Vans Electroengineerings IPO
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Lists today
Issue Price
₹118
Listing Price
Updates after the market opens
- Price Band
- ₹112 – ₹118
- Lot Size
- 1,200
- Lot Value
- ₹1,41,600
- Open Date
- 29 Sep29 Sep 2026
- Close Date
- 01 Oct01 Oct 2026
- Min Investment
- ₹1,41,600
About Vans Electroengineerings
Manufacturing and supplying components of traction power supply and overhead equipment systems, primarily for Indian Railways and associated vendors.
Use of IPO Proceeds
Total allocation: ₹25.00 Cr (excludes issue expenses)
Promoters
Balakrishnan Srinivasan
Chairman & Joint Managing Director · age 58
around 35 years in similar line of business
Pre-issue: 12.69% · Post-issue: 9.33%
Viraj Bansal
Joint Managing Director · age 28
around 2 years in similar line of business
Abhishek Saraff
Non Executive Director · age 51
around 4 years in similar line of business
Pre-issue: 20.19% · Post-issue: 14.84%
Nitin Jain
Non Executive Director · age 43
around 4 years in similar line of business
Pre-issue: 20.19% · Post-issue: 14.84%
Pooja Bansal
Whole Time Director · age 52
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Dominant position with major customers in Indian Railways ecosystem
- •Concentrated revenue from two key product verticals with strong market presence
- •Significant order book visibility supporting future revenue recognition
Risk Factors (6)
- •Railway infrastructure spending slowdown or adverse developments in transportation and logistics sector could negatively impact business growth and revenue.
- •Changes in Indian Railways requirements, specifications and design standards may increase costs and delay project execution timelines.
- •First public issue with no formal market history; no assurance of active trading or sustained market price post-listing.
- •Adverse regional developments at project sites including policy changes, unrest, or disruptions in approvals could impact operations.
- •Inability to retain key management personnel and employees could adversely affect business operations and strategic execution.
- •Concentration of ownership among promoters limits minority shareholder influence and creates related party transaction risks.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 583.91x (QIB 281.65x, NII 757.18x, Retail 685.16x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| Retail (max) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | — | 0.03x | 281.65x |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 4.35x | 95.15x | 685.16x |
| Total | 2.38x | 55.89x | 583.91x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
685.16x
Allotment Ratio
1 lot per 686 applicants
Allotment Probability
~0.1%
Non-Institutional Investors (NII / HNI)
Subscription
757.18x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
281.65x
Allotment Type
Discretionary allotment
Total Subscription
583.91x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
29 Sep 2026 · Tue
Issue Closes
01 Oct 2026 · Thu
Bidding Cut-off (UPI Mandate)
01 Oct 2026 · 5:00 PM IST
Allotment
05 Oct 2026 · Mon
Listing
07 Oct 2026 · Wed · Today
Issue Opens
29 Sep 2026 · Tue
Issue Closes
01 Oct 2026 · Thu
Bidding Cut-off (UPI Mandate)
01 Oct 2026 · 5:00 PM IST
Allotment
05 Oct 2026 · Mon
Listing
07 Oct 2026 · Wed · Today
IPO Details
| Registrar | — |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹33.98 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | HEM SECURITIES LIMITED |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 22.84 | 5.39 | — | — | 58.79% |
| FY25 | 13.56 | 1.73 | — | — | 45.76% |
| FY24 | 2.6 | 0.02 | — | — | 2.04% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 2.76 | 13.82 | 23.19 |
| EBITDA | 0.02 | 2.48 | 7.23 |
| Net Worth | 1.05 | 3.78 | 9.17 |
| Cash Flow — Operating | -2.79 | 5.51 | -3.07 |
| Cash Flow — Investing | -0.04 | -0.1 | -0.07 |
| Cash Flow — Financing | 2.49 | -3.31 | 1.18 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY26)
—
Earnings per share
RoNW
58.79%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
31.7%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | ₹15.00 Cr |
| Issued Capital | ₹2.00 Cr |
| Paid-up Capital | ₹2.00 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Vans Electroengineerings offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Nitin Jain(Promoter)+25.00%
- Abhishek Saraff(Promoter)+25.00%
- Balakrishnan Srinivasan(Promoter)+25.00%
- Hotspot Infodot Private Limited(Promoter)+25.00%
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Vans Electroengineerings's filing.
Source: Vans Electroengineerings offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Vans Electroengineerings offer document (DRHP/RHP).
Board & Management
Board of Directors (8)
- Balakrishnan Srinivasan₹0.12 Cr p.a.
Chairman and Joint Managing Director
Master of Business Administration – International Business, Bachelor of Science, Diploma in Electronics and Communication Engineering
Over 35 years in Electrical and Electronics Engineering Industry
- Viraj Bansal₹0.12 Cr p.a.
Joint Managing Director
Master of Science in Engineering Business Management, Bachelor of Technology in Electrical and Electronics Engineering
Overall experience of 6 years including over 3 years in railway infrastructure, metal castings, and switchgear manufacturing industry
- Pooja Bansal
Whole Time Director
More than 20 years in business administration, trading operations, procurement management, vendor and client coordination
- Abhishek Saraff₹0.12 Cr p.a.
Non-Executive Director
Master of Business Administration from University of Kansas, United States
Over 23 years in international sales, marketing, business development, product development, manufacturing operations
- Nitin Jain₹0.10 Cr p.a.
Non-Executive Director
Bachelor of Engineering (Mechanical Engineering)
Over 15 years in manufacturing of electrical and electronic equipments and related products
- Abhishek Mishra
Independent Director
Post Graduate Diploma in Business Management (Operations), Bachelor of Technology (Mechanical and Automation Engineering)
8 years in Operations related to Manufacturing Process, Service Process, Manufacturing Operations
- Mridusha Havelia
Independent Director
Chartered Accountant, Bachelor of Laws
4 years in Accounts, Finance, Taxation, GST, Audit, Compliance & Financial Advisory
- Shikhar Gupta
Independent Director
Chartered Accountant
Over 6 years in Taxation, Financial Advisory and Accounting Services
Key Managerial Personnel (3)
- Amisha Bisen
Chief Financial Officer
PGDM (FS), Bachelors in Commerce
More than 2 years in Finance, Accounts, and Taxation & Statutory Compliances
- Ashutosh Pandey
Company Secretary and Compliance Officer
Company Secretary, Associate Member of Institute of Company Secretaries of India
More than 3 years in secretarial matters
- Yash Agarwal₹0.06 Cr p.a.
Plant Head
Bachelor of Commerce (Marketing Management)
More than 10 years in manufacturing operations, production planning, administration, logistics, supply chain management
Source: Vans Electroengineerings offer document (DRHP/RHP).
Industry & Market
Per Indian Railways 2023 book; IBEF (Indian Brand Equity Foundation), a report commissioned by the company (not independent).
Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Vans Electroengineerings IPO opening?
The Vans Electroengineerings IPO opens on 29 Sep 2026 and closes on 01 Oct 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Vans Electroengineerings IPO?
The price band for the Vans Electroengineerings IPO is ₹112 to ₹118. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Vans Electroengineerings IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,41,600. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Vans Electroengineerings IPO today?
The latest Grey Market Premium for Vans Electroengineerings is ₹103 (+87.29%). GMP is unofficial data and is not a guarantee of listing price.
When will the Vans Electroengineerings IPO list on NSE and BSE?
The Vans Electroengineerings IPO is expected to list on 07 Oct 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Vans Electroengineerings IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Vans Electroengineerings IPO a mainboard or SME issue?
Vans Electroengineerings is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Vans Electroengineerings IPO?
You can apply for the Vans Electroengineerings IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Vans Electroengineerings IPO?
The GMP-implied price (unofficial, not a forecast) is ₹221: the upper price band of ₹118 plus the latest grey market premium of ₹103, as of 07 Oct 2026, 09:00 AM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Vans Electroengineerings IPO?
Based on the retail subscription of 685.16x, the estimated allotment ratio is 1 lot per 686 applicants (approximately 0.1% chance of allotment). This is an estimate and actual allotment may vary.
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