Overview
Updated 9 days agoVans Electroengineerings Limited is an ISO 9001:2015 certified company engaged in the manufacturing and supply of components for railway electrification infrastructure, such as vacuum circuit breakers and vacuum interrupters. The company primarily serves Indian Railways and associated contractors, leveraging its technical expertise and RDSO-approved status to provide critical traction power supply components.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| bNII (min) | 8 | 9,600 | ₹11,32,800 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 3 Nov, 10:00 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Engineering |
| Price band | ₹112–118 |
| Final issue price | ₹118.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,41,600 |
| Issue size | ₹34.00 Cr |
| Offer for sale | ₹0.00 Cr |
| Market cap at upper band | ₹128 Cr |
| P/E at upper band | 17.5x |
| Registrar | BIGSHARE SERVICES PRIVATE LIMITED |
| Lead managers | Hem Securities Limited |
| NSE symbol | VANS |
| ISIN | INE2SO401011 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Vans Electroengineerings Limited, incorporated in 2022, is a manufacturer of critical components for railway electrification, including single and double-pole vacuum circuit breakers and vacuum interrupters. The company operates a manufacturing facility in Salem, Tamil Nadu, and maintains a corporate office in Lucknow. Its products are essential for traction substations and overhead equipment systems used by Indian Railways. The company is led by a team of promoters with extensive experience in the electrical and electronics engineering industry. It has received various approvals from the Research Designs and Standards Organization (RDSO) and the Central Organization for Railway Electrification (CORE), enabling it to participate in railway procurement processes.
Objects of the issue — how the money will be used
- To Meet Working Capital Requirements of our Company (₹25 Cr)
- General Corporate Purpose
Key strengths
- Niche market focus with quality and timely delivery
- Quality assurance standards and RDSO approved entity
- Core engineering and integrated engineering, assembling and testing capabilities
- Established customer base and geographical footprint
- Experienced and qualified promoters
Key risks
- Substantial dependence on Indian Railways for business and revenue
- Significant portion of revenue derived from a limited number of customers
- Reliance on two key product verticals (Vacuum Circuit Breakers and Vacuum Interrupters)
- Dependence on timely availability of raw materials from suppliers
- Manufacturing facility is rented and leased
- Significant fluctuations in trade receivables and business seasonality
- Limited operating history as a company
- Substantial dependence on a single manufacturing facility
Promoters
Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal, Hotspot Infodot Private Limited
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 2.60 | -- | 0.02 | 6.57 | 1.05 | 5.17 |
| FY25 | 13.56 | -- | 1.73 | 5.34 | 3.78 | 1.20 |
| FY26 | 22.84 | -- | 5.39 | 16.85 | 9.17 | 2.55 |
Key performance indicators · FY26
Peers & valuation
Other Engineering IPOs
Same sector, listed just before and after this one, with their listing-day change.
Maxwell Engineering Solutions LimitedMAXENGS · NSE · SME · Engineering+99.5%6 Nov
Carver RoboweldCRL · BSE · SME · Engineering+18.1%4 Nov
Ravita Engineering ServicesRAVITA · NSE · SME · Engineering+1.5%22 Oct
Sumax EngineeringSUMAX · NSE · SME · Engineering+9.4%2 Sep
Hy-Tech EngineersHTEL · BSE, NSE · Mainboard · Engineering+48.6%1 Sep
Technocrats Plasma SystemsTECHNOCRAT · BSE · SME · Engineering+83.0%21 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.