The Biocon Electric IPO has taken its first step. The company has filed draft papers with SEBI for an offer of up to 59,00,000 equity shares of face value ₹10 each. Of those, 48 lakh shares are new. The shares are proposed to be listed on both the BSE and the NSE.
The draft red herring prospectus, or DRHP, is the document a company files with SEBI before an IPO. This one is dated 29 September 2026. SEBI put it up on its public issues filing page on 5 October.
This is not the Biocon you already know
The name will send some people to the wrong company. Biocon Electric Limited is a Delhi company incorporated on 8 November 2019. Its corporate identity number is U31900DL2019PLC450037. Its promoters are Prakash Chand Jain, Ranjeet Kumar Jain, Praveen Kumar Jain, Vikram Kumar and Milap Chand Jain. It became a public limited company on 1 June 2026, four months before this filing.
It sells electrical goods under the Biocon brand. It is a separate company from Biocon Limited, the listed biopharmaceuticals maker, with its own promoters and its own business. Read the full name before you act on a headline.
What is in the offer
| Item | Detail |
|---|---|
| Total offer | Up to 59,00,000 equity shares, face value ₹10 |
| Fresh issue | Up to 48,00,000 shares (about 81 per cent of the offer) |
| Offer for sale | Up to 11,00,000 shares, 2,20,000 each by five promoters |
| Exchanges | BSE and NSE |
| Lead manager | GYR Capital Advisors |
| Registrar | Bigshare Services |
| Price band, lot size, dates | Not decided yet |
The split matters. Money from a fresh issue goes to the company. Money from an offer for sale goes to the shareholders who sell. Here about 81 per cent of the shares on offer are new. So most of what this IPO raises will stay inside Biocon Electric.
The five selling promoters are each parting with the same small block of 2,20,000 shares. Their weighted average cost of acquisition was certified by the statutory auditors on 28 September 2026. It runs from 34 paise a share for Ranjeet Kumar Jain to ₹3.03 for Milap Chand Jain.
The offer uses Regulation 6(1) of SEBI ICDR rules, the mainboard route. Not more than 50 per cent is for qualified institutional buyers. Not less than 15 per cent is for non-institutional bidders, and not less than 35 per cent for retail bidders.
What the money is for
Net proceeds from the fresh issue are earmarked for working capital of ₹62.57 crore and for general corporate purposes, as per a Business Today report on the draft. There is no issue size in rupees yet. The price band and the minimum bid lot are still blank in the DRHP. They will be advertised in newspapers at least two working days before bidding opens.
What the company does
It sells across five product groups: insulation tapes, lighting, wires and cables, switches and accessories, and switchgear. The same report puts its range at 1,549 SKUs in FY26, against 1,031 in FY24. Its reach was 1,915 channel partners as on 31 March 2026. That is 1,531 dealers and 384 distributors across 25 states and four Union Territories. Manufacturing sits in Delhi, Ghaziabad and Vasai. More than 10,000 electricians are registered on the company Biocon E-Pay app.
Profit after tax for FY26 is reported at ₹14.14 crore. Revenue from operations grew at a 20.07 per cent CAGR between FY24 and FY26. We are holding back the absolute revenue figure. The number in circulation is printed in lakh where the rest of the sentence reads crore, and the restated accounts in the draft are the place to settle that.
What happens next
SEBI reviews the draft now. Its observations usually take one to three months. The company then files the red herring prospectus. That document carries the price band, the lot size and the bidding dates. Biocon Electric is one of 30 companies to have filed draft papers with SEBI so far this month, by our count. It is a crowded queue.
There is no IPO page for the company yet. It will appear on our upcoming mainboard IPO tracker once dates exist. Last week’s filings are in our weekly round-up of DRHPs and SEBI approvals, and every step after this one goes into our IPO news feed.
