Delhi-based power distribution infrastructure services provider GV Electricals will open its initial public offering (IPO) for subscription on July 31, with the company aiming to raise Rs 42.25 crore through a fresh issue and an offer for sale.
Ahead of the issue opening, the IPO has also attracted attention in the grey market, where its grey market premium (GMP) touched a high of Rs. 12 on July 27, indicating positive early sentiment.
The IPO is priced in the range of Rs 123 to Rs 130 per share. Based on the upper price band and the peak GMP of Rs. 12, the estimated listing price stood at around Rs. 142, implying a potential listing gain of nearly 9.2%.
However, investors should note that GMP is an unofficial market indicator and does not guarantee listing performance.
The public issue consists of a fresh issue of 30 lakh equity shares worth Rs. 39 crore and an offer for sale (OFS) of 2.5 lakh shares aggregating Rs. 3.25 crore. Promoters Jawed Akhtar and Sunil Lakshman Vatsa will each sell 1.25 lakh shares through the OFS.
The company will open its anchor investor portion on July 30, while the public subscription will close on August 4. The share allotment is expected to be finalised on August 5, with the stock likely to debut on the BSE SME platform on August 7.
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What Does GV Electricals Do?
Founded in 1985, GV Electricals provides operation and maintenance services for electricity distribution utilities across India. Its business operates through three main verticals: network operation and maintenance, electrical infrastructure and network development, and metering and meter management services.
The company plans to use Rs. 6 crore from the fresh issue to repay borrowings, Rs. 22 crore for working capital requirements, while the remaining proceeds will be used for general corporate purposes. The proceeds from the OFS will go to the selling promoters.
Financial Performance
GV Electricals reported strong growth in FY26. Net profit increased 124.5% year-on-year to Rs. 10.5 crore, compared with Rs. 4.7 crore in the previous financial year.
Revenue rose 19.2% to Rs. 156.4 crore, while EBITDA more than doubled to Rs. 17.04 crore from Rs. 8.04 crore a year earlier. The company's EBITDA margin also improved significantly to 10.9%, up from 6.13% in FY25, reflecting stronger operating efficiency.
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