MV Electrosystems IPO Day 3 LIVE: GMP signals 28% listing gain, issue subscribed near 200 times. Apply or not?

MV Electrosystems IPO Day 3 LIVE: The initial public offering (IPO) of MV Electrosystems Ltd hit the Indian primary market on 30 July 2026. The public issue proposed for listing on the BSE and the NSE will remain open until 3rd August 2026. So, investors have just one day to apply for the book-building issue. The company management has offered MV Electrosystems shares at a price band of ₹400 to ₹425 per equity share.

The company aims to raise ₹290 crore through the issuance of fresh shares, which means the MV Electrosystems IPO size is ₹290 crore. Meanwhile, the company's shares have fallen in the grey market.

MV Electrosystems IPO GMP today

According to Investorgain, the company shares are available at a premium of ₹120 in the grey market today. This means MV Electrosystems IPO GMP today is ₹120, which is ₹20 higher than MV Electrosystems IPO GMP, when bidding was about to open on Thursday last week. This rise in the MV Electrosystems IPO GMP can be attributed to two major factors: a strong MV Electrosystems IPO subscription status and positive trends in the Indian secondary market.

MV Electrosystems IPO subscription status

By 4:15 PM on day 3, the public issue had been booked 187.34 times, the retail portion had been subscribed 198.42 times, whereas the NII segment had been filled 373.69 times. The QIB portion had been subscribed to 90.47 times.

MV Electrosystems IPO review

Giving a ‘subscribe’ tag to the public issue, GEPL Capital said, “MV Electrosystems Ltd has indigenously developed an IGBT-based 3-phase propulsion system, which has been approved by Chittaranjan Locomotive Works (CLW) and Indian Railways. The company is now eligible to participate in tenders issued by Indian Railways. The company is focusing on High-Value Products and on entering rolling stock manufacturing capabilities. It is expanding its manufacturing capabilities while reducing operating costs and improving operating efficiencies. The company will utilise IPO proceeds for working capital requirements, has a robust order book, and has an IGBT-based 3-phase propulsion system. However, the company has made a loss in FY26; therefore, we recommend a “Subscribe for listing gains” rating for the issue."

Ventura Securities has also assigned an ‘apply’ tag to the public issue, saying, “MV Electrosystems' key strengths include strong in-house research, design and development capabilities across power electronics, embedded systems and thermal design; proprietary indigenous technology free of royalty or technology-fee outflows; high regulatory entry barriers via RDSO/CLW approval pathways; a long-standing relationship with Indian Railways (76.72% of FY26 revenue); and an experienced promoter group led by Mohit Vohra with over 17 years of railway industry experience. Executable orders in hand for propulsion equipment stood at INR 989.32 crore (excluding GST) as on June 30, 2026, supplemented by developmental-category orders of INR 94.72 crore, including a MEMU letter of acceptance from Modern Coach Factory, Raebareli.”

SBI Capial Securities has also given a ‘subscribe’ tag to the public issue, whereas Swastika Investmart has suggested investors to avoid this book-building issue. HDFC Securities, Axis Capital, and Arete Securities have not rated the initial offer.

MV Electrosystems IPO details

The tentative date for the finalisation of share allotment is 4 August 2026. KFin Technologies Ltd has been appointed the official registrar of the book build issue.

The public issue is proposed for listing on the BSE and NSE exchanges. The most likely date for the share listing is 6 August 2026.

Sundae Capital Advisors has been appointed lead manager of the MV Electrosystems IPO.

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