SME
IPO ·
BSE SME
Core4 Engineers Ltd
Closed
Mysuru EPC firm for railway electrification, power transmission, water treatment and SCADA, with in-house panel manufacturing.
Issue details
Price band
₹88 – ₹93
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,23,200
Issue size
₹54.82 Cr
Fresh issue
₹54.82 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
23 Oct 2026
Closes
27 Oct 2026
UPI mandate cut-off
5:00 PM on 27 Oct 2026
Allotment
28 Oct 2026
Refunds
29 Oct 2026
Shares in demat
29 Oct 2026
Listing
30 Oct 2026
Subscription and listing
Subscription
5.44x
Listing price
Not listed yet
Registrar
Purva Sharegistry (India) Pvt Ltd
Lead manager
Socradamus Capital Pvt Ltd
Subscription by category
QIB (Ex Anchor)
5.06x
NII *
12.26x
bNII (> ₹10L)
16.12x
sNII (< ₹10L)
4.52x
Individual Investor
2.72x
Total
5.44x
Total applications
3,148
Anchor investors
Amount raised
₹14.36 Cr
Bid date
22 Oct 2026
50% lock-in ends
27 Nov 2026
Rest lock-in ends
26 Jan 2027
Grey market premium
Latest GMP
₹0
Est. listing price
₹93 (+0.0%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
QIB
25,84,800
43.85%
Anchor Investor
15,44,400
26.20%
QIB (Ex. Anchor)
10,40,400
17.65%
NII
7,77,600
13.19%
bNII > ₹10L
5,18,400
8.79%
sNII < ₹10L
2,59,200
4.40%
Retail
18,12,000
30.74%
Market Maker
7,20,000
12.21%
Total
58,94,400
100.00%
Finaccle’s quick read
Avoid
Income rose 165% and PAT 225% in FY26 (PAT ₹3.81 Cr to ₹12.37 Cr), a sharp pre-IPO jump on a tiny base, with debt/equity of 1.02-1.09 despite a low post-issue P/E of 7.8x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Core4 Engineers is a Mysuru, Karnataka based EPCC contractor that builds railway electrification, EHT transmission and distribution, water treatment and automation projects. Its clients are government bodies, PSUs, utilities, infrastructure contractors and private firms across India. It is a small operation with 62 people on payroll and around 400 floating workers as of June 2026.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
49.70%
ROCE
37.78%
Debt / equity
1.02
PAT margin
13.54%
P/E post issue
7.8
Market cap
₹192.35 Cr
Use of IPO money
Capex for land and existing building for new manufacturing facility and corporate office
₹4.12 Cr
Incremental working capital
₹40.48 Cr
General corporate purposes
—
Strengths
✓
Integrated EPCC capability across several infrastructure segments
✓
Some in-house manufacturing of panels and substations
✓
Low post-issue P/E of about 7.8x
✓
Entirely fresh issue; proceeds stay in the business
Risks to watch
!
Revenue nearly tripled and PAT tripled in FY26 from a small base
!
Debt/equity around 1.0-1.1 and rising borrowings
!
Working-capital heavy EPC model reliant on government and PSU orders
!
Very small payroll workforce; heavy use of contract labour
!
Weak subscription (about 0.71x shortly before close per page headlines)
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.