The IC300 features a solid ash body mated to a set-in 3-ply rock maple neck with a smooth heel and a 22-fret ebonized rosewood fingerboard with pearloid dot position markers. Components include a Gibraltar fixed bridge mounted to a sustain block sunk into the guitar body, a Quik Change tailpiece, a pair Ibanez Super 80 "Flying Fingers" humbucking pickups with individual volume and tone controls, a half bone/ half brass nut, Sure Grip knobs, and Velve-Tune machine heads. The output jack is mounted on the face of the guitar.
The IC400 is a similar model with a maple topped mahogany body, parallelogram fretboard inlays and gold hardware.
As few as 137 IC300s were produced — 91 in 1978 and 46 in 1979.