IC Electricals IPO GMP Day 1: Price Band Rs 94-99, Grey Market Premium Rs 32, Listing Estimate Rs 131

The IC Electricals IPO has opened for subscription today and the grey market is already showing encouraging signals. The IC Electricals IPO GMP stands at approximately Rs 32 today, which implies an estimated listing price of around Rs 131 per share, representing a premium of approximately 32.3% over the upper price band of Rs 99. The IC Electricals IPO is an NSE SME book-built issue raising Rs 47.91 crore through a 100% fresh issue of 48,39,600 equity shares at a price band of Rs 94 to Rs 99 per share. The subscription window runs through the end of this week, with the basis of allotment expected on recently and the tentative listing date on the NSE SME platform fixed for recently. Ankit Jaiswal, Senior Research Analyst at Univest notes that the IC Electricals IPO GMP of Rs 32 is a meaningful early signal for a railway electronics company with strong revenue growth and a focused B2G business model, though grey market premiums should always be treated as informal indicators and not as guaranteed listing prices.

The IC Electricals IPO GMP today reflects investor interest in the railway electronics manufacturing space, where the company has carved out a specialised niche supplying critical electronic systems to Indian Railways and government departments. The IC Electricals IPO proceeds are entirely earmarked for working capital requirements, which is typical for a project-based business that needs liquidity to execute railway electrification contracts and component supply orders. The company recently delivered a strong set of financials, with revenue rising approximately 17.5% year-on-year and PAT surging approximately 50% in the most recently reported year, making the IC Electricals IPO GMP signal more credible than it would be for a company with flat financials.

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IC Electricals IPO Key Details

Parameter	Details
IC Electricals IPO Price Band	Rs 94 to Rs 99 per share
Issue Size	Rs 47.91 crore (100% fresh issue)
IC Electricals IPO GMP Today	Rs 32 (est. listing ~Rs 131, +32.3%)
Lot Size	1,200 shares (min retail: 2,400 shares at Rs 2,37,600)
IC Electricals IPO Open Date	Today
IC Electricals IPO Close Date	recently
Allotment Date	recently
Listing Exchange	NSE SME
Listing Date (tentative)	recently
Lead Manager	NEXGEN Financial Solutions Pvt Ltd
Registrar	Skyline Financial Services Pvt Ltd
Promoters	Sunil Kumar Verma, Renu Verma, SHBD LLP, Safe System India Pvt Ltd

About IC Electricals: Railway Electronics and Electrification

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IC Electricals Company Limited was incorporated in 2005 and is based in New Delhi. The company manufactures a comprehensive range of electronic equipment for railway applications, serving Indian Railways and government departments on a Business-to-Government model. Its product portfolio includes Electronic Rectifier-cum-Regulating Units (ERRU), Vigilance Control Devices (VCD), GPS-based Passenger Announcement and Information Systems (PAPIS), regulated battery chargers, emergency lights, inverters, and microprocessor-based control systems. The company also manufactures railway components such as alternators, traction motors, and permanent magnet alternators with controllers. In addition to products, IC Electricals executes turnkey railway electrification projects covering design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. The company has a dedicated R&D centre for microprocessor-based railway equipment and has successfully executed projects including the Gorakhpur-Kaptanganj-Valmiki Nagar section under North Eastern Railway and the Ara-Sasaram section under East Central Railway. As of recently26, the company employs approximately 288 permanent staff members.

IC Electricals IPO Financials

The IC Electricals IPO is backed by a company with improving financial performance. Revenue for the recently concluded year was Rs 143.81 crore, up approximately 17.5% from Rs 122.39 crore the prior year. PAT for the same period was Rs 14.10 crore, up approximately 50% from Rs 9.41 crore. This strong PAT growth trajectory is a key factor driving the positive IC Electricals IPO GMP in the grey market. The entire IC Electricals IPO proceeds will be deployed toward working capital requirements to support the company’s order execution and contract management capabilities. The IC Electricals IPO price band of Rs 94-99 and the issue size of Rs 47.91 crore make this a relatively small NSE SME issue, with the minimum retail application requiring Rs 2,37,600 for 2,400 shares (2 lots of 1,200 shares each).

Conclusion: IC Electricals IPO GMP Day 1

The IC Electricals IPO GMP today stands at Rs 32, implying an estimated listing price of approximately Rs 131 against the upper band of Rs 99 , a potential gain of 32.3% for allottees. The IPO is backed by a railway electronics company with a 20-year operating track record, improving revenue and PAT, and a government-linked order pipeline. The IC Electricals IPO closes on recently with allotment on recently and listing on recently. Apply through your broker using ASBA or UPI. Consult a SEBI-registered financial advisor before applying, and note that GMP is an unregulated indicator that does not guarantee listing performance. Track IC Electricals IPO GMP live on Univest.

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Frequently Asked Questions

What is IC Electricals GMP today?

Ans. The IC Electricals IPO GMP is approximately Rs 32 today, Day 1 of subscription. Based on the upper price band of Rs 99, this implies an estimated listing price of around Rs 131, representing a potential gain of approximately 32.3% for allottees. GMP is an unregulated, informal indicator and does not guarantee listing gains.

What is the IC Electricals price band?

Ans. The IC Electricals IPO price band is fixed at Rs 94 to Rs 99 per share. This is a book-built NSE SME IPO. The lot size is 1,200 shares, and the minimum retail application requires 2 lots (2,400 shares) at a total investment of Rs 2,37,600 at the upper price band of Rs 99.

When does the IC Electricals open and close?

Ans. The IC Electricals IPO subscription opens today and closes on recently. The basis of allotment is expected to be finalised on recently, and the shares are expected to be credited to demat accounts and listed on the NSE SME platform on a tentative date of recently.

What does IC Electricals do?

Ans. IC Electricals Company Limited is a New Delhi-based manufacturer of electronic equipment for railway applications, incorporated in 2005. Products include ERRU, VCD, PAIS, battery chargers, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators. The company also executes turnkey railway electrification projects covering 25 kV AC overhead equipment and traction substations. It serves Indian Railways and government departments on a B2G model.

What are IC Electricals financials?

Ans. IC Electricals revenue for the recently concluded year was Rs 143.81 crore, up approximately 17.5% year-on-year. PAT was Rs 14.10 crore, up approximately 50% from the prior year. The company employs approximately 288 permanent staff members and operates a dedicated R&D centre for microprocessor-based railway systems.

What is the IC Electricals lot size?

Ans. The IC Electricals IPO lot size is 1,200 shares. The minimum retail application is 2 lots (2,400 shares) at Rs 2,37,600 at the upper price band of Rs 99. For HNI investors, the minimum is 3 lots (3,600 shares) at Rs 3,56,400.

Is the IC Electricals GMP reliable?

Ans. IC Electricals IPO GMP is an informal, unregulated indicator sourced from unofficial grey markets. A GMP of Rs 32 on Day 1 suggests early positive sentiment, but GMP can change significantly between Day 1 and the listing date based on subscription data, market conditions, and sector sentiment. Always verify subscription data (QIB oversubscription is the more reliable signal) before making investment decisions.

What is IC Electricals IPO issue size?

Ans. The IC Electricals IPO issue size is Rs 47.91 crore, comprising a 100% fresh issue of 48,39,600 equity shares with a face value of Rs 10 each. There is no offer-for-sale component, meaning all proceeds go to the company for working capital requirements. The lead manager is NEXGEN Financial Solutions Pvt Ltd and the registrar is Skyline Financial Services Pvt Ltd.