MV Electrosystems Initial Public Offering: Price Band set at Rs400 – Rs425 Per Equity Share
FinTech BizNews Service
Mumbai, July 27, 2026: MV Electrosystems Limited (“Company”) has fixed the price band of Rs. 400/- to Rs. 425/- per Equity Share of face value Rs. 5/- each for its initial public offer.
The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Thursday, July 30, 2026, for subscription and will close on Monday, August 03, 2026.
Investors can bid for a minimum of 34 Equity Shares and in multiples of 34 Equity Shares thereafter.
Equity Shares outstanding as on date are 2,04,59,200 equity shares of Rs. 5 each.
The IPO is a fresh issue of Equity Shares up to Rs. 2,900 million.
Out of the Issue Proceeds, Rs. 1,800 million will be for funding long-term working capital requirements of the Company, Rs. 210 million for investment in research, design and development activities for new power electronic equipment, and balance towards general corporate purposes.
The Issue is being made through the book-building process, wherein not less than 75% of the Issue is allocated to Qualified Institutional Bidders, and, not more than 15% and 10% of the Issue is allocated to Non-Institutional Bidders and Retail Individual Bidders, respectively.
About the Company
MV Electrosystems Limited is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches and EMU’s, cable protection and management products and electrical components, systems & sub-systems.
With a focus on indigenous innovation and sustainable rail transportation, the Company is aligned with national and global goals for self-dependence, rail electrification and decarbonization.
The Company has received approvals for its IGBT based 3-Phase Drive Propulsion equipment (“3-Phase Propulsion Equipment”) from CLW in September 2025 and also commenced the commercial supplies to Indian Railways for 3-Phase Propulsion Equipment in March 2026. The 3-Phase Propulsion Equipment includes traction converter-inverter system, auxiliary converter, vehicle control units / train control management system and driver display units - all designed and developed by the Company indigenously to meet international safety and performance standards.
The Company has also entered into a Business Cooperation Agreement with PNC Technologies Co. Ltd, South Korea for a period of three years, to collaborate exclusively for the manufacturing, supply and distribution of Auto Fault Locator system for 25 KV Rail over-head electrification line across the country. This marks the company’s entry into the rail electrical infrastructure products.
Further, the Company has also received a letter of acceptance dated June 27, 2026 from Modern Coach Factory, Raibareli for Design, Development, Manufacture, Supply, Testing and Commissioning of Microprocessor Controlled IGBT based 3 Phase Propulsion Equipment for 6 (six) MEMU trains giving order for an aggregate value of Rs. 865.46 million and five years comprehensive annual maintenance contract for aggregate value of ₹ 46.86 million, both excluding GST, marking its entry into propulsion systems for distributed power supply trains.
Research, Design and Development Centre (R&D Centre)
Company’s in-house research, design & development centre based at Faridabad, Haryana, is the technological backbone of its operations, dedicated to innovation, engineering and advancement of complex and high-performance power electronics and other railway systems. The Company has also commenced the process to set up a new R&D Centre to meet the design and development requirement for distributed power supply propulsion equipment’s.
The existing R&D Centre has been accorded recognition by the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India on June 12, 2026.
The Company is focussed towards research, design and development of newer electrical equipment and power electronics systems for usage in railways industry and to play a strategic role as a domestic manufacturer with technical capabilities, indigenous designed and developed propulsion equipment and in-house assembling cum manufacturing facilities.
Manufacturing Facilities
Company’s assembling-cum-manufacturing facility is based at Village Baghola, Palwal, Haryana (Unit 1) with fabrication, assembling and testing facilities and a high speed SMT (Surface Mount Technology) line for electronics manufacturing capabilities for vehicle control unit and control systems. To expand the production capabilities, the Company has received the requisite regulatory approvals for its proposed Unit 2 at Nangla Bhiku, Palwal, Haryana which will operate on an integrated production model basis with fabrication process and electronics manufacturing capabilities at Unit 1 to support the production.
The Company has implemented quality control processes throughout the manufacturing and assembly operations to ensure that products meet safety and quality standards.
Order Book
As on June 30, 2026, the Company has an executable outstanding order book for supply of 564 (five hundred sixty four) 3-Phase Propulsion Equipment from Chittranjan Locomotive Works, Banaras Locomotive Works and Patiala Locomotive Works, all three units of Indian Railways, having an aggregate order value of Rs. 9,216.40 million (excluding GST) and AMC of Rs. 676.78 million (excluding GST).
Further, the Company also has developmental orders for Microprocessor Controlled IGBT based 3 Phase Propulsion Equipment for MEMU (On Board - 12 Car Rakes), Composite Converter and Hotel Load Converter for an aggregate value of Rs. 898.57 million (excluding GST) and AMC of Rs. 48.64 million (excluding GST).
Sundae Capital Advisors Private Limited is the Book Running Lead Manager, and KFin Technologies Limited is the Registrar of the Issue.
The equity shares of the Company are proposed to be listed on NSE and BSE.
