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IPO Open

Tue, Sep 29, 2026

IPO Close

Thu, Oct 1, 2026

Price Band

₹112 to ₹118

Market Cap*

₹128.38 Cr * on Upper Price

IPO Details

  • IPO Date
    29 Sep to 1 Oct, 2026
  • Listing Date
    Wed, Oct 7, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹112 to ₹118
  • Lot Size
    1,200 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE SME
  • Total Issue Size
    28,03,200 shares (agg. up to ₹20 Cr)
  • Reserved for Market Maker
    28,80,000 shares (agg. up to ₹34 Cr)
  • Fresh Issue (Ex Market Maker)
    1,46,400 shares (agg. up to ₹2 Cr) Hem Finlease Pvt.Ltd.
  • Offer for Sale
    2,30,400 shares of ₹10 (agg. up to ₹2 Cr)
  • Fresh Issue (Ex Market Maker)
    27,33,600 shares (agg. up to ₹32 Cr)
  • Net Offered to Public
    27,33,600 shares (agg. up to ₹32 Cr)
  • Share Holding Pre Issue
    80,00,000 shares
  • Share Holding Post Issue
    1,08,80,000 shares

    IPO Timetable (Tentative)

  • IPO Open
    Tue, Sep 29, 2026
  • Allotment
    Mon, Oct 5, 2026
  • Credit of Shares
    Tue, Oct 6, 2026
  • IPO Close
    Thu, Oct 1, 2026
  • Refund
    Tue, Oct 6, 2026
  • Listing
    Wed, Oct 7, 2026

Issue Reservation

Vans Electroengineerings IPO comprises a total issue size of 28,80,000 shares. The net offer to the public is 26,85,600 shares, after excluding 1,46,400 shares allotted on a firm basis and 48,000 shares under a preferential allotment. Of the Net offer 13,41,600 (49.96%) are allocated to QIB, 4,03,200 (15.01%) allocated to NII 9,40,800 (35.03%) allocated to RII.

Investor Category Shares % of Net Issue % of Total Issue
QIB 13,41,600 49.96% 46.58%
  − Anchor Investor 8,04,000 27.92%
  − QIB (Ex. Anchor) 5,37,600 18.67%
NII (HNI) 4,03,200 15.01% 14.00%
Retail 9,40,800 35.03% 32.67%
Preferential Reservations
Employee 48,000 1.67%
Firm Reservations
Market Maker 1,46,400 5.08%
Total 28,80,000 100.00% 100.00%

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 2400 ₹2,83,200
Individual investors (IND) (Max) 2 2400 ₹2,83,200
S-HNI (Min) 3 3600 ₹4,24,800
S-HNI (Max) 7 8400 ₹9,91,200
B-HNI (Min) 8 9600 ₹11,32,800
Employee (Min) 2 2,400 ₹2,83,200
Employee (Max) 3 3,600 ₹4,24,800

Investor Category Reservations

Application Category Bidding Limits
Only Individual investor (retail) 2 lots
Only sNII 3 lots – 7 lots
Only bNII 8 lots and above
Only employee 2 lots – 3 lots
Employee + RII/NII
  • 1. Employee limit: 2 lots – 3 lots AND
  • 2. If applying as RII: 2 lots OR
  • 2. If applying as sNII: 3 lots – 7 lots OR
  • 2. If applying as bNII: 8 lots and above

* Bidding at cut-off price is not allowed for any category

About Vans Electroengineerings Ltd.

Incorporated in February 2022, VANS Electroengineerings Limited is engaged in the manufacturing and supply of components used in traction power supply and overhead equipment systems for Indian railway electrification infrastructure, metro systems and renewable energy applications. Its products are primarily supplied to Indian Railways and railway contractors, and the Company operates from its registered office and manufacturing facility in Salem, Tamil Nadu.

The Company manufactures Single Pole and Double Pole Vacuum Circuit Breakers (VCBs) and Vacuum Interrupters (VIs) for applications including traction substations, sectioning posts, feeding posts and other railway electrification systems. Its product portfolio includes products approved by the Research Designs and Standards Organization (RDSO), and the Company has received approvals from the Central Organization for Railway Electrification (CORE), including “Approved Vendor” status for certain products.

The Company’s manufacturing facility is equipped with machinery including busbar multi-processing and horizontal bandsaw machines, along with in-house testing and quality control infrastructure. It also engages with the Korea Electrotechnology Research Institute (KERI), South Korea and Central Power Research Institute (CPRI), Bengaluru for product testing and compliance with standards including IEC 62505-1:2016 and IEC 62271-100/2017-07. These capabilities support the development and supply of products for railway, metro, industrial and special applications.

The Company is supported by promoters and management with experience across electrical and electronics engineering, railway infrastructure, switchgear manufacturing and industrial manufacturing. Its operations are focused on product development, engineering, manufacturing, quality control, sales and supply chain management.

As of August 31, 2026, the Company had 33 employees across manufacturing, product development, quality control, finance and accounting, administration and operations, and purchase and stores.

Competitive Strengths

  • Niche Market Focus with Quality and Timely Delivery.
  • Established Customer Base and Geographical Footprint.
  • Quality Assurance Standards and RDSO-Approved Products.
  • Core Engineering and Integrated Engineering, Assembly and Testing Capabilities.

Company Financials (Restated)

Vans Electroengineerings Ltd.’s revenue increased by 68% and profit after tax (PAT) rose by 212% between the financial year ending with March 31, 2026 and March 31, 2025.     (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 16.85 5.34 6.57
Total Income 23.19 13.82 2.76
Profit After Tax 5.39 1.73 0.02
EBITDA 7.23 2.48 0.02
NET Worth 9.17 3.78 1.05
Reserves and Surplus 7.17 1.78 0.05
Total Borrowing 2.55 1.20 5.17

Recently Listed IPOs in Heavy Electrical Equipment

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Raksan Transformers Ltd. SME ₹150.50 Cr ₹273 13.39 ₹286.60 +4.98% ₹265.35
Anawil Wire & Engineering Ltd. SME ₹177.81 Cr ₹270 14.53 ₹346.10 +28.19% ₹440.30
Accord Transformer & Switchgear Ltd. SME ₹25.59 Cr ₹46 11.41 ₹52.50 +14.13% ₹65.00

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 To Meet Working Capital Requirements of the Company
    25.00
  • 2 General Corporate Purpose
  • Total
    25.00

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 83.27%
ROCE 63.96%
Debt/Equity 0.28
RoNW 58.79%
PAT Margin 23.61%
EBITDA Margin 31.63%
NAV 11.46
Price to Book Value 10.30

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 6.74 4.96
P/E (x) 17.51 23.79
Market Cap at Offer Price ₹94.40 Cr. ₹128.38 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 90.75% 66.73%
Public 9.25% 33.27%
Total 100% 100%

Company Promoters: Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal and Hotspot Infodot Pvt.Ltd..

Vans Electroengineerings IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

Bigshare Services Pvt.Ltd.

  • 8657578989/8069219065/8069219060
  • ipo@bigshareonline.com
  • Visit Website

IPO Lead Manager(s)

  1. Hem Securities Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Vans Electroengineerings Ltd. Address
Plot 17
SIDCO Women’s Industrial Estate
Karuppur
Salem, Tamil Nadu, 636011

IPO FAQs

Vans Electroengineerings IPO is a SME IPO of 28,80,000 equity shares of the face value of ₹10 aggregating up to ₹34 Crores. The issue is priced at ₹112 to ₹118. The minimum order quantity is 1200.

The IPO opens on Tue, Sep 29, 2026, and closes on Thu, Oct 1, 2026.

Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Angel One customers can apply online in Vans Electroengineerings IPO using UPI as a payment gateway. Angel One customers can apply in Vans Electroengineerings IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Vans Electroengineerings IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Vans Electroengineerings IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Vans Electroengineerings IPO opens on Tue, Sep 29, 2026 and closes on Thu, Oct 1, 2026.

Vans Electroengineerings IPO lot size is 1200, and the minimum amount required for application is ₹2,83,200, with 2 lots being the minimum application size.

You can apply in Vans Electroengineerings IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Vans Electroengineerings IPO will be done on Monday, October 5, 2026, and the allotted shares will be credited to your demat account by Tue, Oct 6, 2026. Check the Vans Electroengineerings IPO allotment status.

The Vans Electroengineerings IPO listing date is not yet announced. The tentative date of listing is Wed, Oct 7, 2026.

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