SME
IPO ·
BSE SME
Vans Electroengineerings Ltd
Listed
Salem maker of vacuum circuit breakers and interrupters for railway electrification, metros and renewables.
Issue details
Price band
₹112 – ₹118
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,83,200
Issue size
₹33.98 Cr
Fresh issue
₹33.98 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
29 Sep 2026
Closes
1 Oct 2026
UPI mandate cut-off
5:00 PM on 1 Oct 2026
Allotment
5 Oct 2026
Refunds
6 Oct 2026
Shares in demat
6 Oct 2026
Listing
7 Oct 2026
Subscription and listing
Subscription
628.73x
Listing price
₹224.20
Registrar
Bigshare Services Pvt Ltd
Lead manager
Hem Securities Ltd
Subscription by category
QIB (Ex Anchor)
281.65x
NII *
1031.87x
bNII (> ₹10L)
1183.00x
sNII (< ₹10L)
737.56x
Individual Investor
686.32x
Employee
0.95x
Total
628.73x
Total applications
3,28,028
Anchor investors
Amount raised
₹9.49 Cr
Bid date
28 Sep 2026
50% lock-in ends
3 Nov 2026
Rest lock-in ends
2 Jan 2027
Listing day
Issue price
₹118
Open
₹224.20
High
₹235.40
Low
₹224.20
Day close
₹235.40
Listing gain at open
+90.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
13,41,600
46.58%
Anchor Investor
8,04,000
27.92%
QIB (Ex. Anchor)
5,37,600
18.67%
NII
4,03,200
14.00%
bNII > ₹10L
2,66,400
9.25%
sNII < ₹10L
1,36,800
4.75%
Retail
9,40,800
32.67%
Employee
48,000
1.67%
Market Maker
1,46,400
5.08%
Total
28,80,000
100.00%
Finaccle’s quick read
Avoid
PAT jumped from ₹0.02 Cr in FY24 to ₹5.39 Cr in FY26 on a very small base, and the post-issue P/E of 23.79 with P/B of 10.30x prices in that spike.
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
Vans Electroengineerings makes vacuum circuit breakers and vacuum interrupters used in traction power supply and overhead equipment for Indian Railways, metro systems and renewable energy projects. It operates from a facility in Salem, Tamil Nadu, and some products carry RDSO approval and CORE approved-vendor status. It is a small company with 33 employees and about ₹23 Cr of total income in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
83.27%
ROCE
63.96%
Debt / equity
0.28
PAT margin
23.61%
P/E post issue
23.79
Market cap
₹128.38 Cr
Use of IPO money
Working capital requirements
₹25.00 Cr
General corporate purposes
₹3.54 Cr
Issue expenses
₹5.45 Cr
Strengths
✓
Niche RDSO-approved railway electrical products
✓
Rapid scale-up in revenue
✓
High margins and low debt/equity of 0.28
✓
Entirely fresh issue
Risks to watch
!
PAT rose from ₹0.02 Cr in FY24 to ₹5.39 Cr in FY26 on a tiny base
!
Very short operating history, incorporated 2022
!
Dependent on railway and metro procurement
!
P/B of 10.30x and post-issue P/E of 23.79 look rich
!
Only 33 employees
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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.