Susan Electricals IPO: Price band, GMP and valuation

Key dates, exchange and issue type

Susan Electricals India’s IPO is scheduled to open for subscription on 11 June 2026 and close on 15 June 2026. Social media posts also peg the share listing date as 18 June 2026. The issue is positioned as a BSE SME IPO, and multiple trackers describe it as a book-building issue. This matters because SME listings can behave differently from main-board listings around liquidity and price discovery. The company is described in posts as a Ghaziabad-based manufacturer of aluminium and copper-based electrical winding wires and power cables. A few discussions frame the IPO as a play on India’s T&D infrastructure expansion, without providing a quantified demand outlook. The conversation is largely driven by GMP updates, ticket size, and headline growth numbers. Investors on forums are comparing the same inputs across different IPO tracker summaries.

Price band and what investors are being asked to pay

The price band is repeatedly quoted at ₹120 to ₹127 per share, with a face value of ₹10 per share. Several posts highlight that the minimum application requires a large cash outlay for an SME issue. One widely shared detail is a minimum lot of 2,000 shares, which at the upper price band translates to ₹2.54 lakh. At the same time, one tracker note mentions a lot size of 1,000 shares while still citing the same ₹2.54 lakh minimum investment, which creates confusion. Because of this mismatch, commenters urge prospective bidders to verify the lot size and application amount in the official offer documents and broker interface. The price band itself is consistent across sources, so most debate is on GMP and valuation rather than pricing. Another post reiterates the cap price is 12.70 times the face value, consistent with ₹127 on a ₹10 face value. This high minimum ticket size is a recurring theme in the Reddit-style threads.

Issue size and structure being discussed

The IPO size is consistently cited as ₹70.38 crore in the social media summaries. One Hindi-language explainer breaks the offer into ₹60.22 crore of fresh issue and ₹10.16 crore as offer for sale (OFS). Another excerpt references an offer of up to 55,42,000 equity shares of face value ₹10 each, aligning with the SME format. These figures are being used by posters mainly to compare market cap and implied valuation snapshots shared by trackers. There is limited discussion of end-use of funds in the provided posts, so the debate stays on listing expectations. The issue is described as being brought via the book-building process in more than one summary. With SME issues, participants often watch subscription and GMP rather than detailed roadshow commentary. Across threads, the structure itself is not controversial, but the varying tracker metrics are. The most repeated anchor points are the ₹120-127 band and the ₹70.38 crore size.

GMP chatter: wide range and fast-moving updates

Grey market premium is the most active topic, but the numbers vary sharply by source and time. Some posts cite a GMP of ₹40, with a separate line stating ₹41 as of 11 June 2026 at the time of writing. Others report GMP around ₹28-30 on 11 June 2026, describing it as roughly 22% implied premium at the upper band. Another snapshot claims GMP at ₹15 on the first day of subscription, after a peak around ₹18 before opening. A different summary states minimum GMP recorded at ₹0.00 and maximum at ₹41, reflecting how quickly these quotes change. Multiple sources explicitly caution that GMP is unofficial and sentiment-driven. Because the same day can show different numbers, commenters are treating GMP as a directional signal rather than a precise forecast. The most useful takeaway from the chatter is the range, not any single print. Investors are also comparing whether GMP stays elevated through the subscription window.

What listing estimates look like at different GMP levels

Several posts convert GMP into an estimated listing price by adding it to the upper price band of ₹127. At GMP ₹40, the implied listing estimate cited is around ₹167, which is 31.50% above ₹127. At GMP ₹28-30, the implied estimate is roughly ₹155, representing about a 22% premium. At GMP ₹18, the discussions cite an estimate near ₹145 and a potential gain of about 14.17%. At GMP ₹15, one thread calculates an expected listing near ₹142, implying about 11.81% upside over the issue price. These are presented as rough indicators, not guarantees, and posters repeatedly note the grey market can change frequently. The large spread between ₹142 and ₹167 estimates is driving debate on whether early GMP was ahead of fundamentals. Some users also remind others that SME listing day liquidity can amplify price moves. Overall, the listing-price narrative is being built almost entirely from GMP arithmetic.

Financial snapshot shared on forums: revenue and PAT

Financial growth figures are being circulated heavily, though they differ by year and comparison base. One set of posts says revenue rose from ₹103.59 crore in FY24 to ₹136.05 crore in FY25, a 31.3% increase. The same summary says PAT jumped from ₹0.76 crore in FY24 to ₹5.65 crore in FY25, a 643% increase, and attributes it to improved product mix, operating leverage, and margin recovery. Another tracker-style update states FY26 revenue at ₹269.96 crore, up 98.44%, and FY26 PAT at ₹18.25 crore. A separate line claims revenue increased by 98% and PAT rose by 223% between the year ending 31 March 2026 and 31 March 2025, indicating different reference points used by different posters. These numbers are being used to justify both bullish and cautious views, depending on whether users focus on scale-up or base effects. No detailed cash flow or debt metrics are provided in the shared snippets, so the discussion stays high level. Investors are also comparing whether the FY24-to-FY25 PAT jump overstates trend due to the small FY24 base. The growth narrative is central, but it is being interpreted through limited, summary-level data.

Valuation metrics: multiple P/E snapshots in circulation

Valuation is another area where social posts show more than one metric set. One widely shared valuation snapshot lists post-IPO P/E at 14.15, EPS at ₹8.97, P/B at 5.15, RoNW at 47.42%, and market cap at ₹258.20 crore. Another post says that considering FY2026 earnings and an EPS of ₹11.96, the IPO is valued at a P/E of 10.61x. These differences can arise from using different EPS periods or definitions, and the posts do not reconcile them. Users are therefore comparing “P/E post IPO” numbers across trackers rather than relying on a single definitive multiple. The RoNW figure is frequently repeated because it stands out, but the context behind it is not expanded in the snippets. The market cap figure is used in comments to benchmark against other SME manufacturing listings, without naming peers in the provided context. The key point from the discussion is that valuation looks different depending on which EPS number is used. Investors are being advised by other users to confirm which financial period each tracker is using. This valuation ambiguity is one reason the GMP debate remains active.

Quick facts table and what to verify before bidding

The following table consolidates the most repeated social-media inputs, while reflecting the ranges seen across posts. It is not a recommendation and it highlights where sources disagree. Many commenters suggest verifying final details directly on the exchange and broker platforms.

Two checks stand out before bidding: confirm the lot size and the exact minimum application amount, because posts cite both 2,000 and 1,000 shares. The second is to reconcile the valuation snapshot with the EPS period used, since P/E is being quoted in more than one way. Finally, forum users repeatedly note that GMP is unofficial and can change sharply, so it should not be treated as a firm listing-price promise.