Tipco Engineering India is entering the primary market with a book-built SME IPO that will be listed on the BSE SME platform. The issue consists of 68,03,200 equity shares with a face value of ₹10 per share and an aggregate size of about ₹60.55 crore. The bidding window is scheduled from 23 March 2026 to 25 March 2026, while the allotment is expected on 27 March 2026. The tentative listing date for the IPO is 1 April 2026.
The IPO is priced in a band of ₹84 to ₹89 per share. Its structure includes a fresh issue of 54,48,000 shares and an offer for sale of 13,55,200 shares. The lot size is 1,600 shares. Retail applicants need to apply for at least 2 lots, or 3,200 shares, which takes the minimum investment to ₹2,84,800 at the upper end of the band. The minimum application for sNII investors is 3 lots or 4,800 shares worth ₹4,27,200, while bNII investors need to bid for at least 8 lots or 12,800 shares, amounting to ₹11,39,200.
Tipco Engineering India IPO Details
A quick look at the table below highlights the main IPO details.
| Particulars | Details |
| IPO Opens | 23 March 2026 |
| IPO Closes | 25 March 2026 |
| IPO Lot Size | 1,600 shares |
| Face value | ₹10 per share |
| Price Band | ₹84 to ₹89 per share |
| Issue Price | To be finalised |
| Offer for Sale (OFS) | Up to 13,55,200 equity shares |
| Fresh Issue | Up to 54,48,000 equity shares |
| Issue Type | Book Built IPO |
| Listing at | BSE SME |
| Total Issue | 68,03,200 equity shares |
| Minimum Investment | ₹1,42,400 |
Timeline of the Tipco Engineering India IPO
Here are the key dates from the opening of the issue to the proposed market debut:
| Particular | Date / time |
| Bidding opens | 23 March 2026 |
| Bidding closes | 25 March 2026 |
| Basis of allotment | 27 March 2026 |
| Refunds begin (if applicable) | 30 March 2026 |
| Shares credited to the demat | 30 March 2026 |
| Tentative Listing Date | 1 April 2026 |
| UPI mandate approval deadline | 25 March 2026, 5:00 p.m. IST. |
Tipco Engineering India Key Performance Indicator
A look at the company’s core financial ratios is given below:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 199.01% | 112.00% | 68.26% |
| ROCE(%) | 30.83% | 30.74% | 33.27% |
| Debt Equity | 3.28 | 2.05 | 1.12 |
| RoNW (%) | 99.75% | 67.49% | 46.98% |
| PAT Margin (%) | 7.12% | 8.34% | 11.72% |
| EBITDA margin(%) | 9.66% | 12.00% | 17.91% |
Tipco Engineering India Financials
The table below presents a short overview of the company’s financial performance.
| Particulars (₹ crore) | 2023 | 2024 | 2025 |
| Revenue from operations | 35.97 | 101.23 | 133.14 |
| Total Asset | 28.04 | 65.72 | 100.96 |
| Profit | 2.56 | 8.45 | 15.61 |
Tipco Engineering India IPO Subscription Status
Subscription data not released yet.
The subscription figures will be updated once the bidding window officially opens.
You can apply within 10:00 AM and 5:00 PM on every issue day.
Tipco Engineering India IPO Grey Market Premium (GMP Today)
The Tipco Engineering India IPO GMP today stands at ₹0 as of 16 March 2026, which suggests there is no active grey market premium at the moment. Based on the upper price band of ₹89, the estimated listing price is also around ₹89, implying no estimated listing gain for now.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 17-Mar-2026 | 0 | 89 | 0% | – | 17-Mar-2026 13:47 |
| 16-Mar-2026 | 0 | 89 | 0% | – | 16-Mar-2026 23:37 |
| 15-Mar-2026 | 0 | 89 | 0% | – | 15-Mar-2026 5:55 |
| 14-Mar-2026 | 0 | 89 | 0% | – | 14-Mar-2026 5:55 |
Note: GMP values are sourced from the grey market and can change quickly based on demand, subscription levels, and overall market sentiment. GMP is unofficial and should not be treated as a guarantee of listing performance.
Tipco Engineering India IPO Reservation
Shares are allocated across investor categories as follows:
| Category | Shares offered |
| Market Maker shares offered | 10,20,800 |
| QIB shares offered (total) | 28,76,800 |
| NII (HNI) shares offered | 8,73,600 |
| Retail shares offered | 20,32,000 |
| Total shares offered | 68,03,200 |
Tipco Engineering India IPO Lot Size
| Category | Lots | Shares | Amount (₹) |
| Individual investors (Min) | 2 | 3,200 | 2,84,800 |
| Individual investors (Max) | 2 | 3,200 | 2,84,800 |
| S-HNI (Min) | 3 | 4,800 | 4,27,200 |
| S-HNI (Max) | 7 | 11,200 | 9,96,800 |
| B-HNI (Min) | 8 | 12,800 | 11,39,200 |
Anchor Investors in the Tipco Engineering India IPO
Given below is a brief summary of the anchor investor allocation:
| Particulars | Details |
| Anchor Bidding Date | 20 March 2026 |
| Shares Offered | 17,20,000 equity shares |
| Portion Size | Up to ₹15.31 crore at the upper price band of ₹89 per share |
| 30 Days Lock-in for 50% shares | To be announced |
| 90 Days Lock-in for remaining shares | To be announced |
Tipco Engineering India IPO Prospectus
For a deeper analysis, check the offer documents listed below:
About Tipco Engineering India
Tipco Engineering India Limited was incorporated on 30 September 2021 and is led by Mr Ritesh Sharma, who is the Promoter, Chairman and Managing Director.
Tipco Engineering India is engaged in the manufacture and supply of industrial processing equipment. Its product basket includes bead mills, dispersers, homogenisers, liquid-powder mixing machines, and sigma mixers. The company caters to industries such as paints and coatings, chemicals, printing and packaging, metals, construction, and infrastructure. Its machinery portfolio is broadly organised under the Mill Series, Disperser Series, and Homogenizers Series, while its operations are centred in Sonipat, Haryana.
| Particular | Name |
| Book running lead manager | Smart Horizon Capital Advisors Private Limited |
| Registrar of the issue | Maashitla Securities Private Limited. |
Objectives of the Tipco Engineering India IPO
| Particulars | Amount |
| Repayment or prepayment of certain borrowings | ₹30.00 crore |
| Funding working capital requirements | ₹7.66 crore |
| General corporate purposes | – |
Strength Of Tipco Engineering India
- Wide product range: The company says its product portfolio covers a broad range of plants and machinery across three main series: Mill Series, Disperser Series, and Homogenizers Series. That gives it multiple products and industry links rather than one narrow line.
- Established customer relationships: The company’s top 10 customers contributed 75.80% of revenue from operations for the period ended 31 December 2025, and 78.83%, 76.94% and 60.97% in FY2025, FY2024 and FY2023, respectively.
- Experienced leadership: The company highlights the role of its promoters and management team in driving operations, business development, and sales growth.
- Visible order book: A strong order pipeline is another strength. As of 31 December 2025, the company’s order book stood at ₹7,640.95 lakh. It can be sign of ongoing demand and business visibility, which can support revenue flow in the near term if execution stays on track.
Risk of Tipco Engineering India
- Customer concentration: A large share of the company’s revenue comes from a limited set of customers. The company also says it does not generally operate with long-term customer contracts, which means orders can be changed, delayed, reduced, or cancelled.
- Supplier concentration: The business also depends heavily on a small supplier base. Purchases from the top 10 suppliers made up 71.61%, 59.93%, 56.66%, and 67.83% of stock-in-trade purchases for the period ended 31 December 2025and FY2025, FY2024, and FY2023, respectively.
- Regional concentration: Most sales come from a few states. The company says major sales are concentrated in Uttar Pradesh, Rajasthan, and Haryana, which together contributed 60.95% of sales for the period ended 31 December 2025, and 73.03%, 81.86%, and 65.46% in FY2025, FY2024, and FY2023, respectively. Any slowdown or disruption in these markets could affect revenue.
- Compliance and filing issues: The company has disclosed certain discrepancies and non-compliances in financial reporting or records relating to filing of returns and deposit of statutory dues. It has also disclosed delays or non-filings in some corporate records with the Registrar of Companies. That raises governance risk for a small listed company.
Tipco Engineering India IPO Review
Tipco Engineering India is coming to the market through a BSE SME IPO with a price band of ₹84 to ₹89 per share. The offer includes both a fresh issue and an offer for sale. The company manufactures industrial process machinery, and its recent financials show a clear rise in scale, with revenue and profitability improving in FY2025.
What stands out is the company’s range of equipment and its order book position as of 31 December 2025. At the same time, a large share of its business comes from a limited customer base, and future growth will still depend on how smoothly pending orders translate into actual revenue.
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Tipco Engineering India IPO FAQs
It is an SME public issue through which Tipco Engineering India plans to raise about ₹60.55 crore on the BSE SME platform. The book-built offer is priced at ₹84 to ₹89 per share. It is scheduled to open on 23 March 2026 and close on 25 March 2026.
You can place a bid through your broker or a bank-supported ASBA/UPI route during the issue window from 23 March to 25 March 2026. For the application to go through, the bid has to match the prescribed lot size and the UPI mandate needs to be approved by the cut-off time.
Recent revenue growth and stronger margins stand out, while customer concentration and the high-entry SME application size of ₹2,84,800 still make it a higher-risk issue to watch.
There is no clear listing premium signal at the moment. Currently as of March 17, Tipco Engineering India IPO GMP at ₹0 or unavailable, which points to an implied listing around the upper issue price of ₹89, or roughly 0% indicated listing gain for now. That said, GMP is unofficial and can move quickly before listing, so actual returns may differ from these early grey market signals.
The Tipco Engineering India IPO is scheduled to open on 23 March 2026. It is set to close on 25 March 2026.
Each application lot contains 1,600 shares. For retail bidders, the minimum bid starts at 2 lots or 3,200 shares, which comes to ₹2,84,800 at the upper price band.
The Tipco Engineering India IPO allotment date is 27 March 2026. Most trackers list this as the basis of allotment date, following the issue close on 25 March 2026.
The tentative listing date for the Tipco Engineering India IPO is 1 April 2026.
