Susan Electricals India IPO
smelistedAbout the company
Incorporated in 2007, Susan Electricals is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations. The company manufacture low tension (LT) cables, including Low Tension Aerial Bunched (LT AB) cables (up to 1.1 kV), High Tension (HT) cables of specified voltage grades and Medium Voltage Covered Conductor (“MVCC”) Cables under the cables segment. Under the wires and conductors segment, its offerings consist of winding aluminium wires and strips, winding copper wires and strips and aluminium conductors, manufactured with prescribed specifications. Susan Electricals India primarily supplies its products to state-owned electricity distribution utilities (DISCOMs), private sector companies engaged in infrastructure development & EPC activities, as well as firms operating in the electrical wires, cables and conductor segment. Its products are primarily used in power distribution networks, transformer & motor winding applications, overhead distribution lines and underground cabling works. State-owned electricity distribution utilities (DISCOMs) contributed approximately 35.78%, 49.40% and 90.55% of total revenue from operations in FY26, FY25 and FY24 while the private sector firms generated approximately 64.22%, 50.60% and 9.45% respectively. Its products are 1) wires and conductors which include winding wires and strips (Aluminium and Copper) and aluminium conductors 2) Cables which include Low Tension (LT) Cables, High Tension (HT) Cables and Medium Voltage Covered Conductor (“MVCC”) Cables. It operates three manufacturing facilities located in Ghaziabad, Uttar Pradesh. In FY26, the company sold its products across 14 states and 1 Union Territory in India, including markets such as UP, MP, Haryana, Rajasthan, Telangana and Karnataka. Total Revenue from manufacturing products was ~60% and ~38% from trading products in FY26. Revenue from trading of aluminium wires and rods contributed 33.69% of total revenue from operations for FY26. Revenue from job work services made up ~ 0.54% in FY26. Uttar Pradesh and Delhi produced ~67% revenue in FY26. Installed capacity per annum of winding aluminum wire or strip/copper wire or strip was 3,307.5 tonnes and capacity utilisation was 57% in FY26. In the cable segment installed capacity per annum was 6,000 km in LT Cable/ HT Cable/ MVCC Cable and capacity utilisation was ~94% in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 15 Jun | ₹54 | ₹181 | -8 |
| 14 Jun | ₹62 | ₹189 | +1 |
| 13 Jun | ₹61 | ₹188 | -3 |
| 12 Jun | ₹64 | ₹191 | +14 |
| 11 Jun | ₹50 | ₹177 | +9 |
| 10 Jun | ₹41 | ₹168 | +16 |
| 09 Jun | ₹25 | ₹152 | +10 |
| 08 Jun | ₹15 | ₹142 | 0 |
Strengths
- Strong revenue growth over recent years
- Significant improvement in profitability and EBITDA
- Operates in the power transmission and distribution sector, benefiting from India's infrastructure expansion
- Diversified product portfolio including conductors, winding wires, and power cables
- Healthy return ratios indicating efficient capital utilization
- Established relationships with government utilities and DISCOMs
- IPO proceeds earmarked for capacity expansion and working capital support
- Growing demand from power, renewable energy, and electrification projects
Risks
- High debt levels compared to peers
- Dependence on volatile aluminium and copper prices
- Significant reliance on government and tender-based contracts
- Delays in project execution or payments can impact cash flows
- SME-listed stock may face lower liquidity after listing
- Competitive industry with pricing pressure from larger players
- Working capital-intensive business model
- Profit margins may be affected by fluctuations in raw material costs
- Limited operating history at the current scale of business
- Grey market sentiment currently does not indicate a strong listing premium
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed11 Jun 2026Bidding starts for all investor categories
IPO Closes
Completed15 Jun 2026Last day to place your bid
Basis of Allotment
Completed16 Jun 2026Share allotment finalised
Refund Initiation
Completed17 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed17 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed18 Jun 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹127,000 | 1 | ₹127,000 | 1 lot only |
| HNI | 2 | 2000 | ₹254,000 | 2 | ₹254,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,834,008 | 35 | 19,866,396 | 7.01x | 14.3% |
| NII | 15% | 850,202 | 10.5 | 16,170,842 | 19.02x | 5.3% |
| Retail | 35% | 1,983,806 | 24.5 | 9,502,431 | 4.79x | 20.9% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
