Ahead of its debut, the stock was commanding a healthy grey market premium (GMP) of around ₹109, indicating an expected listing gain of nearly 26%.
The ₹290-crore initial public offering (IPO) of the railway electrical equipment manufacturer received a robust response from investors, with the issue being subscribed 188.85 times at close.
The IPO comprised entirely a fresh issue of 68 lakh equity shares and was priced in the range of ₹400-425 per share.
The company plans to utilise the net proceeds from the IPO to meet its long-term working capital requirements, invest in research, design and development of new power electronic equipment, and for general corporate purposes.
According to its red herring prospectus (RHP), revenue from operations rose to ₹62.64 crore in FY25 from ₹49.96 crore in FY24 before declining to ₹49.43 crore in FY26. Net profit increased to ₹1.40 crore in FY25 from ₹0.56 crore a year earlier, but the company reported a net loss of ₹12.63 crore in FY26.
MV Electrosystems designs, develops and manufactures electrical and power electronics equipment for railway rolling stock.Its product portfolio includes indigenous IGBT-based three-phase drive propulsion systems for electric locomotives, switchgear panels for passenger coaches and electric multiple units (EMUs), cable protection systems and other specialised electrical components.
