IC Electricals Company IPO
IC Electricals Company LtdSME
This IPO has listed.
- Open date
- 3 Jul 2026
- Close date
- 7 Jul 2026
- Min. Investment
- ₹2,37,600
- Lot Size
- -
- Fresh Issue
- ₹47.91 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers241.75x
- Non-Institutional Investors567.69x
- Retail-Individual Investors372.51x
- Total390.83x
Schedule
- Completed: IPO open date3 Jul 2026
- Completed: IPO close date7 Jul 2026
- Completed: Allotment date8 Jul 2026
- Completed: Funds unblock or debit8 Jul 2026
- Completed: Tentative listing date10 Jul 2026
About
Promoter shareholding in IC Electricals Company Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Sunil Kumar Verma | 13,53,840 | 10.09% | 13,53,840 | 7.41% |
| Renu Verma | 7,77,300 | 5.79% | 7,77,300 | 4.26% |
| Aakansha Verma | 4,05,000 | 3.02% | 4,05,000 | 2.22% |
| Davisha Verma | 0 | 0.00% | 0 | 0.00% |
| Savita Sachdeva | 5,58,840 | 4.16% | 5,58,840 | 3.06% |
| Shbd LLP | 15,00,000 | 11.18% | 15,00,000 | 8.21% |
| Safe System India Private Limi | 52,69,620 | 39.26% | 52,69,620 | 28.86% |
| Safe Insulation Technologies | 5,62,500 | 4.19% | 5,62,500 | 3.08% |
| Akash Sachdeva | 5,52,000 | 4.11% | 5,52,000 | 3.02% |
| Aditi Sachdeva | 1,50,000 | 1.12% | 1,50,000 | 0.82% |
Financials of IC Electricals Company IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 99.25 | 121.89 | 143.04 |
| Total Expenses | 93.72 | 109.74 | 124.88 |
| Profit Before Tax | - | - | - |
| Total Profit | 4.53 | 9.37 | 14.08 |
IC Electricals Company IPO Strengths & Risks
- Designing and execution capabilities.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our consumers.
- Quality assurance and control.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Risk of the Company Being Blacklisted by Government Authorities.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company contingent liabilities as stated in its Restated Financial Statements could adversely affect the company financial conditions.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Clerical Error in Statutory Filing of PAS-3 with RoC and Related Compliance Proceedings.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company operations are subject to physical hazards and similar risks that could expose it to material liabilities, loss in revenues and increased expenses.
- Risks Relating to the Business: Failures to Safeguard Confidential Project Data Could Adversely Affect its Business and Financial Performance.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Some of the company's Board of Directors does not has experience of listed companies.
- Risks Relating to the Business: Fluctuation of Interest rate may adversely affect the Company's business.
- Risks Relating to the 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company insurance coverage in connection with its business may not be adequate and may adversely affect the company operations and profitability.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
- Risks Relating to the Business: The Company's operation and growth is dependent upon successful implementation of its business strategies.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The L1 tender system adopted by government authorities may lead to price-based competition, which could adversely affect its margins and profitability.
- Risks Relating to the Business: Delays in execution of railway projects may adversely affect its revenues, profitability and cash flows.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Current promoters are not the original promoters of the Company.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: A third-party could be prevented from acquiring control of it post this Issue, because of anti-takeover provisions under Indian law.
