Vans Electroengineerings IPO: Allotment Status, GMP, Listing Date and Review
Salem-based maker of vacuum circuit breakers and vacuum interrupters for railway traction substations, metro systems and renewable energy, supplying Indian Railways and its contractors.
Record-breaking demand for a fast-growing railway switchgear niche. But the company is under five years old, tiny, and priced at over 10 times book.
Our own view, not investment advice.
Subscription by category
Final subscription, 1 Oct 2026
Key numbers
FY26, restated
| Revenue | ₹23.19 cr |
| Net profit | ₹5.39 cr |
| Net margin | 23.6% |
| Applications | 3.28 lakh |
| Price to book | 10.3x |
| Anchor money | ₹9.49 cr |
IPO timeline
2 Oct was a holiday, so allotment is due on Monday 5 Oct, refunds and demat credits on 6 Oct, and listing on Wednesday 7 Oct.
Vans Electroengineerings may be the most oversubscribed IPO of the year. Its ₹33.98 crore SME issue drew bids for 628.73 times the shares on offer, with 3.28 lakh applications and big HNIs bidding over 1,100 times their quota. The company makes vacuum circuit breakers and interrupters that protect the power supply on railway lines.
Because 2 October was a holiday, allotment is due on Monday 5 October and shares list on BSE SME on 7 October. The grey market premium of about ₹70 implies a listing near ₹188, around 59% above the issue price.
Vans Electroengineerings IPO at a glance
| Detail | Vans Electroengineerings IPO |
|---|---|
| Issue size | ₹33.98 crore (28.80 lakh shares, entirely fresh issue) |
| Issue price | ₹118 per share (face value ₹10) |
| Lot size | 1,200 shares |
| Individual investor minimum | 2 lots, 2,400 shares (₹2,83,200) |
| Quota | QIB 46.58%, Retail 32.67%, NII 14%, Employees 1.67% |
| Anchor round | ₹9.49 crore on 28 Sep 2026 |
| Bidding dates | 29 Sep to 1 Oct 2026 |
| Allotment | 5 Oct 2026 (expected) |
| Refund and demat credit | 6 Oct 2026 |
| Listing | 7 Oct 2026 on BSE SME |
| Market cap | About ₹128.38 crore post-issue |
| Promoter holding | 90.75% before, 66.73% after |
| Lead manager | Hem Securities |
| Registrar | Bigshare Services |
| Market maker | Hem Finlease |
With retail subscribed 686 times, the odds of allotment are tiny: roughly one in 690 retail applicants.
What Vans Electroengineerings actually does
Vans Electroengineerings Ltd was incorporated in February 2022 and is promoted by Balakrishnan Srinivasan, Viraj Bansal, Abhishek Saraff, Nitin Jain, Pooja Bansal and Hotspot Infodot. It makes single and double pole vacuum circuit breakers (VCBs) and vacuum interrupters (VIs) used in railway traction substations, sectioning and feeding posts, metro systems and renewable energy projects.
These are the switching devices that let railway power systems isolate faults safely. Customers are Indian Railways and railway electrification contractors. Manufacturing is in Salem, Tamil Nadu, and the company had just 33 employees in August 2026.
The entire ₹25 crore of net proceeds goes to working capital.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2.76 | 13.82 | 23.19 |
| EBITDA | 0.02 | 2.48 | 7.23 |
| Net profit | 0.02 | 1.73 | 5.39 |
| Net worth | 1.05 | 3.78 | 9.17 |
| Borrowings | 5.17 | 1.2 | 2.55 |
| Total assets | 6.57 | 5.34 | 16.85 |
What these numbers tell us, in plain language:
- Explosive growth from almost nothing. Revenue was ₹2.8 crore in FY24, ₹13.8 crore in FY25 and ₹23.2 crore in FY26. Profit went from ₹2 lakh to ₹1.7 crore to ₹5.4 crore.
- Margins are high. EBITDA margin was 31.6% and net margin 23.6% in FY26, suggesting good pricing in a niche product.
- A tiny equity base. Net worth was just ₹9.2 crore in FY26, so ROE looks huge at 83%. Price to book is about 10.3 times.
- Valuation is full. Post-issue P/E is about 23.8x on FY26 profit, for a company with two real years of trading.
How the subscription ended
| Category | Final (1 Oct) |
|---|---|
| QIB | 281.65x |
| bNII | 1,183.00x |
| sNII | 737.56x |
| Retail | 686.32x |
| Total | 628.73x |
Anchors put in ₹9.49 crore on 28 September. By the close on 1 October, QIBs had bid 281.65 times, big HNIs 1,183 times, small HNIs 737.56 times and retail 686.32 times, for 628.73 times overall. The small employee portion was bid 0.95 times.
The GMP story so far
The grey market premium was about ₹70 on 4 October, roughly 59% over the ₹118 issue price, pointing to a listing near ₹188.
How to check Vans Electroengineerings IPO allotment status
- Go to the Bigshare Services IPO allotment page, or the BSE allotment status page.
- Select Vans Electroengineerings from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on Monday 5 October 2026, once the registrar finalises the basis of allotment with the exchange. Refunds and demat credits follow on 6 October, and shares list on BSE SME on 7 October.
The listing outlook
A very strong listing looks likely. But stocks that list at large premiums on thin floats can swing sharply in the following days. Anchor lock-ins until 4 November and 3 January limit early institutional selling.
What to weigh before you apply
A very short history
The company was incorporated in 2022 and its revenue was under ₹3 crore two years ago. There is little track record to judge how it handles a downturn, a delayed payment or a competitor.
Concentrated customer base
Demand comes from Indian Railways electrification and its contractors. As the railway network nears full electrification, growth will depend on replacement demand, metros and renewables.
Strengths and risks
Strengths
- Subscribed 628.73 times with ₹9.49 crore from anchors
- Niche, technical products for railway traction
- Revenue up more than eight times in two years
- Net margin of about 23.6%
- Entirely fresh issue; no promoter is selling
Risks
- Incorporated in 2022; very short track record
- Tiny team of 33 employees
- Price to book of about 10.3x and P/E of about 23.8x
- Dependence on Indian Railways and its contractors
- Extreme demand can mean extreme volatility after listing
Scouter verdict: A fast-growing railway niche player with extraordinary investor demand. The very short track record and rich price-to-book keep our score in Charged. A big listing gain looks likely for the lucky few allottees. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 686.32 times their quota of about 784 lots. Each successful applicant gets two lots, so only around 392 applicants will receive shares when allotment is finalised on 5 October, roughly one in 690.
What to watch from here
- Allotment on 5 October through Bigshare Services
- Listing price on 7 October against ₹118
- Order inflows from railway, metro and renewable projects
- Anchor lock-in expiry on 4 November
Vans Electroengineerings IPO: frequently asked questions
Allotment is expected on Monday, 5 October 2026. You can check it on the Bigshare Services website or the BSE allotment page using your PAN or application number.
Shares are due to list on BSE SME on Wednesday, 7 October 2026.
The grey market premium was about ₹70 on 4 October 2026, roughly 59% over the issue price. GMP is unofficial and can change quickly.
It was subscribed 628.73 times overall, with QIB at 281.65x, NII at 1,031.87x and retail at 686.32x, across 3.28 lakh applications.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 17.5x |
| P/E (post-issue) | 23.8x |
| P/B | 10.3x |
| ROE | 83.3% |
| Net margin | 23.6% |
| Debt to equity | 0.28 |
| Anchor money | ₹9.49 cr |
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