Susan Electricals India IPO 2026: dates, GMP, demand

IPO opens June 11, listing set for June 18

Susan Electricals India Ltd opened its SME initial public offering (IPO) for subscription on June 11, 2026, and the issue is scheduled to close on June 15, 2026. The shares are proposed to list on the BSE SME platform, with June 18, 2026 cited as the tentative listing date. The allotment is expected to be finalised on June 16, 2026, based on the details provided in the issue schedule.

The IPO has drawn attention because of strong early demand figures reported for the first day, and because the grey market premium (GMP) has been reported at different levels across updates. For investors tracking SME issues, the combination of a large minimum ticket size and a fast-moving subscription book is central to how the offer is assessed.

Price band, lot size, and minimum investment

Susan Electricals India IPO has a price band of ₹120 to ₹127 per share. Multiple disclosures in the provided data also mention different application structures, including a lot size of 1,000 shares in some places and a minimum application of 2,000 shares for retail investors.

Based on the upper end of the price band (₹127), the minimum investment cited for a retail applicant is ₹2.54 lakh for 2,000 shares. The data also states that the minimum lot size for HNI participation is 3 lots (3,000 shares), translating to ₹3.81 lakh at ₹127 per share.

Because the lot-size references vary in the available information, investors typically rely on the final offer document and broker platform display at the time of bidding for the exact lot configuration.

Issue size and structure: fresh issue plus OFS

The IPO is described as a book-built issue of ₹70.38 crore. It includes a fresh issue of 47.42 lakh shares aggregating to ₹60.22 crore, along with an offer-for-sale (OFS) of 8.00 lakh shares totalling ₹10.16 crore.

The total number of shares on offer is stated as 55.42 lakh equity shares. The face value is ₹10 per share, as per the tabulated IPO details included in the provided material.

Who manages the issue

The issue is being managed by Seren Capital. Mudra RTA Ventures has been mentioned as the registrar for the IPO. These intermediaries play key roles across the book-building process, allotment finalisation, and post-issue investor servicing.

Subscription status: day-one demand snapshot

Subscription data shared for day one indicated strong participation, particularly from qualified institutional buyers (QIBs). One update reported the overall subscription at 3.93x on day one, with the retail portion subscribed 2.84x, the NII portion booked 2.38x, and the QIB portion booked 7.01x.

At 14:03 IST, the issue reportedly received bids for 1,39,89,000 shares against 35,61,000 shares on offer, as per the cited data source. Separately, another live update table in the input showed different figures (total 2.87x, QIB 7.00x, NII 1.10x, Retail 1.27x). The common thread across both sets of numbers is that QIB participation was significantly higher than other categories on the first day.

Quota split and category-wise reservations

The allocation structure is stated as nearly 50% of the net issue reserved for QIBs, 15% for non-institutional investors (NIIs), and the remaining 35% for retail investors. Another breakdown in the provided data also includes a market maker reservation.

The share-based reservation split provided is:

• Retail: 17,80,000 shares (33.12%)
• HNI/NII: 7,65,000 shares (13.80%)
• QIB: 25,39,000 shares (44.82%)
• Market maker: 4,58,000 shares (8.26%)

Grey market premium (GMP): wide range across updates

The Susan Electricals India IPO GMP is reported at multiple levels in the provided material, including ₹40, ₹41, ₹42, and ₹15. One line also shows a table where the GMP is ₹0 with an “Invalid date” stamp, indicating a data-quality issue in that specific snippet.

Using the upper end of the price band (₹127), one estimate paired a GMP of ₹40 to indicate an estimated listing price of about ₹167 per share, which is 31.50% above the issue price. Another update suggested the unlisted market was indicating a potential listing around ₹152-153 per share, described as roughly 20% over ₹127. A separate note stated GMP at ₹15 on day one, implying an expected listing price of ₹142, or 11.81% over the issue price.

The material also states that the minimum GMP recorded is ₹0.00 and the maximum GMP stands at ₹41, as per expert opinions. These variations highlight that GMP is not an official metric and can change quickly, sometimes with inconsistent reporting.

Key dates investors are tracking

The issue timeline in the data includes the following dates:

Snapshot table: issue details and reported demand

Market impact: what the early data says

The most concrete market signals in the available information are the day-one subscription numbers and the GMP range. The subscription data points to strong institutional demand early in the issue period, with QIB booking cited near 7x in multiple updates. Retail and NII participation also showed oversubscription in one reported set of figures.

GMP-based listing estimates ranged from about ₹142 to ₹167 against an upper band price of ₹127, but these estimates differ across updates and are not a regulated indicator. Investors typically treat these numbers as informal sentiment markers rather than a dependable forecast.

Why the Susan Electricals IPO is being watched

Susan Electricals is described as a manufacturer of electrical conductors and power cables, coming to the market through an SME IPO. For SME issues, the stated minimum retail investment of ₹2.54 lakh is a meaningful barrier, so demand trends often reflect how HNIs and institutions respond relative to retail.

The combination of a ₹70.38 crore issue size, high QIB participation on day one, and volatile GMP readings makes this offer a closely tracked listing candidate. The next key milestones are the close of bidding on June 15 and the allotment finalisation expected on June 16.

Conclusion

Susan Electricals India’s SME IPO runs from June 11 to June 15, 2026, with listing scheduled for June 18 on BSE SME. The issue is priced at ₹120-127 and seeks to raise ₹70.38 crore through a fresh issue and an OFS. Day-one subscription data indicated strong QIB demand, while grey market indicators were mixed and varied across updates. The next confirmed steps in the timeline are allotment finalisation on June 16 and share credit and refunds on June 17.