Vectras Enprocon IPO: Listing Price, Share Price Today, Listing Gains and Review

Vectras Enprocon IPO overview

Data as of 31 October 2026, 14:00 IST (bidding closes Tuesday, 3 November). 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 Vectras Enprocon IPO is open on the BSE SME platform from 30 October to 3 November 2026 at a price band of ₹99 to ₹105 a share. One lot is 1,200 shares, and individual investors apply for two lots (2,400 shares), which costs ₹2,52,000 at the upper band. The ₹53.05 crore issue is ₹42.59 crore of new shares plus a ₹10.46 crore offer for sale by the promoters. After day 1 it was about 1.1 to 1.2 times subscribed (Reported, BSE data). At ₹105 the company would be worth about ₹200 crore after the issue, roughly 13 times FY26 profit (Calculated). Allotment is due on 4 November and listing on 6 November.

Vectras Enprocon IPO subscription status and allotment

Final subscription and allotment update (3 November 2026): bidding closed on Tuesday, 3 November with the issue about 4.2 times subscribed (Confirmed, BSE SME data via HDFC Sky, 5:05 PM; 5paisa showed 4.15x). NIIs led at 6.69 times, and individual investors bid 4.44 times their quota, so roughly 1 in 4 minimum applications can expect shares (Calculated).

The basis of allotment is due on 4 November. Refunds and demat credit follow on 5 November, and the shares are expected to list on BSE SME on 6 November. MUFG Intime India is the registrar; see how to check allotment status below. Our earlier day-wise figures follow.

By the end of day 1 (30 October) every category was at least fully covered. HDFC Sky reported 1.20 times overall at 5:05 PM: institutions (QIBs) 1.42x, non-institutional investors 1.30x and individual investors 1.03x. IPO Guru showed 1.11x (both Reported, BSE data). Bidding continues on Monday 2 November and closes on Tuesday 3 November.

Vectras Enprocon IPO details at a glance

What Vectras Enprocon does

Vectras Enprocon is an engineering, procurement and construction (EPC) contractor for the midstream and downstream oil and gas sector. It works in three areas: station works at refineries, petrochemical units, gas processing plants, terminals and depots; laying pipelines; and allied services such as civil, electrical and instrumentation work, inspection, testing and safety audits. Its clients are public and private oil and gas companies.

The company is based in Chandkheda, Ahmedabad, and reports more than 785 inch-km of pipelines and four combined-station projects completed (Reported). Summaries of the RHP cite an order book of ₹238.56 crore, split ₹150.89 crore stations and ₹87.67 crore pipelines, with 279 permanent employees; one summary dates these to 31 August 2025, so check the RHP for the latest figure. The promoters own 100% before the issue and 73.49% after (Reported). The two summaries we checked name different promoters, so we leave the names to the RHP.

Vectras Enprocon financials: revenue, profit and debt

Income more than doubled between FY24 and FY26, and profit rose from ₹5.81 crore to ₹15.43 crore, a net margin of about 13% (Calculated). The first half of FY27 kept the pace: ₹72.20 crore of income and ₹9.10 crore of profit in six months. Borrowings have climbed every year, from ₹4.16 crore to ₹31.36 crore by September 2026, as larger projects tie up money. Debt is still below net worth, at about 0.67 times in September (Calculated).

Vectras Enprocon IPO valuation: what ₹105 a share implies

The promoters own 100% before the issue and 73.49% after, while selling 9.96 lakh shares and the company issues 40.56 lakh new ones. That implies about 1.50 crore shares before the issue and 1.91 crore after (Calculated). At ₹105, Vectras would be worth about ₹200 crore, roughly 13 times FY26 profit and about 11 times the annualised first-half profit (Calculated). Net worth after the new money would be about ₹89 crore, so the price is about 2.2 times book value. New shares dilute existing holders by about 21%.

Some RHP summaries quote lower market values, but those do not fit the share counts above. Our figure follows from the reported promoter stake; confirm it in the RHP.

How Vectras Enprocon will use the IPO money

The use of money is simple: cut debt by ₹14 crore and fund ₹20 crore of working capital for project execution. That should ease the balance sheet, but it adds no new capacity, so growth still depends on winning new orders.

Vectras Enprocon IPO GMP today

Both public trackers we checked showed nil grey-market premium for Vectras Enprocon on 30 October (Unofficial). A nil quote often means no active trading rather than an expected flat listing. GMP is unregulated and not a forecast of the listing price; in our GMP vs listing price tracker, Core4 Engineers had a nil GMP and listed 20% below its issue price.

Vectras Enprocon IPO lot size and minimum investment

Vectras Enprocon IPO review: strengths and risks

Strengths

• Consistent growth: income up 2.2 times and profit up 2.7 times between FY24 and FY26, continuing in the first half of FY27.
• Healthy margins for EPC: net profit near 13% of income.
• Moderate debt: borrowings below net worth, with ₹14 crore of the proceeds going to repay them.
• Reasonable price: about 13 times FY26 profit (Calculated).
• Broad demand on day 1: every investor category was fully subscribed.

Risks

• Client concentration: work comes from a small group of oil and gas companies.
• Working-capital needs: borrowings rose again in the first half of FY27.
• Order-book date unclear: the published order book may be more than a year old.
• Partial offer for sale: ₹10.46 crore goes to promoters.
• No new capacity: the proceeds fund debt and working capital only.
• SME liquidity: a ₹2,52,000 minimum and thin trading after listing.

Our Scouter Reading: 3,600, Charged

We score Vectras Enprocon at 4,600 out of 10,000 on our earlier v1 research scale, in the Charged band. Points for steady growth, good EPC margins, moderate debt and a moderate price. Points against dependence on a few oil and gas clients, rising working-capital borrowing, a partial offer for sale and an order book whose date needs checking. The Scouter Reading rates the research case on the information above; it is not a recommendation to apply or avoid.

How to check Vectras Enprocon IPO allotment status

The basis of allotment is expected on 4 November 2026. You can then check by PAN or application number on the registrar’s site, MUFG Intime India, or on the BSE allotment page. Refunds and demat credit are expected on 5 November, before listing on 6 November. Our allotment status guide covers each method.

What to watch before the issue closes

• Final-day demand on 3 November: how much QIB and NII demand builds.
• The RHP’s latest order book: the date and size behind the ₹238.56 crore figure.
• Client concentration: the share of revenue from the top five customers.
• Receivable days: how long oil and gas clients take to pay.

Other SME issues closing on 3 November: Maxwell Engineering Solutions, HGS (India) and Johnsoncab Electricals. See all live IPOs.

Vectras Enprocon IPO: frequently asked questions

Figures are from the RHP summaries and exchange data named in the text and may change; read the RHP before investing. SME shares can be thinly traded.