Core4 Engineers IPO: Listing Price, Share Price Today, Listing Gains and Review

Core4 Engineers IPO overview

Data as of 30 October 2026, 14:30 IST (listing day). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The Core4 Engineers IPO listed on BSE SME on 30 October 2026 at ₹74.40 a share, 20% below the issue price of ₹93 (Reported by 5paisa and HDFC Sky). The stock then rose 5% to ₹78.12 by 10:29 AM, still about 16% under the issue price. The ₹54.82 crore issue was entirely new shares and closed about 5.44 times subscribed on 27 October. Below, we cover the listing price, share price today, the listing loss per lot and our review.

Core4 Engineers IPO listing price and share price today

Core4 Engineers shares opened at ₹74.40 on BSE SME on 30 October 2026 (Reported). That is ₹18.60 below the ₹93 issue price, a listing loss of 20.0% (Calculated). However, buyers stepped in after the open. As a result, the stock reached ₹78.12 by 10:29 AM, 5% above its listing price (Reported).

The debut did not match the grey market. Before listing, trackers quoted no premium, which pointed to a flat start near ₹93. Instead, the stock opened 20% lower. In addition, most of the subscription arrived on the final day. Investors who received shares now hold a paper loss unless the price recovers.

Core4 Engineers IPO subscription status

Final, 27 October 2026: the issue closed about 5.44 times subscribed, after 0.08 times on day 1 and about 0.71 times on day 2. Almost all of the demand came on the last day, led by non-institutional investors. Figures differ slightly between data providers (5paisa showed 5.06x at 4:45 PM and Groww shows 4.62x), so treat the final number as about 5 times.

Demand on day 1 was very low in every category; it picked up sharply on the last day. SME issues often see most bids on the last day, so the final figure on 27 October is the one that counts. If the issue is not fully subscribed, an SME IPO can fail; check the final status before planning on an allotment.

Core4 Engineers IPO details at a glance

Core4 Engineers IPO anchor investors

The company allotted 15,44,400 shares at ₹93 to five anchor investors, about ₹14.36 crore, in an exchange filing dated 22 October (Confirmed, as reported by PTI). Vikasa India EIF I Fund – Incube Global Opportunities took 52.21% of the anchor book, followed by LRSD Capital (19.81%), Shine Star Build CSD (13.99%), Evergrow Capital Opportunities Fund (6.99%) and Teal Rise Fund I (6.99%). No mutual fund schemes took part.

What Core4 Engineers does

Core4 Engineers is an engineering, procurement, construction and commissioning (EPCC) contractor. Its main customer base is Indian Railways, for electrification work, and it also takes power transmission and distribution, water and wastewater treatment, and automation and SCADA projects (Reported). It makes high-tension and low-tension electrical panels and compact substations in its own facility, and does sub-contracting and operations and maintenance work. It reported an order book of ₹285.83 crore, about three times FY26 income, and 462 people at June 2026, 400 of them floating labourers (Reported).

The promoters, Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala, own about 82.1% before the issue and about 58.7% after it (Reported).

Core4 Engineers financials: revenue, profit and margins

Income almost tripled in FY26 after two flat years, and the June 2026 quarter alone brought in half of FY26’s income. That growth comes with a cash problem typical of contractors: trade receivables were ₹101.55 crore at June 2026, more than the whole of FY26’s income (Reported). Money owed by customers has to be funded until it is collected, which is why borrowings rose to ₹40.57 crore, above net worth of ₹37.23 crore, and why ₹40.48 crore of the IPO goes to working capital.

Core4 Engineers IPO valuation: what ₹93 a share implies

• Post-issue market value: about ₹192 crore at ₹93 (Calculated: 2,06,83,245 shares × ₹93).
• P/E after the issue: about 15.6 times FY26 profit (Calculated).
• P/E before dilution: about 11.1 times (Calculated).
• Price to book: about 3.7 times June 2026 net asset value of ₹25.18 a share (Reported).

The share count rises by about 40%. Annualising the June quarter would bring the multiple down to about 8 times, but one quarter of a contractor’s billing is a thin basis for that, and the receivables build-up suggests some of that income has not yet turned into cash.

Core4 Engineers IPO GMP vs listing price

Before listing, we found no grey-market premium for Core4 Engineers: trackers showed nil or no quote (Unofficial). A nil GMP implied a listing near the ₹93 issue price. However, the stock listed at ₹74.40 on 30 October, 20% lower. GMP is unregulated and is not a forecast of the listing price. See our GMP guide.

Core4 Engineers IPO lot size and minimum investment

The individual portion is 18,12,000 shares, enough for about 755 applications of 2,400 shares (Calculated from the reported reservation).

Core4 Engineers IPO review: strengths and risks

Strengths

• All of the money goes to the company, mostly for working capital.
• Order book of about three times FY26 income.
• Profit and margins rose in FY26 and held in the June 2026 quarter.

Risks

• Receivables: ₹101.55 crore owed by customers, more than a year’s income.
• Leverage: borrowings above net worth at June 2026.
• Customer concentration: the business depends heavily on railway contracts.
• Weak demand: 0.08x after day 1, and no grey-market premium.
• SME liquidity: trading lots are large and volumes can be thin after listing.

Our Scouter Reading: 2,700, Base

We score Core4 Engineers at 3,400 out of 10,000 on our earlier v1 research scale, at the low end of the Charged band. Points for: a fresh issue, a large order book and rising profit. Points against: a receivables build-up larger than a year’s income, debt above equity, dependence on railway work and very thin demand so far. The Scouter Reading rates the research case; it is not a recommendation to apply or avoid.

How to check Core4 Engineers IPO allotment status

The basis of allotment is expected on 28 October 2026. You can check by PAN or application number on the registrar’s website (Purva Sharegistry) or on the BSE allotment page. Refunds and demat credit are expected on 29 October and listing on BSE SME on 30 October. Our allotment status guide covers each method.

Core4 Engineers IPO: frequently asked questions

Sources: BSE public issues · PTI via The Tribune (anchor allocation) · HDFC Sky (subscription)

Disclaimer: This article is for information and education only and is not investment advice or a recommendation to apply, buy or sell. Figures are from the sources named and may change; read the RHP before investing. SME shares can be thinly traded. GMP is unofficial.