Low-voltage electrical wire and cable manufacturing player Johnsoncab Electricals Limited has entered the primary market with its BSE SME initial public offering. The ₹56.02 crore public issue comprises entirely a fresh issue of shares targeted at factory expansion, machinery procurement, solar infrastructure, and operational working capital. This comprehensive review examines issue timelines, subscription details, financial standing, business operations, and expert perspectives.
📊 Key Details of the Issue
| Item | Detail |
| Company | Johnsoncab Electricals Limited |
| Issue Size | ₹56.02 crore |
| Fresh Issue | ₹56.02 crore (28,00,800 shares) |
| Offer for Sale (OFS) | Nil |
| Price Band | ₹190 to ₹200 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,40,000 (1,200 shares / 2 lots at upper band) |
| Face Value | ₹10 per share |
| Quota Allocation | QIB: ~50% | NII (HNI): ~15% | Retail: ~35% |
| Subscription Window | October 30, 2026 – November 3, 2026 |
| Listing Date | November 6, 2026 (Tentative) |
| Listing Exchange | BSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Lead Manager | ISK Advisors Pvt. Ltd. |
📅 Important Dates to Remember
| Event | Date |
| Bidding Opens | October 30, 2026 |
| Bidding Closes | November 3, 2026 (5:00 PM) |
| Basis of Allotment | November 4, 2026 (Tentative) |
| Refund Initiation | November 5, 2026 (Tentative) |
| Shares Credit to Demat | November 5, 2026 (Tentative) |
| Listing Day | November 6, 2026 (Tentative) |
💰 Subscription Status Grid
| Day | QIB (50%) | NII (15%) | Retail (35%) | Total |
| Day 1 (Oct 30, 2026) | 0.00x | 2.27x | 1.30x | 1.14x |
| Day 2 (Nov 2, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 3 (Nov 3, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Final | -- | -- | -- | -- |
✅ Current Status: Bidding is open from October 30, 2026, to November 3, 2026. Progressive numbers across trading days are captured above.
📈 Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Gain (%) |
| October 28–30, 2026 | ₹10 – ₹13 | ₹210 – ₹213 | +5.00% – +6.50% |
| October 31, 2026 (Latest) | ₹5 | ₹205 | +2.50% |
⚠️ Grey market premiums are unofficial market indicators that change continuously and should not be treated as a definitive forecast of listing returns.
🏢 About the Company
Johnsoncab Electricals Limited manufactures a specialized portfolio of low-voltage wires and cables marketed under the "JOHNSON CABLES" brand, catering to residential, industrial, infrastructure, railways, and renewable energy sectors. Operating twin manufacturing units located in Mehsana, Gujarat, the company has scaled its output and expanded capabilities to fulfill both private-sector orders and government tenders.
Key Highlights
- Diverse Product Reach: Low-voltage wires and cables tailored for power transmission, infrastructure, and green energy applications.
- Manufacturing Capacity: Twin units in Mehsana, Gujarat, supporting robust volume production.
- Tender Expansion: Noticeable scaling in government and institutional supply execution over recent fiscal cycles.
📊 Financial Performance
| Metric (₹ in Crore) | FY24 | FY25 | FY26 |
| Total Income / Revenue | 88.95 | 140.00 | 211.34 |
| EBITDA | 5.42 | 12.14 | 24.06 |
| Profit After Tax (PAT) | 2.52 | 5.46 | 13.42 |
🎯 Objects of the Issue
The net proceeds generated from the fresh equity issue will be directed toward:
- Factory Infrastructure: Construction of an additional factory shed for capacity expansion — ₹8.46 Cr
- Plant & Machinery: Purchasing additional plant and machinery to boost production scale — ₹9.90 Cr
- Specialized Conductors: Acquiring machinery to manufacture paper-insulated copper and aluminium conductors — ₹8.50 Cr
- Rooftop Solar Plant: Purchasing and setting up a solar power plant for energy efficiency — ₹3.23 Cr
- Working Capital: Funding incremental operational capital needs — ₹14.00 Cr
- General Corporate Purposes: Managing general business operations and issue expenses
⚖️ Strengths & Risks
✅ Strengths
- Accelerated Growth Trajectory: Sharp year-on-year expansion in revenue and multi-fold growth in net profitability.
- Strategic Capex Allocation: Clear use of proceeds towards efficiency, solar adoption, and value-added conductor lines.
⚠️ Risks
- Debt Levels: High total borrowings require disciplined cash flow management for interest and principal obligations.
- Customer Concentration: Reliance on a segment of top corporate buyers creates potential exposure if key accounts shift.
🧑💼 What Analysts Are Saying
| Analyst / Firm | Recommendation | Rationale |
| Market Review Desks | Apply – Long Term | Impressive financial scaling, reasonable P/E valuation relative to listed peers, and clear operational expansion plans. |
🏁 Listing Performance (Update After Listing)
| Exchange | Opening Price | Premium vs. Issue | Closing Price |
| BSE SME | Expected Nov 6 | -- | -- |
Verdict: The stock is tentatively scheduled to list on the BSE SME platform on Thursday, November 6, 2026. Real-time tracking will be updated here post-listing.
❓ Frequently Asked Questions (FAQ)
Q1: What is the official price band of the Johnsoncab Electricals IPO?
A: The price band is fixed at ₹190 to ₹200 per equity share.
Q2: What is the minimum investment required for retail investors?
A: Retail investors must apply for a minimum of 2 lots (1,200 shares), amounting to ₹2,40,000 at the upper price band.
Q3: When does the subscription window open and close?
A: The bidding window opens on October 30, 2026, and closes on November 3, 2026.
Q4: What is the current Grey Market Premium (GMP)?
A: The latest recorded GMP stands around ₹5 per share.
Q5: What is the aggregate issue size?
A: The total issue size is ₹56.02 crore, structured entirely as a fresh equity issue.
Q6: How will the fresh proceeds be used?
A: Proceeds will fund factory shed construction (₹8.46 Cr), plant & machinery (₹9.90 Cr), insulated conductor equipment (₹8.50 Cr), a solar plant (₹3.23 Cr), and working capital (₹14.00 Cr).
Q7: What core products does Johnsoncab Electricals manufacture?
A: Low-voltage electrical wires and cables for industrial, infrastructure, railway, and renewable applications.
Q8: Who serves as the registrar for the issue?
A: Maashitla Securities Pvt. Ltd.
Q9: When is the allotment finalization scheduled?
A: November 4, 2026 (tentative).
Q10: When will shares list on the stock exchange?
A: November 6, 2026, on the BSE SME platform.