- Summary
- The fresh issue by Vans Electroengineerings for its IPO ranges between ₹32.26 crore and ₹33.98 crore, with the shares priced between ₹112 and ₹118, and the offer being open from 29th September to 1st October 2026.
- The issue involves 288,000 new equity shares, with each lot consisting of 1,200 shares and a minimum application of 2,400 shares.
- The company’s FY2026 revenue was ₹22.84 crore, and its PAT was ₹5.39 crore, together with an EBITDA margin of 31.63%.
Vans Electroengineerings IPO is a book-built SME IPO comprising a fresh issue of 28,80,000 equity shares with a face value of ₹10 each. The issue opens for subscription on 29 September 2026 and closes on 1 October 2026. The shares are proposed to list on BSE SME on 7 October 2026. The price band is ₹112 to ₹118 per share.
The lot size is 1,200 shares, while the minimum individual investor application is two lots or 2,400 shares. At the upper price band of ₹118, the minimum investment is ₹2,83,200.
Vans Electroengineerings IPO Details
The following table sets out the main details of the Vans Electroengineerings IPO.
| Particulars | Details |
| IPO Open Date | September 29, 2026 |
| Close Date | October 1, 2026 |
| Face value | ₹10 per equity share |
| Price Band | ₹112 to ₹118 per share |
| Issue price | Yet to be finalised |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 28,80,000 shares, aggregating up to ₹33.98 crore |
| Offer for sale | Nil |
| Issue Type | Book-built SME IPO |
| Listing at | BSE SME |
| Total Issue Size | ₹32.26–₹33.98 crore |
| Minimum Investment | ₹2,83,200 for 2,400 shares at the upper price band |
Vans Electroengineerings IPO Timeline
The following table presents the proposed timetable for Vans Electroengineering’s IPO.
| Event | Date |
| IPO Open Date | September 29, 2026 |
| IPO Close Date | October 1, 2026 |
| Basis of Allotment | October 5, 2026 |
| Initiation of Refunds | October 6, 2026 |
| Credit of Shares | October 6, 2026 |
| Listing Date | October 7, 2026 |
The dates are only preliminary and could be altered in accordance with the final issue schedule.
Vans Electroengineerings Key Performance Indicators (KPI)
| KPI | FY2026 | FY2025 | FY2024 |
| ROE (%) | 83.27 | 71.63 | 2.06 |
| ROCE (%) | 63.96 | 53.51 | 2.10 |
| Debt to Equity | 0.28 | 0.32 | 4.92 |
| RoNW (%) | 58.79 | 45.76 | 2.04 |
| PAT Margin (%) | 23.61 | 12.75 | 0.83 |
| EBITDA Margin (%) | 31.63 | 18.27 | 0.94 |
| Price to Book Value | – | – | – |
Vans Electroengineerings Financials
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | ₹2.60 crore | ₹13.56 crore | ₹22.84 crore |
| Total Assets | ₹6.57 crore | ₹5.34 crore | ₹16.85 crore |
| Profit After Tax | ₹0.02 crore | ₹1.73 crore | ₹5.39 crore |
Vans Electroengineerings IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts on 29 September 2026.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Vans Electroengineerings IPO Grey Market Premium
The Vans Electroengineerings IPO GMP today is ₹45 as of 28 September 2026, 10:15 AM IST. Based on the upper price band of ₹118, the estimated listing price is ₹163 per share, indicating an estimated listing gain of 38.14%.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 28 Sep 2026 | ₹45 | ₹163 | 38.14% | No change | 28 Sep 2026, 10:15 AM IST |
| 27 Sep 2026 | ₹45 | ₹163 | 38.14% | Increasing | 27 Sep 2026, 11:05 AM |
| 26 Sep 2026 | ₹0 | ₹118 | 0% | Flat | 26 Sep 2026, 10:15 AM |
Note: GMP values are sourced from the unofficial grey market and may change rapidly based on demand, subscription status and market sentiment.
Vans Electroengineerings IPO Reservation
The following table gives the proposed share reservation for the various investor categories in the Vans Electroengineerings IPO.
| Investor Category | Shares Offered |
| QIB Shares Offered | 13,41,600 shares |
| NII Shares Offered | 4,03,200 shares |
| Retail Shares Offered | 9,40,800 shares |
| Employee Reservation | 48,000 shares |
| Market Maker Reservation | 1,46,400 shares |
| Total Issue Size | 28,80,000 shares |
Vans Electroengineerings IPO Lot Size
The table given below lists the lot size and the application amounts for the various investor categories.
| Investor Category | Lots | Shares | Amount |
| Individual Investors (Retail) (Min) | 2 | 2,400 | ₹2,83,200 |
| Individual Investors (Retail) (Max) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,24,800 |
| B-HNI (Min) | 10 | 12,000 | ₹14,16,000 |
The figures are based on the higher price level of ₹118 per share, with a minimum bid of 2,400 shares and additional applications available in increments of 1,200 shares.
Vans Electroengineerings IPO Anchor Investors
Vans Electroengineerings IPO anchor bidding is scheduled for 28 September 2026. The final anchor investor list, shares allotted, anchor portion size and applicable lock-in dates will be updated after the anchor allocation is officially disclosed.
Vans Electroengineerings IPO Prospectus
For further details on the matter, investors are advised to consult Vans Electroengineerings’ offer documents.
About Vans Electroengineerings
Vans Electroengineerings Limited is primarily engaged in manufacturing and supplying electrical equipment for railway electrification and traction power applications; its products include vacuum circuit breakers and vacuum interrupters, which are used in traction substations, sectioning posts, and feeding posts.
The company’s manufacturing and testing facility is located in Salem, Tamil Nadu, and its products have received approvals for railway applications, including those from RDSO.
Vans Electroengineerings IPO Objectives
The company plans to use the net proceeds from the IPO for the following purposes:
| Objective | Amount |
| Meeting working capital requirements | ₹25 crore |
| General corporate purposes | To be finalised |
The largest stated use of IPO proceeds is working capital, with ₹25 crore allocated to this purpose.
Strengths of Vans Electroengineerings
- Specialised railway-electrification business: The company focuses on vacuum circuit breakers and vacuum interrupters used in 25 kV railway traction systems, giving it a defined position in a specialised segment.
- RDSO-approved product portfolio: Its railway products have RDSO approvals, while its quality systems include ISO 9001:2015 certification, which supports participation in railway procurement.
- Integrated engineering capabilities: Design, engineering, assembly, testing and validation are handled in-house, providing greater control over product development and quality.
- Strong recent financial growth: Revenue from operations increased from ₹2.60 crore in FY2024 to ₹22.84 crore in FY2026, while PAT rose from ₹0.02 crore to ₹5.39 crore over the same period.
- Established customer reach: The company serves railway-sector customers across different regions and has built relationships based on product specifications, quality and delivery requirements.
Risks of Vans Electroengineerings
- High dependence on Indian Railways: A significant part of the company’s business is linked to Indian Railways, making revenue sensitive to changes in railway procurement, policies, projects and spending.
- Product concentration: Vacuum circuit breakers and vacuum interrupters contributed about 85.50% of FY2026 revenue, leaving the business exposed to lower demand for these product categories.
- Customer concentration: The company’s largest customer contributed 42.66% of FY2026 revenue, meaning the loss or reduction of orders from major customers could materially affect revenue.
- Raw-material supply risk: The business depends on timely supplies of components and materials, while its largest supplier accounted for 25.24% of FY2026 purchases. Supply disruptions or price increases could affect production and margins.
- Strict quality and delivery requirements: Failure to meet railway-sector technical specifications, quality standards or delivery schedules may lead to penalties, order cancellations or other contractual consequences.
Vans Electroengineerings IPO Review
Vans Electroengineerings reported revenue from operations of ₹22.84 crore in FY2026, up from ₹13.56 crore in FY2025, while PAT increased from ₹1.73 crore to ₹5.39 crore. At the upper price band of ₹118, the IPO carries a pre-issue P/E of about 17.51x.
The company has reported strong recent growth and operates in specialised railway electrification equipment. However, investors should also consider its dependence on Indian Railways, customer and product concentration, working-capital requirements and relatively short operating history.
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Vans Electroengineerings IPO FAQs
Vans Electroengineerings IPO is a ₹32.26–₹33.98 crore BSE SME IPO comprising a fresh issue of 28,80,000 equity shares. The price band is ₹112 to ₹118 per share.
Investors can apply through their broker’s IPO section or through a bank using ASBA. Select Vans Electroengineerings, enter the required number of shares or lots and complete the payment mandate where applicable.
The IPO has both potential opportunities and risks. The company has reported growth in revenue and profit, but investors should also consider its dependence on railway and infrastructure projects, working capital requirements, and relatively small operating scale.
The present GMP is approximately ₹0, which means the estimated listing price is ₹118 based on the higher price bracket. Since the GMP is not official and may change before the stock is listed, the actual listing result could be different.
The Vans Electroengineerings IPO will open on 29 September 2026 and close on 1 October 2026.
The lot size is 1,200 shares. However, the minimum application is 2 lots, or 2,400 shares. At the upper price band of ₹118, the minimum application amount is ₹2,83,200.
Open the IPO section of your broker or ASBA-enabled bank account, select Vans Electroengineerings, choose the required number of lots and submit the application. Complete the UPI mandate if that payment method is used.
The tentative allotment date for Vans Electroengineering’s IPO is October 5, 2026.
Vans Electroengineerings shares are tentatively scheduled to list on BSE SME on October 7, 2026.
