Vans Electroengineerings IPO
Vans Electroengineerings IPO is a ₹33.98 Cr book-built SME issue comprising a fresh issue of 28.80 lakh shares, opening on September 29, 2026, at a price band of ₹112 to ₹118 per share and proposed to list on BSE SME.
Vans Electroengineerings IPO Details
Vans Electroengineerings Limited is engaged in the manufacturing and supply of electrical and engineering products used primarily in railway electrification, metro infrastructure and related applications. The company manufactures products such as Vacuum Circuit Breakers and Vacuum Interrupters and operates from its manufacturing facility in Salem, Tamil Nadu. The Vans Electroengineerings IPO is a fresh issue of equity shares and is intended to provide the company with funds for its business and working capital requirements, along with general corporate purposes.
Vans Electroengineerings IPO Timeline (Tentative)
The Vans Electroengineerings IPO timeline covers all key stages of the public issue, beginning with the IPO opening and closing dates and followed by the basis of allotment, initiation of refunds or unblocking of funds, credit of equity shares to eligible investors' demat accounts and the proposed listing date. Investors can use the timeline to track important issue-related events and understand when each stage of the IPO process is expected to take place.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 29, 2026 |
| IPO Close Date | Thu, Oct 1, 2026 |
| Basis of Allotment | Mon, Oct 5, 2026 |
| Initiation of Refunds | Tue, Oct 6, 2026 |
| Credit of Shares to Demat | Tue, Oct 6, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| IPO Opens | September 29, 2026 |
| IPO Closes | October 1, 2026 |
| Basis of Allotment | October 5, 2026 |
| Refund Initiation | October 6, 2026 |
| Credit of Shares to Demat | October 6, 2026 |
| Listing Date | October 7, 2026 |
Vans Electroengineerings IPO Lot Size
The lot size is 1,200 shares. Retail investors need to apply for a minimum of 2 lots, or 2,400 shares, requiring ₹2,83,200 at the upper price band. S-HNI applications begin at 3 lots and B-HNI applications at 8 lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,83,200 |
| Retail (Max) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,24,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (Min) | 8 | 9,600 | ₹11,32,800 |
Vans Electroengineerings IPO Reservation
Vans Electroengineerings IPO is a fresh issue with no offer-for-sale component. The issue follows the SME allocation structure of up to 50% for QIBs, at least 15% for NIIs and at least 35% for retail investors.
Vans Electroengineerings IPO Subscription
Subscription data is not yet available because the Vans Electroengineerings IPO is scheduled to open on September 29, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Vans Electroengineerings
Vans Electroengineerings Limited is a manufacturer and supplier of electrical equipment used primarily in railway electrification and metro infrastructure, with additional applications in renewable energy and industrial systems.
The company manufactures vacuum circuit breakers (VCBs), vacuum interrupters (VIs) and related components used in traction power supply and overhead equipment systems. Its products are used in applications including traction substations, sectioning posts and feeding posts.
The company operates a manufacturing facility in Salem, Tamil Nadu, and has in-house design, testing and quality-control capabilities. It has approvals from the Research Designs and Standards Organization (RDSO) and Central Organization for Railway Electrification (CORE) for relevant products. The company has also engaged KERI, South Korea and CPRI, Bengaluru for product testing against applicable IEC standards.
Vans Electroengineerings was incorporated as a private limited company in February 2022 and converted into a public limited company in May 2026. Its corporate office is in Lucknow, Uttar Pradesh, while its manufacturing facility is in Salem, Tamil Nadu.
Strengths
- Operates in a specialised railway electrification and electrical equipment segment.
- Manufactures vacuum circuit breakers and vacuum interrupters in-house.
- Holds RDSO approval for relevant products.
- ISO 9001:2015 certification supports its quality-management systems.
- In-house design, assembly, testing and quality-control capabilities.
- Products have applications across railway electrification, metro systems, renewable energy and industrial systems.
- Promoter group has experience in electrical and railway engineering.
- Revenue has increased substantially over FY2024 to FY2026.
- The company has customers across multiple regions of India.
Risks to Consider
- The company operates in a specialised market and its growth depends on continued demand from railway electrification, metro and related infrastructure projects.
- Revenue increased sharply from FY2024 to FY2026, and maintaining this growth rate may be challenging.
- The company had unsecured loans of ₹1.95 Cr as of March 31, 2026, which are repayable on demand.
- There is no listed Indian company directly comparable to the company's principal product segment.
- The objects of the issue have not been appraised by a bank or independent agency.
- Promoters and promoter group will continue to hold a majority stake after the IPO.
- The company's group entity Atlantic Tradelinks Private Limited has incurred losses in the past.
- Operating cash flow was negative ₹3.07 Cr in FY2026 despite the increase in revenue and profit.
Vans Electroengineerings Financials (₹ Cr)
The company's revenue from operations grew from ₹2.60 Cr in FY2024 to ₹22.84 Cr in FY2026, while PAT increased from ₹0.02 Cr to ₹5.39 Cr over the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹2.60 Cr | ₹0.02 Cr | ₹6.57 Cr | - |
| FY2025 | ₹13.56 Cr | ₹1.73 Cr | ₹5.34 Cr | - |
| FY2026 | ₹22.84 Cr | ₹5.39 Cr | ₹16.85 Cr | - |
KPIs & Valuation
The valuation calculations above use the upper price band of ₹118 and the reported FY2026 EPS/NAV figures. The direct source reports FY2026 EPS of ₹6.74 and NAV of ₹11.46.
Objects of the Issue
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Funding the working capital requirements of the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Bigshare Services Private Limited is the Registrar to the Vans Electroengineerings IPO, while HEM Securities Limited is acting as the Book Running Lead Manager (BRLM) for the issue. The registrar will handle IPO application processing, allotment-related activities and investor records, while the BRLM will manage and coordinate various aspects of the public issue in accordance with applicable regulatory requirements.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 22 6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ |
Vans Electroengineerings IPO Review
Vans Electroengineerings is an SME company operating in the electrical equipment segment, with a particular focus on railway electrification products. Its principal products include vacuum circuit breakers and vacuum interrupters used in traction substations and related railway electrical infrastructure. The company also serves metro, renewable-energy and industrial applications.
The company's revenue from operations increased from ₹2.60 Cr in FY2024 to ₹13.56 Cr in FY2025 and ₹22.84 Cr in FY2026. PAT increased from ₹0.02 Cr in FY2024 to ₹1.73 Cr in FY2025 and ₹5.39 Cr in FY2026. EBITDA increased from ₹0.02 Cr in FY2024 to ₹2.48 Cr in FY2025 and ₹7.23 Cr in FY2026.
For FY2026, reported IPO metrics include ROE of 83.27%, ROCE of 63.96%, EBITDA margin of 31.63%, PAT margin of 23.61%, debt-to-equity of 0.28, RoNW of 58.79% and NAV of ₹11.46. The reported basic EPS is ₹6.74.
The IPO proceeds are primarily intended for working capital, making the company's future operating scale and working-capital management important factors to monitor. Investors should also consider the company's short operating history, absence of directly listed peers, customer and industry concentration, cash-flow position and the risks disclosed in the offer documents.
How to Apply
Through UPI
- Log in to your supported IPO application platform through your broker or bank.
- Select the Vans Electroengineerings IPO from the IPO section.
- Enter your investor category and application details.
- Select the number of lots you wish to apply for.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Wait for the UPI mandate request from your bank.
- Open your UPI application and approve the mandate.
- Ensure sufficient funds are available in the linked bank account.
- Keep your application and UPI mandate details for future reference.
Prospectus & Documents
The Vans Electroengineerings IPO prospectus and related documents provide detailed information about the company's business, financial performance, promoters, capital structure, risk factors, objects of the issue and other material aspects of the public offering. Investors can refer to these documents to understand the terms and disclosures of the IPO before making an investment decision.
Last updated Sep 25, 2026.