Susan Electricals India IPO GMP: Price, Lot Size & Complete Investor Guide

The dynamic SME primary market is serving up another key opportunity this week. The Susan Electricals India IPO GMP is building steady momentum in the grey market as the subscription window prepares to open tomorrow, June 11, 2026.

As Mainboard public issues take a brief backseat, the BSE SME segment is stepping up with this sizable ₹70.38 crore offering. Here is your comprehensive guide to the company's business model, its explosive financial growth, and what the current grey market trends indicate for listing day.

About Susan Electricals India Limited

Established in 2007, Susan Electricals India Limited is an established manufacturer specializing in copper and aluminum-based electrical winding wires, power cables, and conductors. Operating out of its primary manufacturing hub in Sahibabad (Ghaziabad, Uttar Pradesh), the company's catalog includes:

• Winding Wires & Strips: Primarily used in transformers, electric motors, alternators, and magnetic coils.

• Overhead Conductors: Aluminum stranded conductors heavily utilized in state and national power distribution networks.

• Power Cables: Low Tension (LT) insulated cables up to 1.1 kV (introduced in FY24) and their newly launched High Tension (HT) cables introduced in FY26.

The company primarily builds its order book through competitive bidding, catering to state-owned electricity distribution companies (DISCOMs), large engineering, procurement, and construction (EPC) infrastructure players, and consumer electrical brands.

Susan Electricals India IPO GMP: Today’s Grey Market Signal

The Susan Electricals India IPO GMP (Grey Market Premium) has started pricing in solid positive traction ahead of the opening bell.

• Latest GMP Reading: The grey market premium is hovering around ₹25 per share.

• Estimated Listing Price: Based on the upper price band of ₹127, the stock is tracking an estimated opening price of ₹152 per share. This translates to a projected listing gain of roughly 19.69%.

While early interest points toward a strong double-digit debut, remember that the grey market is entirely decentralized. GMP can fluctuate significantly over the 5-day bidding cycle based on institutional anchor bookings and real-time subscription velocity.

Key IPO Timetable & Dates

The book-built issue is scheduled across a standard timeline, moving swiftly from closing to secondary market trading within a single week.

Financial Highlights at a Glance

Susan Electricals showcases a sharply accelerating balance sheet over the past three fiscal periods, driven by their operational expansion into the higher-margin power cable manufacturing vertical.

Vital Capital Efficiency Metrics (FY26)

• Return on Equity (ROE): 64.64%

• Return on Capital Employed (ROCE): 29.05%

• PAT Margin: 6.77%

Financial Deep-Dive Note: While the near-tripling of PAT from ₹5.65 crore to ₹18.25 crore demonstrates stellar operational leverage, the company's operating cash flows remain highly negative (standing at ₹-9.71 crores in FY26). This reflects a working-capital-heavy business model where significant capital is consistently locked up in inventory and unpaid trade receivables from government utilities.

Price Band, Lot Size & Investment Breakdowns

The price band for the issue is set at ₹120 to ₹127 per share. Due to BSE SME rules, retail and HNI lots are packaged with a minimum allocation of 1,000 shares per lot.

Structure & Objectives of the Issue

The entire public offering aggregates to ₹70.38 crores (55.42 lakh shares) and is divided into two distinct structural components:

1. Fresh Issue: ₹60.22 Crores (42.84 lakh shares) — funds flow straight to the company.

2. Offer for Sale (OFS): ₹10.16 Crores (8.00 lakh shares) — proceeds go to the promoting stakeholders, reducing promoter holdings from 92.47% down to 66.97%.

The company has mapped out the net fresh proceeds toward two vital operational targets: ₹10.29 crore will back the physical capacity expansion of their automated Sahibabad production plant, while ₹33.00 crore is directly earmarked to shore up their pressurized working capital cycles.

Listed Peer Comparison

When stacked against its peer group on the bourses, Susan Electricals enters the market at a highly competitive valuation matrix.

Balanced Review: Strengths vs. Risks

Key Strengths:

• Government-Backed Demand: Multi-state DISCOM vendor approvals give them a steady pipeline of domestic utility and infrastructure projects.

• Macro Tailwinds: Well-positioned to benefit from India's Revamped Distribution Sector Scheme (RDSS) and rural grid electrification initiatives.

• Attractive Pricing: Debuting at an annualized P/E of 10.61x, the issue is priced conservatively compared to its sector peers.

Core Risks & Weaknesses:

• Negative Operating Cash Flows: Consistently consuming cash from operations to sustain inventory builds.

• Tender-Driven Revenue: High dependency on winning government contracts; any sudden regulatory changes or slower bidding pipelines directly impacts revenue predictability.

• Raw Material Risk: Extremely vulnerable to global commodity price volatility in raw aluminum and copper.

Quick Summary

• Issue Size: ₹70.38 Crores (Fresh Issue + OFS mix)

• Price Band: ₹120 – ₹127 per share

• Lot Size: 1,000 shares (Retail Minimum: 2 Lots / ₹2,54,000)

• Current Grey Market Trend: ~20% Listing Premium (₹25 Premium)

• Listing Exchange: BSE SME

• Lead Manager: Seren Capital Private Limited

Keep following Finowings for real-time Day 1 subscription data, updates on the anchor allotment list, and live tracking of the Susan Electricals India IPO GMP.

Disclaimer: The data points compiled above are for academic and informational purposes only. This should not be treated as formal financial or trading advice. SME offerings harbor amplified volatility and liquidity challenges. Please perform independent research or speak to a SEBI-registered financial advisor before placing bids.