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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding Working Capital Requirements
The company intends to utilize Rs 33.60 crore to meet its incremental working capital needs for expanding operations in the railway electrical sector.
General Corporate Purposes
The balance of Rs 14.31 crore will be deployed towards general corporate expenses, business expansion, and strategic operational initiatives.
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(₹ in Crore)
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Founded in 2005, IC Electricals Company Limited is a specialized engineering and manufacturing enterprise focused on electrical and electronic equipment for the railway sector. Operating under a Business-to-Government (B2G) model, the company designs, develops, and delivers essential systems tailored specifically to the operational requirements of Indian Railways and its public sector undertakings. The company operates manufacturing facilities located in Haridwar, Uttarakhand, equipped with testing and production capabilities. Its product lineup includes microprocessor-based control units, static inverters, battery chargers, emergency lighting systems, voltage regulators, alternators, and traction motors. In addition to hardware manufacturing, IC Electricals operates a dedicated contracts division that handles turnkey 25 kV AC overhead equipment electrification projects, including design, supply, testing, and commissioning. Over two decades of operation, IC Electricals has established approved vendor status with the Ministry of Railways through RDSO registrations. By maintaining in-house research, development, and quality testing infrastructure, the company supports modernization programs across railway networks while driving multi-year growth in order execution and system integration.
IC Electricals Company Limited raised Rs 13.54 crore from anchor investors by allocating 13,68,000 equity shares at an anchor issue price of Rs 99 per share.
Source: RHP • Analysis provided for informational purposes
Last Updated: 20 August 2026, 4:41 PM
Established Supplier to Indian Railways
Holds long-standing vendor approvals and RDSO registrations with the Ministry of Railways, providing steady order opportunities.
Comprehensive In-House Product Portfolio
Offers a wide array of specialized railway electronics and turnkey electrification services from its Haridwar production facility.
Strong Financial Growth and Debt-Free Balance Sheet
Demonstrates consistent revenue expansion and profit growth while maintaining zero long-term borrowings over recent fiscal periods.
Client Concentration in Government Contracts
Relies heavily on tenders and contracts issued by Indian Railways, exposing revenues to policy shifts and tender timelines.
Working Capital Intensity
Requires significant ongoing working capital to manage project receivables, inventory cycles, and raw material procurement.
Tender-Driven Price Competition
Operates in a competitive bidding environment where project delays or cost overruns can squeeze operating margins.
IC Electricals Company Limited
156, 2nd Floor, DSIDC, Okhla Industrial Area, Phase-1, New Delhi - 110020, India
View on Maps →Skyline Financial Services Private Limited
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