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Susan Electricals India Ltd IPO
Status: Closed
Overview
IPO date
11 Jun 2026 to 15 Jun 2026
Face value
₹ 10 per share
Price
₹ 120 to ₹127 per share
Issue Size
5,542,000 shares
(aggregating up to ₹ 70.38 Cr)
(aggregating up to ₹ 70.38 Cr)
Allotment Date
16 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Trading
Unlock Stock of the Month
T&C*
Strengths vs Risks of Susan Electricals India Ltd
Know the pros & cons
Strengths
- Vendor registrations and approvals across multiple states, supporting tender participation with government entities.
- In-House Manufacturing facilities supported by quality certifications.
- Geographically dispersed customer base.
- Experienced Promoter having domain knowledge.
Risks
- The company derives a major portion of its revenue from Government customers, particularly state-owned electricity distribution utilities ("DISCOMs"), and any reduction in Government expenditure, adverse changes in procurement policies or failures to secure tenders may adversely affect the company business, financial condition, results of operations and cash flows.
- The company derives a significant portion of its revenue from the sale of the company key product, namely Low Tension ("LT") cables. Any decline in demand for LT cables could has an adverse effect on its business, results of operations and financial condition.
- The company has recently commenced manufacturing of Low Tension (LT) cables in Fiscal 2023-24 and High Tension (HT) cables in Fiscal 2025-26 and given its limited operating history in these product categories, the company may faces operational, technical and commercial challenges that could adversely affect the company business, financial condition, results of operations and future growth prospects.
- Majority of the company revenue is derived from a limited number of customers, and any reduction in orders from such customers may adversely affect its business, financial condition, results of operations and cash flows.
- The Company had negative cash flows in the past, details of which is given below. Sustained negative cash flow could impact its growth and business.
- The company derives a significant portion of its revenue from trading activities, which is a relatively low-margin and competitive business and may expose the company to risks that could adversely affect its financial performance.
- The company is dependent on the performance of the cables market and any adverse changes in the conditions affecting the cables market can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- The company has significant power and fuel requirements and any disruption to power sources could increase its production costs and adversely affect the company results of operations and cash flows.
- The company is significantly dependent on a limited number of suppliers for procurement of its raw materials, with which the company does not has any long-term agreements and any disruption in supply or volatility in raw material prices may adversely affect its business, financial condition, results of operations and cash flows.
- There has been certain discrepancies, errors and delays in filings relating to forms submitted with the Registrar of Companies ("RoC") under the provisions of the Companies Act, 2013/1956 and the rules made thereunder. In addition, certain historical corporate secretarial records are presently untraceable. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- The company requires certain approvals, licenses, registrations and permits to operates its business and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company business may adversely affect its operations and financial conditions.
- Any disruption, breakdown or shutdown of the company Manufacturing Units may has a material adverse effect on its business, financial condition, results of operations and cash flows.
- There is outstanding legal proceedings involving the Company. Any adverse decision could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and has an adverse effect on the company business, prospects, results of operations and financial condition.
- The company products is subject to stringent technical, quality and safety standards, and any failures to comply with applicable specifications, certifications or inspection requirements may adversely affect its business, financial condition, results of operations and cash flows.
- The Company does not own the premises from which its registered office, corporate office, warehouse and manufacturing units operates, including one manufacturing facility and warehouse held under a sub-lease arrangement. Any non-renewal, termination or adverse regulatory action in respect of such lease or sub-lease arrangements may adversely affect its business, financial condition and results of operations.
- The company is subject to strict quality requirements and any product having defect issues or failures by its or the company raw material suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls and exposure to potential product liability claims.
- The company may not be able to maintain historical levels of orders from its existing customers or secure repeat tenders from Government customers, and any reduction in order volumes may adversely affect the company business, financial condition, results of operations and cash flows.
- Inventories and trade receivables form a major part of the company current assets, and ineffective management of the same could adversely affect its business, cash flows, profitability and liquidity.
- The company relies on third-party logistics and transportation providers for procurement of raw materials and delivery of finished products, and any disruption in such services may adversely affect its operations, revenues and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- The Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect its cash flows.
- The company operates in a competitive industry and increased competition may lead to a reduction in its revenues, reduced profit margins or a loss of market share.
- The company Promoter group entity is engaged in the similar line of business activities as those undertaken by its Company, which may result in conflict of interest.
- The company business operations is majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could has a significant impact on the company revenue and results of operations.
- The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company has shortlisted vendors and obtained quotations from them, however, the company is yet to place orders or enter into definitive agreements with the vendors in relation to such capital expenditure requirements.
- The Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Red Herring Prospectus. Thus, its may be subject to claims alleging breach of third-party intellectual property rights.
- Under-utilization of the company manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could has an adverse effect on the company business, future prospects and future financial performance.
- Any negative publicity regarding the Company, brand or products, whether substantiated or not, including concerns about product quality, misbranding or customer service issues, could adversely impact its reputation, consumer trust and market position, which may materially affect the company business, financial condition and results of operations.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- The company failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its business.
- The company is dependent upon the experience and skill of the company Promoters, Key Managerial Personnel and Senior Management Personnel for conducting its business and undertaking the company day to day operations. The loss of or its inability to retain, such persons could materially and adversely affect the company business performance. In addition, excess rate of attrition amongst the personnel engaged by its Company may has an adverse impact on the company business operations.
- The company operations and the work force is exposed to a variety of occupational and operational hazards, which may adversely affect its business, financial condition and results of operations.
- The Promoters (including Promoter Group) and Directors hold 92.47% of the Equity Shares of the Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- If the company is not able to successfully manage its growth, the company business and results of operations may be adversely affected.
- The company may be subject to third-party claims, indemnification obligations or invocation of guarantees arising from defects, accidents or damages related to its Wires, Conductor and Cables. Any such claims or liabilities could adversely impact the company business operations, cash flows, financial condition, results of operations and reputation.
- The company operations is subject to high working capital requirements. Its inability to maintain an optimal level of working capital required for the company business may impact its operations adversely.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Offer price.
- The company has incurred significant indebtedness which exposes its to various risks which may has an adverse effect on the company business and results of operations.
- The company industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wages demands by the company employees or those of its suppliers.
- The company insurance coverage may not be adequate to protect its against certain operating hazards, and this may has a material adverse effect on the company business.
- Loans availed by the Company has been secured on personal guarantees of its Promoters. The company business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Promoters.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.
- The company could be harmed by employee misconduct or errors that is difficult to detect and any such incidences could adversely affect the company financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds is being raised, are based on the company management estimates and has not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Information relating to the company production capacities and the historical capacity utilization of its production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off and future production and capacity utilization may vary.
- The company ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- 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.
- The company has issued Equity Shares during the preceding one year at a price that may be below the Issue Price.
- The company Promoter and the Promoter Group will jointly continue to retain majority shareholding in its Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and paid for by the company and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The Offer price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the offer price and you may not be able to sell your Equity Shares at or above the offer Price.
Susan Electricals India Ltd Peer Comparison
Understand the company’s industry standing
Susan Electricals India Pvt Ltd
Prime Cable Industries Limited
Divine Power Energy Limited
Face Value
10
5
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
269.96
235.81
627.48
EPS-Basis
11.96
6.68
10.83
EPS-Diluted
11.96
6.68
10.83
NAV Per Share
---
---
---
P/E-Basic EPS
---
16.77
46.35
P/E-Diluted EPS
---
---
---
RONW(%)
47.42
20.14
20.69
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 11 Jun 2026 & closes on 15 Jun 2026.
Susan Electricals India Private Limited was initially incorporated as 'Suvish Insulation Private Limited' on December 10, 2007, with the Registrar of Companies, National Capital Territory of Delhi and Haryana. Name of the Company was changed from 'Suvish Insulation Private Limited' to 'Susan Electricals India Private Limited' vide a fresh certificate of incorporation dated January 13, 2010. Subsequently, Company converted from private limited to public limited, and the name was changed to 'Susan Electricals India Limited' dated December 05, 2025 issued by Central Processing Centre.
Presently, Company is engaged in manufacturing of aluminium and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations. Under the cables segment, it manufacture low tension (LT) cables, including Low Tension Aerial Bunched (LT AB) cables (up to 1.1 kV), and High Tension (HT) cables of specified voltage grades. Under the wires and conductors segment, it include winding aluminium wires and strips, winding copper wires and strips and aluminium conductors.
The Company launched Low- Tension (LT) Cable Division in 2015. It established Manufacturing Unit -II at Ghaziabad, Uttar Pradesh in FY24. It launched High- Tension (HT) Cable division in 2025 and further setup Unit III Manufacturing at Ghaziabad.
Company primarily supply the products to state-owned electricity distribution utilities (DISCOMs), private sector entities engaged in infrastructure development & EPC activities, as well as entities operating in the electrical wires, cables and conductor segment. These products are used in power distribution networks, transformer & motor winding applications, overhead distribution lines and underground cabling works. In addition to manufacturing cables and wires, Company undertake trading of aluminium wires and rods, which are used as key raw materials in production process, and provides job work services relating to processing of winding wires & strips to certain customers.
Company launched the IPO aggregating the issuance of 55,42,000 Equity shares of Rs 10 each, comprising a fresh issue of 47,42,000 Equity shares and the offer for sale of 8,00,000 Equity shares on June 15, 2006.
Susan Electricals India Ltd IPO will close on 15 Jun 2026.
- Vendor registrations and approvals across multiple states, supporting tender participation with government entities.
- In-House Manufacturing facilities supported by quality certifications.
- Geographically dispersed customer base.
- Experienced Promoter having domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vishal Jain | 14415535 | 92.47 | 13615535 | 66.97 |
| 2 | Mahak Jain | --- | --- | --- | --- |
- The company derives a major portion of its revenue from Government customers, particularly state-owned electricity distribution utilities ("DISCOMs"), and any reduction in Government expenditure, adverse changes in procurement policies or failures to secure tenders may adversely affect the company business, financial condition, results of operations and cash flows.
- The company derives a significant portion of its revenue from the sale of the company key product, namely Low Tension ("LT") cables. Any decline in demand for LT cables could has an adverse effect on its business, results of operations and financial condition.
- The company has recently commenced manufacturing of Low Tension (LT) cables in Fiscal 2023-24 and High Tension (HT) cables in Fiscal 2025-26 and given its limited operating history in these product categories, the company may faces operational, technical and commercial challenges that could adversely affect the company business, financial condition, results of operations and future growth prospects.
- Majority of the company revenue is derived from a limited number of customers, and any reduction in orders from such customers may adversely affect its business, financial condition, results of operations and cash flows.
- The Company had negative cash flows in the past, details of which is given below. Sustained negative cash flow could impact its growth and business.
- The company derives a significant portion of its revenue from trading activities, which is a relatively low-margin and competitive business and may expose the company to risks that could adversely affect its financial performance.
- The company is dependent on the performance of the cables market and any adverse changes in the conditions affecting the cables market can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- The company has significant power and fuel requirements and any disruption to power sources could increase its production costs and adversely affect the company results of operations and cash flows.
- The company is significantly dependent on a limited number of suppliers for procurement of its raw materials, with which the company does not has any long-term agreements and any disruption in supply or volatility in raw material prices may adversely affect its business, financial condition, results of operations and cash flows.
- There has been certain discrepancies, errors and delays in filings relating to forms submitted with the Registrar of Companies ("RoC") under the provisions of the Companies Act, 2013/1956 and the rules made thereunder. In addition, certain historical corporate secretarial records are presently untraceable. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- The company requires certain approvals, licenses, registrations and permits to operates its business and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operates the company business may adversely affect its operations and financial conditions.
- Any disruption, breakdown or shutdown of the company Manufacturing Units may has a material adverse effect on its business, financial condition, results of operations and cash flows.
- There is outstanding legal proceedings involving the Company. Any adverse decision could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and has an adverse effect on the company business, prospects, results of operations and financial condition.
- The company products is subject to stringent technical, quality and safety standards, and any failures to comply with applicable specifications, certifications or inspection requirements may adversely affect its business, financial condition, results of operations and cash flows.
- The Company does not own the premises from which its registered office, corporate office, warehouse and manufacturing units operates, including one manufacturing facility and warehouse held under a sub-lease arrangement. Any non-renewal, termination or adverse regulatory action in respect of such lease or sub-lease arrangements may adversely affect its business, financial condition and results of operations.
- The company is subject to strict quality requirements and any product having defect issues or failures by its or the company raw material suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls and exposure to potential product liability claims.
- The company may not be able to maintain historical levels of orders from its existing customers or secure repeat tenders from Government customers, and any reduction in order volumes may adversely affect the company business, financial condition, results of operations and cash flows.
- Inventories and trade receivables form a major part of the company current assets, and ineffective management of the same could adversely affect its business, cash flows, profitability and liquidity.
- The company relies on third-party logistics and transportation providers for procurement of raw materials and delivery of finished products, and any disruption in such services may adversely affect its operations, revenues and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- There has been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- The Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect its cash flows.
- The company operates in a competitive industry and increased competition may lead to a reduction in its revenues, reduced profit margins or a loss of market share.
- The company Promoter group entity is engaged in the similar line of business activities as those undertaken by its Company, which may result in conflict of interest.
- The company business operations is majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could has a significant impact on the company revenue and results of operations.
- The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company has shortlisted vendors and obtained quotations from them, however, the company is yet to place orders or enter into definitive agreements with the vendors in relation to such capital expenditure requirements.
- The Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Red Herring Prospectus. Thus, its may be subject to claims alleging breach of third-party intellectual property rights.
- Under-utilization of the company manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could has an adverse effect on the company business, future prospects and future financial performance.
- Any negative publicity regarding the Company, brand or products, whether substantiated or not, including concerns about product quality, misbranding or customer service issues, could adversely impact its reputation, consumer trust and market position, which may materially affect the company business, financial condition and results of operations.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- The company failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its business.
- The company is dependent upon the experience and skill of the company Promoters, Key Managerial Personnel and Senior Management Personnel for conducting its business and undertaking the company day to day operations. The loss of or its inability to retain, such persons could materially and adversely affect the company business performance. In addition, excess rate of attrition amongst the personnel engaged by its Company may has an adverse impact on the company business operations.
- The company operations and the work force is exposed to a variety of occupational and operational hazards, which may adversely affect its business, financial condition and results of operations.
- The Promoters (including Promoter Group) and Directors hold 92.47% of the Equity Shares of the Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- If the company is not able to successfully manage its growth, the company business and results of operations may be adversely affected.
- The company may be subject to third-party claims, indemnification obligations or invocation of guarantees arising from defects, accidents or damages related to its Wires, Conductor and Cables. Any such claims or liabilities could adversely impact the company business operations, cash flows, financial condition, results of operations and reputation.
- The company operations is subject to high working capital requirements. Its inability to maintain an optimal level of working capital required for the company business may impact its operations adversely.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Offer price.
- The company has incurred significant indebtedness which exposes its to various risks which may has an adverse effect on the company business and results of operations.
- The company industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wages demands by the company employees or those of its suppliers.
- The company insurance coverage may not be adequate to protect its against certain operating hazards, and this may has a material adverse effect on the company business.
- Loans availed by the Company has been secured on personal guarantees of its Promoters. The company business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Promoters.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.
- The company could be harmed by employee misconduct or errors that is difficult to detect and any such incidences could adversely affect the company financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds is being raised, are based on the company management estimates and has not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Information relating to the company production capacities and the historical capacity utilization of its production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off and future production and capacity utilization may vary.
- The company ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- 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.
- The company has issued Equity Shares during the preceding one year at a price that may be below the Issue Price.
- The company Promoter and the Promoter Group will jointly continue to retain majority shareholding in its Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and paid for by the company and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- The Offer price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the offer price and you may not be able to sell your Equity Shares at or above the offer Price.
The Issue type of Susan Electricals India Ltd is Book Building - SME.
The minimum application for shares of Susan Electricals India Ltd is 2000.
The total shares issue of Susan Electricals India Ltd is 5542000.
Initial public offer of 55,42,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Susan Electricals India Limited ("the Company" or "SEIL" or "the Issuer") at an offer price of Rs. 127 per equity share for cash aggregating to Rs. 70.38 Crores ("Public Offer") comprising of a fresh issue of 47,42,000 equity shares aggregating to Rs. 60.22 Crores (the "Fresh Issue") and an offer for sale of 8,00,000 equity shares by the promoter selling shareholder, Vishal Jain ("Offer For Sale") aggregating to Rs. 10.16 Crores, (hereinafter referred as "Promoter Selling Shareholders") out of which 4,58,000 equity shares of face value of Rs. 10/- each at an offer price of Rs. 127 per equity share for cash aggregating to Rs. 5.82 Crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. Offer of 50,84,000 equity shares of face value of Rs. 10 each, at an offer price of Rs. 127 per equity share for cash aggregating Rs. 64.57 Crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 27.26% and 25.01% respectively of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 127/- per equity share of face value of Rs. 10/- each.
The floor price is 12.70 times of the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.