Biocon Electric Files DRHP With SEBI For Proposed IPO Of 59 Lakh Shares

Bengaluru (Karnataka) [India], October 7: Biocon Electric Limited (“the Company”), a multi-category electrical products company selling under the “BIOCON” brand, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering of up to 59,00,000 equity shares, proposed to be listed on the Main Board of BSE Limited and National Stock Exchange of India Limited.

The Offer comprises a fresh issue of up to 48,00,000 equity shares and an offer for sale of up to 11,00,000 equity shares of face value ₹10 each by the Promoter Selling Shareholders. The Net Proceeds from the Fresh Issue are proposed to be utilised towards funding the working capital requirements of the Company (₹6,257.45 lakhs) and general corporate purposes.

Book Running Lead Manager: GYR Capital Advisors Private Limited
Registrar to the Offer: Bigshare Services Private Limited
Proposed Listing: Main Board of BSE Limited and National Stock Exchange of India Limited

Offer Structure

• Total Offer Size: Up to 59,00,000 equity shares of face value ₹10 each

• Fresh Issue: Up to 48,00,000 equity shares

• Offer for Sale: Up to 11,00,000 equity shares by the Promoter Selling Shareholders (up to 2,20,000 equity shares each)

• QIB Portion: Not more than 50% of the Net Offer, of which up to 60% may be allocated to Anchor Investors

• Non-Institutional Bidders: Not less than 15% of the Net Offer

• Retail Individual Bidders: Not less than 35% of the Net Offer

• Pre-Offer Equity Shares: 1,50,00,000 equity shares

Key Business Information

• Distribution network: As of March 31, 2026, the Company had 1,915 non-exclusive channel partners, comprising 1,531 dealers and 384 distributors, across 25 states and four union territories, with 15 storage facilities and depots, 4 C&F partners and 4 Commission Stockist Agents.

• Product portfolio: 1,549 SKUs as of FY2026, compared with 1,031 in FY2024, across insulation tapes, lighting, wires and cables, switches and accessories, and switchgear products.

• Certifications: 12 BIS registrations and licenses, ISO 9001:2015 certification and a RoHS conformity certificate. Certain products are on the approved product lists of Public Works Department authorities in Goa and Uttar Pradesh.

• Electrician network: More than 10,000 electricians registered on the Company’s Biocon E-Pay engagement application as of March 31, 2026.

• Promoters: Milap Chand Jain (over 40 years in the electrical industry; marketing and business development), Prakash Chand Jain (30 years; manufacturing and quality control), Praveen Kumar Jain (30 years; electrical manufacturing), Ranjeet Kumar Jain (over 20 years; dealer network development) and Vikram Kumar (over 14 years; finance).

• Financial position: Revenue from operations grew at a CAGR of 20.07% between FY2024 and FY2026. The debt-equity ratio was 1.11 times as at March 31, 2026, compared with 1.64 times as at March 31, 2024.

Financial Highlights

*All amounts in ₹ lakhs, except percentages and ratios; figures as per Restated Financial Information.

Revenue from operations grew by 37.94% in FY2026, and EBITDA and profit after tax grew by 17.58% and 22.96% respectively. EBITDA margin was 12.94% in FY2026, compared with 15.08% in FY2025, and PAT margin was 7.19%, compared with 8.06%. Net worth grew at a CAGR of 28.23% to ₹6,591.59 lakhs as at March 31, 2026. FY2026 revenue includes ₹2,526.63 lakhs (12.84%) from one-time trading of aluminium rods.

"past performance does not guarantee future returns"

Industry Overview

According to the Dun & Bradstreet report cited in the DRHP, India’s wires and cables market, the Company’s largest product category, is projected to grow from ₹963.8 billion in FY2026 to ₹1,868.1 billion by FY2031, a CAGR of 14.2%. Within this, the branded segment is projected to grow at a CAGR of 15.2% and the unbranded segment at 10.6% over the same period. The Indian LED lighting market is projected to reach approximately ₹40,176 crore by FY2030, growing at a CAGR of nearly 9%.

About Biocon Electric Limited

Biocon Electric Limited (formerly Biocon Electric Private Limited), incorporated in 2019 with its registered office in Delhi and corporate office in Bengaluru, Karnataka, manufactures, processes, assembles, markets and distributes PVC insulated wires and tapes, lighting solutions, electrical switches and accessories, MCBs, RCCBs and other switchgear products, and other electrical appliances. It offers a portfolio of over 1,500 SKUs catering to residential, commercial, industrial and infrastructure applications. The Company operates three manufacturing facilities at Delhi, Ghaziabad (Uttar Pradesh) and Vasai (Maharashtra), supplemented by an assembly and testing unit and a packaging and ancillary operations unit at Vasai. Its operating model combines in-house manufacturing, processing and finishing, assembly and testing, and third-party sourcing of products sold under the “BIOCON” brand. As of March 31, 2026, 1,427 of its 1,915 channel partners were located in southern India.

Disclaimer: The information provided in this article is for informational and educational purposes only. It does not constitute financial, legal, or investment advice. Readers should not rely on this content to make investment decisions. We strongly recommend consulting with a licensed financial advisor or conducting your own due diligence before making any financial commitments.