The Parth Electricals IPO (₹49.72 Cr) is one of the most anticipated SME public offerings of 2025. As a Vadodara-based electrical equipment manufacturer serving giants like Adani, Reliance, and L&T, this IPO offers retail and institutional investors exposure to India’s booming power infrastructure sector. With the subscription window open from August 4–6, 2025, this guide delivers everything you need for an informed investment decision – including live GMP updates, financial deep-dive, allotment process, and expert analysis.
About Parth Electricals IPO Details
| Parameter | Details |
|---|---|
| IPO Dates | August 4, 2025 to August 6, 2025 |
| Listing Date | Tentative: August 11, 2025 (NSE SME) |
| Price Band | ₹160–₹170 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 Shares |
| Min Retail Investment | ₹2,56,000 (2 Lots) |
| Total Issue Size | 29,24,800 shares (Fresh Issue) |
| Employee Discount | ₹8 per share (68,800 shares reserved) |
| Market Maker | Shreni Shares Limited (1,46,400 shares) |
Key Highlights:
- Entirely a fresh capital raise (₹49.72 Cr).
- Post-issue market cap: ₹232.36 Cr.
- ISO-certified manufacturer (9001:2015, 14001, 45001) of MV switchgear, substations, and HV cable solutions.
About the Company: Parth Electricals & Engineering Ltd.
Established: 2007 | Headquarters: Vadodara, Gujarat
Core Business: Design, manufacturing, and turnkey execution of:
- Medium Voltage (MV) switchgear panels
- Vacuum Circuit Breakers (VCB)
- Gas/Air Insulated Substations (up to 220kV)
- High Voltage (HV) cable laying projects
Clients: Adani Group, Reliance Industries, Tata Power, L&T, Ultratech Cement, Siemens, BHEL.
Manufacturing Facility: Manjusar, Vadodara (Gujarat).
Competitive Edge:
- Strategic client partnerships with direct billing.
- Quality certifications ensuring global standards.
- Diversified service portfolio from manufacturing to commissioning.
Parth Electricals IPO GMP (Grey Market Premium) Today
As of July 31 2025:
- GMP: ₹0–₹3 (indicating less grey market demand).
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
Financial Performance (₹ Crore)
| Financials | Mar 2025 | Mar 2024 | Mar 2023 | CAGR (2023-25) |
|---|---|---|---|---|
| Revenue | 176.20 | 87.17 | 65.70 | 63.8% |
| Profit After Tax | 10.12 | 4.61 | 2.45 | 103.5% |
| EBITDA | 17.53 | 9.05 | 4.31 | 101.8% |
| Total Assets | 106.76 | 66.53 | 50.70 | 45.2% |
| Total Borrowings | 33.33 | 15.84 | 8.43 | 98.6% |
| Net Worth | 40.59 | 14.50 | 9.58 | 105.9% |
Growth Drivers:
- 102% revenue surge (2024→2025) driven by substation projects.
- 119% PAT growth due to operational efficiencies.
IPO Application & Lot Size Details
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | 2,56,000–2,72,000 |
| sNII (HNI Min) | 3 | 2,400 | 4,08,000–4,32,000 |
| bNII (HNI Min) | 8 | 6,400 | 10,24,000–10,88,000 |
| Employee (Max) | 1 | 800 | 1,28,000–1,36,000 |
How to Apply:
- ASBA/UPI: Via net banking (ICICI, HDFC, etc.), broker apps (Zerodha, Groww), or bank branches.
- UPI Mandate Cut-off: August 6, 2025 (5 PM).
IPO Reservation Quota (%)
| Investor Category | Shares Reserved | Percentage |
|---|---|---|
| QIB | 13,53,600 | 46.28% |
| NII (HNI) | 4,07,200 | 13.92% |
| Retail | 9,48,800 | 32.44% |
| Market Maker | 1,46,400 | 5.01% |
| Employees | 68,800 | 2.35% |
Promoter Holding Structure
- Promoters: Jigneshkumar Gordhanbhai Patel & Jemini Jigneshkumar Patel.
- Pre-IPO Holding: 79.60%
- Post-IPO Holding: 62.57% (equity dilution of 17.03%).
- Lock-in: 20% promoter shares locked for 6 months; 80% for 18 months.
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | August 4, 2025 |
| IPO Close | August 6, 2025 |
| Allotment Finalization | August 7, 2025 |
| Refund Initiation | August 7, 2025 |
| Demat Credit | August 8, 2025 |
| Listing | August 11, 2025 (NSE SME) |
Anchor Investor Details
- Anchor Portion: ₹13.80 Cr (8,12,000 shares allotted on August 1, 2025).
- Lock-in Period:
- 50% shares: 30 days (till September 6, 2025).
- Remaining 50%: 90 days (till November 5, 2025).
Key Financial Ratios (KPIs)
| Metric | Value | Industry Avg. |
|---|---|---|
| ROE | 24.92% | 18–22% |
| ROCE | 23.38% | 20–25% |
| Debt/Equity | 0.82 | 1.1 |
| PAT Margin | 5.79% | 6–8% |
| EBITDA Margin | 10.04% | 12–15% |
| Book Value/Share | ₹37.82 | – |
| EPS (Pre-IPO) | ₹9.42 | – |
| P/E (Post-IPO) | 22.97x | 25x |
Analysis: Attractive ROE/ROCE vs. debt, but margins lag industry. Valuation at 23x P/E is fair for growth trajectory. Compare peers like Siemens or ABB India.
Company Contact Details
Parth Electricals & Engineering Ltd.
301, Riddhi-Siddhi Elanza, Near Dominos, Subhanpura,
Vadodara, Gujarat – 390023
Phone: 0265 2291922
Email: cs@parthelectricals.in
Website: www.parthelectricals.in
IPO Registrar Information
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: peel.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
IPO Recommendation: Buy or Avoid?
Pros:
✅ Explosive Financial Growth: 100%+ revenue/PAT CAGR (3 years).
✅ Premium Client Base: Projects with Adani, RIL, TATA.
✅ Debt Reduction: 30% of IPO proceeds (₹15 Cr) to repay borrowings.
✅ Sector Tailwinds: Government push for power infrastructure.
Cons:
⛔ Margin Pressure: PAT margin (5.8%) below industry avg. (8%).
⛔ Customer Concentration: Top 5 clients contribute ~45% revenue.
⛔ Execution Risk: New facilities in Gujarat/Odisha (₹39 Cr allocation).
Verdict: Subscribe for Long-Term. Aggressive growth justifies P/E of 23x. Short-term GMP suggests listing gains likely. Avoid if risk-averse.
IPO Allotment & Refunds
- Check Allotment: Via KFin Tech portal or registrar email after Aug 7, 2025.
- Refund Timeline: By Aug 8, 2025 (failed UPI mandates or rejected applications).
- Post-Allotment Actions:
- Hold: If invested for infrastructure growth (3–5 year horizon).
- Sell on Listing: If targeting quick gains (GMP-driven).
RHP/DRHP Documents
- Draft DRHP: Parth Electricals IPO DRHP
- Final RHP: Parth Electricals IPO RHP
Key RHP Risks: Raw material price volatility, project delays, competition from Havells & Siemens.
IPO Review: Pros & Cons
Strengths:
- Dominance in HV substation projects.
- ISO-certified manufacturing excellence.
- 119% PAT growth (YoY 2025).
Weaknesses:
- Rising debt (₹33.33 Cr in 2025).
- Dependence on industrial capex cycles.
- SME exchange liquidity risks.
FAQs (10 Key Questions)
- Q: What is Parth Electricals IPO GMP today?
A: ₹25–₹30 (July 28, 2025), signaling strong demand. - Q: How to apply via Zerodha?
A: Login → Console → IPO → Select “Parth Electricals” → Bid via UPI. - Q: IPO allotment date?
A: August 7, 2025. - Q: Lot size and min investment?
A: 800 shares/lot; Retail min: ₹2,56,000 (2 lots). - Q: Listing on BSE or NSE?
A: NSE SME only. - Q: Anchor investor lock-in?
A: 50% unlocked in 30 days; balance in 90 days. - Q: Post-IPO promoter holding?
A: 62.57% (down from 79.6%). - Q: EPS impact post-IPO?
A: Drops from ₹9.42 to ₹7.40 due to equity dilution. - Q: Key IPO objectives?
A: Fund new factories (₹39 Cr) and repay debt (₹15 Cr). - Q: Debt-to-equity ratio?
A: 0.82 (below industry avg. of 1.1).
