IC Electricals IPO 2026: Price band, dates, demand

What is driving attention to IC Electricals’ SME IPO

IC Electricals Company Limited’s maiden public issue drew heavy investor participation through the bidding period, led by retail and non-institutional categories. The company is described as a manufacturer of electronic equipment for railway applications. The IPO is a fresh issue and is being offered on the NSE SME platform.

Market trackers highlighted sharp oversubscription on the first day itself, followed by a steeper jump by the second day of bidding. Separately, grey market commentary cited a premium of more than 40%, although such indicators are unofficial and not a guarantee of listing performance.

IPO structure: fresh issue, size, and platform

The issue is stated to be entirely a fresh issue of 48,39,600 equity shares. The issue size is mentioned as ₹47.91 crore, and the IPO is slated to list on NSE SME.

The price band has been fixed at ₹94 to ₹99 per share. The lot size is 1,200 shares, and bids must be placed in multiples of the lot size.

Price band and lot size: what investors needed to apply

The IPO price range is ₹94 to ₹99 per share, with a lot size of 1,200 shares. One calculation explicitly provided alongside the details says a minimum application of 2 lots (2,400 shares) and mentions an investment figure of ₹1,18,800 at the upper price band.

Using the same disclosed price band and lot size, one lot at ₹99 works out to ₹1,18,800 (1,200 x ₹99). If an investor applies for 2 lots (2,400 shares), the amount works out to ₹2,37,600 at ₹99. At the lower end of the price band, 2 lots work out to ₹2,25,600 (2,400 x ₹94), a figure also shown in the provided data.

Key dates: open, close, allotment, and listing

The IPO opened for subscription on Friday, July 3, 2026, and was scheduled to close on Tuesday, July 7, 2026. The allotment was expected on July 8, 2026.

A tentative listing date of July 10, 2026 on the NSE SME platform is also provided. These dates matter for investors tracking when funds are blocked, when allotment status may be available, and when shares could start trading.

Subscription trend: day 1 momentum and day 2 surge

On day 1 (July 3), the public issue was reported to be subscribed 6.57 times, with bids for 2.28 crore shares against an offer size of 34.71 lakh shares, across 7,353 applications. The same day’s category data included retail subscription of 9.79 times and non-institutional subscription of 9.9 times, while the QIB portion was subscribed 11%.

By day 2 (July 6), the IPO was reported to be subscribed 61.83 times, with investors bidding 21.46 crore equity shares against the offer size of 34.71 lakh shares through 69,657 applications. Retail and non-institutional categories were reported at 91.69 times and 91.46 times, respectively, while QIB subscription was 3.1 times.

Multiple live trackers showed higher totals by July 7

Later subscription snapshots in the provided data show significantly higher totals, including a figure of 378.58 times as of 07 Jul’26, 04:31 PM, with QIB at 234.87 times, NII at 558.48 times, and retail at 355.43 times. Another line also states “Subscription 349.08x” without a timestamp.

The dataset also contains a separate line saying the SME IPO was subscribed 67.16 times as of 06 Jul 2026, 5:54 PM, with QIB at 3.12 times, NII at 91.75 times, and individual at 92.97 times. Because these figures are reported at different times and across different trackers, readers should compare them by timestamp and category definitions.

Grey market premium: what was reported

As of July 2, 2026, the grey market premium (GMP) was stated at ₹40. Based on the upper price band of ₹99, an estimated listing price of ₹139 was implied, translating into a potential premium of about 40.40%.

The provided text also notes that GMP reflects market sentiment, is unofficial, and should not be treated as a guarantee of listing gains.

Company and registrar contact details in the offer information

The company’s registered office is listed as 156, DSIDC Okhla Industrial Area, Phase I, New Delhi – 110020, India. Contact details provided include phone numbers +91 11 4905 0732 / 4905 0733 and the email info@icelectricals.in, along with the website www.icelectricals.in.

The registrar contact block in the provided data includes phone 011-4045 0197 and the email ipo@skylinerta.com. A separate phone number +912228511022 is also shown alongside the same registrar email in another line of the data.

Key IPO details at a glance

Subscription table: reported snapshots and day-wise data

Market impact: what the numbers indicate

The day 1 data showed early participation was concentrated in retail and non-institutional investors, while QIB participation was limited initially. By day 2, QIB subscription moved up to a little over 3 times in the reported table, while retail and NII figures were far higher.

The later snapshot for July 7, if compared with day 2, indicates a much sharper ramp-up in subscription across categories. Such spikes are commonly seen closer to the close of bidding, but the provided data should be read strictly in context of the timestamps and the source tables.

Why this IPO is being tracked closely

Two factors stand out from the provided information. First, multiple data points show the issue being fully subscribed early, with strong oversubscription in retail and NII categories. Second, market observers cited a grey market premium of more than 40%, and another report quantified GMP at ₹40.

At the same time, the data itself includes a caution that high subscription does not guarantee listing gains and that GMP is unofficial. For investors, the confirmed parts remain the offer structure, dates, price band, lot size, and the time-stamped subscription figures.

Conclusion

IC Electricals’ ₹47.91 crore NSE SME IPO, priced at ₹94-₹99 with a 1,200-share lot size, recorded strong bidding through July 6 and additional higher subscription snapshots were reported by July 7. The issue was scheduled to close on July 7, with expected allotment on July 8 and a tentative listing on July 10, 2026.