IC Electricals IPO oversubscribed 420 times ahead of ₹143 debut
Business
IC Electricals's IPO just broke records: oversubscribed by an incredible 420 times!
Noninstitutional investors led the rush, with retail and institutional buyers also seeing strong demand, though at substantially lower subscription rates.
With strong demand in the gray market, the stock is set to debut at around ₹143 per share on July 10, which is about 45% higher than its top offer price of ₹99.
IC Electricals net profit rises 50%
Started in 2005, IC Electricals designs electronic equipment and handles railway electrification projects for government contracts.
The company's been growing fast: total income jumped 18% to ₹143.81 crore this year, and net profit soared by 50%.
Most of the IPO funds will go toward working capital and keeping operations running smoothly.