The total subscription for the IC Electricals IPO reached 21.13 times on the second day of bidding
The IC Electricals Company Limited IPO witnessed a significant increase in investor demand on the second day of bidding on July 6, 2026. After being fully subscribed on the first day, the public issue received bids for over 73.3 million shares by Monday morning. This overwhelming interest pushed the total subscription figure to 21.13 times, compared to the 34.71 lakh shares initially offered to the public.
The book-built issue, which is an entirely new issue of approximately 48.39 lakh equity shares, has a total value of ₹47.91 crore. No existing shareholder is selling their stake through the offer-for-sale component. Prior to the public rollout, the company raised ₹13.54 crore from five anchor institutional investors on July 2, 2026, with each share distributed at ₹99.
The engineering company had set the official price band for the initial public offering between ₹94 and ₹99 per equity share. Retail individual investors can bid with a minimum application size of two lots, equivalent to 2,400 shares. This structural lot arrangement requires a minimum investment layout of ₹2,37,600 at the upper price ceiling.
As per capital market allocation rules, 35% of the net public offering is fully reserved for retail individual bidders. Non-institutional investors have a 15% allocation, and qualified institutional buyers have a 50% reservation block. High-net-worth individuals are required to apply for a minimum of three bidding lots, equivalent to an investment of ₹3,56,400.
The subscription window will be open for three days, ending on Tuesday, July 7, 2026. Following the formal bidding closure, the company will finalize the basis for share allotment on July 8, 2026. Unsuccessful investors will receive their bid refunds starting July 9, 2026, with the selected shares simultaneously credited to their demat accounts.
The enterprise intends to use a significant portion of the capital raised to fund its growing working capital operations. Of the total net proceeds, ₹33.60 crore has been earmarked for working capital needs. The remaining capital will support general corporate purposes, operational liquidity, and general administrative requirements.
Founded in 2005, this New Delhi-based company focuses heavily on a business-to-government operational model. It develops and manufactures specialized electronic equipment, regulators, battery chargers, and control systems for the Indian Railways. The firm also serves as a turnkey project executor for heavy overhead railway electrification systems.
Financially, the technology and engineering player has seen significant growth over the past few financial cycles. Total revenue increased 18% to ₹143.81 crore in FY26, compared to ₹122.39 crore in the previous fiscal year. Net profit increased 50% during the same period, reaching ₹14.10 crore.
Unofficial tracking of the gray market indicates strong positive sentiment regarding the technology company’s IPO. The premium has steadily increased, reaching ₹55 per share. If this trend continues, the company’s equity shares could list at an estimated price of Rs 154, representing a significant upside of 55.56%.
The engineering company has selected Nexgen Financial Solutions Private Limited as the sole book-running lead manager for the public issue. Skyline Financial Services Private Limited is acting as the registrar. The equity shares are scheduled for official stock market listing on the NSE SME platform on July 10, 2026.
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