and adversely affect its business, financial condition and results of operations.
- The Company operates in a competitive industry, and increasing competition may exert pressure on its profit margins, potentially leading to a reduction in the company market share and overall profitability.
- Risk of the Company Being Blacklisted by Government Authorities.
- The Company requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- As an integral aspect of its business operations, it is necessary for its to provide bank guarantees and additional guarantee. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact the company cash flows and financial standing.
- There are outstanding legal proceedings involving the Company as well as its promoter. Any adverse outcome on such proceedings may affect its business, financial condition and reputation.
- Its depends on a limited number of clients for a significant portion of the company revenues. The loss of a major customer or significant reduction in demand from any of its major clients may adversely affect the company business, financial condition, results of operations and prospects.
- The company Top 10 Suppliers contribute a significant portion of its raw material Any dispute with one or more of them may adversely affect its business operations.
- The Company is dependent on third parties for the supply of raw materials required for its products and is exposed to risks relating to fluctuations in prices and shortage of raw material. Further, its does not has any long-term supply agreements with the raw material providers.
- Its has negative cash flows from operating, investing and financing activities as per the restated financial statements in the past and may continue to have negative cash flows in the future.
- Contracts in the company order book are subject to modification, cancellation, or suspension at the discretion of its clients. As a result, the order book may not be a reliable indicator of the company future revenues or profitability.
- Some of the company's property used as its Registered offices, factory and branch office for the purpose of its operations is not owned by it. Any termination of the relevant lease agreements could adversely affect its operations.
- The company contingent liabilities as stated in its Restated Financial Statements could adversely affect the company financial conditions.
- The Company may incur penalties or liabilities for delays in filings with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
- Clerical Error in Statutory Filing of PAS-3 with RoC and Related Compliance Proceedings.
- The Company may incur penalties or liabilities for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three (3) Years.
- The company operations are subject to physical hazards and similar risks that could expose it to material liabilities, loss in revenues and increased expenses.
- Failures to Safeguard Confidential Project Data Could Adversely Affect its Business and Financial Performance.
- The company funding requirements and proposed deployment of the Net Proceeds has not been appraised by a bank or a financial institution and if there are any delays or cost overruns, its may has to incur additional cost to fund the objects of the Issue because of which the company business, financial condition and results of operations may be adversely affected.
- As an integral aspect of its business operations, it is necessary for it to provide bank guarantees and additional guarantee. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact the company cash flows and financial standing.
- Majority of the company revenues from operations are derived from the State of Uttarakhand. Any loss of business from this state may adversely affect its revenues and profitability.
- The company projects are generally assigned to its organization upon fulfillment of specified per-qualification prerequisites and subsequent engagement in a competitive tendering procedure. Any failures to secure new projects or premature termination of contracts awarded to it could potentially has adverse repercussions on both its business operations and financial standing.
- Any loss of or breakdown of operations at the company manufacturing facility may has a material adverse effect on its business, financial condition and results of operations.
- The Company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company procurement of raw materials is majority derived from the State of Delhi, and any disruption in this region may adversely affect its business operations.
- Its Inability to protect the company intellectual property or any claim that its infringe on the intellectual property rights of others could erode the company competitive advantage and could has a material adverse effect on it.
- The Company has entered into certain related party transactions at arm length price in the past and may continue to does so in the future.
- The company Promoters and senior management are integral to the company day-to-day operations, and its relies heavily on their industry knowledge, experience, and leadership. They has played a pivotal role in its growth and success. Any inability to retain the company Promoters, key managerial personnel (KMPs), or senior management personnel (SMPs) could adversely affect its business operations and future performance.
- The company promoter and member of promoter group jointly will continue to has majority control over the Company will may allow them to determine the outcome of matters submitted to shareholders for approval.
- Some of the company's Board of Directors does not has experience of listed companies.
- Fluctuation of Interest rate may adversely affect the Company's business.
- Complex and time-consuming tendering processes, particularly with respect to tenders issued by the Ministry of Railways and its associated entities, may adversely affect its ability to secure contracts and impact the company revenues and profitability.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company financial risk.
- Its requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect the company operations, results of operations and financial condition.
- The company limited brand visibility outside the government sector may restrict its ability to expand the company customer base and adversely affect its growth prospects.
- The Company has unsecured loans from promoters and directors that are repayable on demand, and any demand for repayment could adversely affect its liquidity, cash flows, and financial condition.
- There is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of the company Management and its Board of Directors, though it shall be monitored by the Audit Committee.
- The company insurance coverage in connection with its business may not be adequate and may adversely affect the company operations and profitability.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
- The Company's operation and growth is dependent upon successful implementation of its business strategies.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company financial risk.
- Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, Its to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Its not identified any alternate source of funding and hence any failures or delay on the company part to mobilize the required resources or any shortfall in the issue proceeds may delay the implementation schedule.
- The L1 tender system adopted by government authorities may lead to price-based competition, which could adversely affect its margins and profitability.
- Delays in execution of railway projects may adversely affect its revenues, profitability and cash flows.
- The Company's business is dependent on continuous research and development ("R&D") activities, and any inability to successfully develop new products in a timely and cost-effective manner could adversely affect its business, results of operations and financial condition.
- Compliance with environmental, health and safety laws and labour-related regulations may increase the company operational costs, and any changes or non-compliance could adversely affect its results of operations and financial condition.
- Its ability to raise capital at competitive costs depends on the company credit ratings, and any downgrade or adverse rating action may increase its borrowing costs and limit the company access to funding.
- The company directors previously served on the Board of a company that was struck off due to non-filing of financial statements, and this may adversely impact the perception of the Company.
- Current promoters are not the original promoters of the Company.
- Its ability to pay dividends in the future may be affected by any material adverse effect on the company future earnings, financial condition or cash flows.
- The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by it, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
- Equity Shares of the Company has never been publicly traded, and after the Issue, the Equity Shares may be subject to price and volume fluctuations, and an active trading market for the Equity Shares may or may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Individual Investors are not permitted to withdraw their Bids after closure of the Bid/ Issue Closing Date.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- A third-party could be prevented from acquiring control of it post this Issue, because of anti-takeover provisions under Indian law.
The Issue type of IC Electricals Company Ltd is Book Building - SME.
The minimum application for shares of IC Electricals Company Ltd is 2400.
The total shares issue of IC Electricals Company Ltd is 4839600.
Initial public offering up to 48,39,600 equity shares of face value of Rs. 10/- each ("Equity Shares") of IC Electricals Company Limited ("ICEL" or the "Company") for cash at a price of Rs. 99 per equity share (the "Issue Price"), aggregating to Rs. 47.91 Crores ("the Issue"). Out of the issue 2,42,400 equity shares aggregating to Rs. 2.40 Crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Issue of 45,97,200 equity shares of face value of Rs. 10/- each at an issue price of Rs. 99 per equity share aggregating to Rs. 45.51 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 26.50% and 25.17%, respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 99/- per equity share of face value Rs. 10/- each.
The floor price is 9.9 times the face value of equity shares.
Bids can be made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.