IPO alert! Madhuri Madhusudan Kela-backed MV Electrosystems files DRHP

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Madhuri Madhusudan Kela—the wife of veteran investor Madhusudan Kela—backed MV Electrosystems has moved a step closer to going public, with the New Delhi–based company filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). Madhuri Kela holds 1.15 million shares, translating into a 5.6 per cent stake, as of the DRHP filing date.

MV Electrosystems IPO details

The proposed initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to ₹290 crore. The shares carry a face value of ₹5 each and the issue will be launched through the book-building route under Sebi’s ICDR Regulations. 

 

As mandated, up to 75 per cent of the offer will be reserved for qualified institutional buyers (QIBs), not less than 15 per cent for non-institutional investors (NIIs) and at least 10 per cent for retail individual investors (RIIs). 

 

The Equity Shares to be issued through the DRHP are proposed to be listed on BSE, and and the National Stock Exchange of India (NSE).

 

According to the DRHP, MV Electrosystems plans to utilise ₹180 crore from the net proceeds towards long-term working capital requirements, ₹21 crore for research, design and development of new power electronic equipment, with the remaining amount set aside for general corporate purposes.

 

Sundae Capital Advisors Pvt Ltd is the book-running lead manager to the issue, while Kfin Technologies Ltd will act as the registrar.  ALSO READ | Aequs IPO opens Dec 3; sets price band at ₹118-124: Check key details here

About MV Electrosystems 

Incorporated in 2009, MV Electrosystems designs, develops and manufactures electrical and power electronics equipment for railway rolling stock. Its portfolio includes IGBT-based three-phase propulsion systems for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection and management systems, along with other electrical components and sub-systems.

 

The company’s focus on indigenous innovation aligns with the government’s push towards self-reliance, rail electrification and decarbonisation. On September 15, 2025, it received approval from Chittaranjan Locomotive Works (CLW) for its in-house designed IGBT-based three-phase propulsion equipment, comprising traction converter-inverter systems, auxiliary converters, vehicle control units, train control management systems and driver display units.

 

The company operates manufacturing facilities in Baghola, Palwal (Haryana), supported by an R&D centre in Faridabad.

MV Electrosystems reported an outstanding order book of ₹207.5 crore from Indian Railways. Revenue from operations stood at ₹17.3 crore for the four months ended July 31, 2025, compared with ₹62.6 crore in FY25 and ₹50 crore in FY24. Net profit rose to ₹1.4 crore in FY25 from ₹65 lakh in FY24.