Vans Electroengineerings IPO

The Vans Electroengineerings SME IPO is open between 29 Sept 2026 and 1 Oct 2026, offered at a price band of ₹112–118 per share, and is set to list on BSE. The IPO seeks to raise ₹33.98 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,83,200.

Issue structure

The IPO is structured entirely as a fresh issue of ₹32.26 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements of the company (₹25 crore), alongside general corporate purpose.

Financials

In FY2026, Vans Electroengineerings reported revenue of ₹23.19 crore and a net profit of ₹5.39 crore. Revenue grew from ₹2.76 crore in FY2024 to ₹23.19 crore in FY2026 (+740.0%). Net worth stood at ₹9.17 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 23.79× post-issue earnings and 10.3× book value, against a return on net worth of 58.79% and a debt-to-equity ratio of 0.28. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Pvt.Ltd.</p>. Promoter holding stands at 90.75% before the issue and comes down to 66.73% after listing.

Grey market premium (GMP)

In the unofficial grey market, Vans Electroengineerings shares are quoted at a premium of ₹103 implying an expected listing around ₹221, about +87.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Vans Electroengineerings IPO was subscribed 628.73 times overall. The strongest demand came from non-institutional investors (NII) at 1,031.87 times, with qualified institutional buyers (QIB) at 281.65× and retail investors at 686.32×.

Listing performance

Vans Electroengineerings listed on 7 Oct 2026 at ₹224.2, a premium of +90.0% over the issue price of ₹118.

What to weigh

When evaluating the Vans Electroengineerings IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Vans Electroengineerings

VANS Electroengineerings Limited is an ISO 9001:2015 certified engineering company engaged in the design, manufacture, and supply of traction power supply and overhead equipment (OHE) system components used in railway electrification projects, metro rail networks, and renewable energy infrastructure. The Company&rsquo;s core product portfolio includes Vacuum Circuit Breakers (VCBs) and Vacuum Interrupters (VIs), encompassing both single-pole and double-pole configurations, which are primarily supplied to Indian Railways and railway electrification contractors. The Company operates a manufacturing facility located in Salem, Tamil Nadu, equipped with modern production systems, in-house testing facilities, and quality assurance infrastructure. Its products have received approvals from the Research Designs and Standards Organisation (RDSO) and undergo testing and validation by reputed institutions, including Korea Electrotechnology Research Institute (KERI), South Korea, and Central Power Research Institute (CPRI), Bengaluru, ensuring compliance with stringent industry and international standards. VANS Electroengineerings focuses on delivering reliable and high-performance electrical equipment through a combination of engineering expertise, advanced manufacturing processes, and rigorous quality control practices. The Company is led by experienced promoters and a technically proficient management team with domain knowledge in electrical engineering, railway electrification, and infrastructure development. Competitive Strengths Strong expertise in manufacturing traction power and railway electrification equipment. RDSO-approved product portfolio supported by comprehensive quality control and internationally recognised testing standards. End-to-end capabilities encompassing engineering, manufacturing, assembly, and in-house testing. Long-standing presence in the railway infrastructure ecosystem with an established customer network. Experienced leadership team with technical knowledge and industry-specific expertise.