Vectras Enprocon IPO
- Price band
- ₹99 – ₹105
- Issue size
- ₹53.05 Cr
- Min. investment
- ₹1,26,000
- 1,200 shares
- GMP
- ₹0
- 0.00%
- Subscribed
- 0.17x
- Bidding dates
- 30 Oct – 3 Nov 2026
IPO timeline
- Opens · Today30 OctFri
- Closes3 NovTue
- Allotment4 NovWed
- Refunds5 NovThu
- Demat credit5 NovThu
- Listing6 NovFri
Issue details
- Price band
- ₹99 – ₹105 per share
- Issue size
- ₹53.05 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹10 per share
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,26,000
- Listing on
- BSE SME
- Exchange code
- 8072
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,26,000 |
| Retail (Max) | 1 | 1,200 | ₹1,26,000 |
| HNI (Min) | 2 | 2,400 | ₹2,52,000 |
Reservation
- QIB
- Not more than 50% of the Net Offer
- Retail
- Not less than 35% of the Net Offer
- NII
- Not less than 15% of the Net Offer
Grey market premium (GMP)
- Current GMP
- ₹0
- 0.00%
- Estimated listing price
- ₹105
- Issue price ₹105
- Highest
- ₹0
- 27 Oct
- Lowest
- ₹0
- 27 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 30 Oct 2026 | ₹0 | 0.00% | ₹105 |
| 29 Oct 2026 | ₹0 | 0.00% | ₹105 |
| 28 Oct 2026 | ₹0 | 0.00% | ₹105 |
| 27 Oct 2026 | ₹0 | 0.00% | ₹105 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB0x
- NII (HNI)0.17x
- Retail0.27x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 9,60,000 | 0 | 0x |
| Non-Institutional Investors (NII) | 9,73,200 | 1,62,000 | 0.17x |
| bNII — bids above ₹10 Lakh | 4,82,400 | 86,400 | 0.18x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 2,37,600 | 75,600 | 0.32x |
| Retail Individual Investors (RII) | 16,80,000 | 4,48,800 | 0.27x |
| Total | 36,13,200 | 6,10,800 | 0.17x |
Financials
- P/E Ratio
- 10.99
- EPS (₹)
- 9.55
- RoE
- 21.52%
- RoCE
- 19.69%
- RoNW
- 21.52%
- PAT Margin
- 12.65%
- EBITDA Margin
- 20.21%
- Debt / Equity
- 0.67
- NAV (₹)
- 31.23
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 30 Sep 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 90.91 | 74.94 | 46.50 | 21.47 |
| Total Income | 72.20 | 119.90 | 80.53 | 54.37 |
| Profit After Tax | 9.10 | 15.43 | 10.17 | 5.81 |
| EBITDA | 14.54 | 24.01 | 15.05 | 8.67 |
| NET Worth | 46.85 | 37.75 | 22.32 | 12.15 |
| Reserves and Surplus | 31.85 | 22.75 | 19.82 | 9.65 |
| Total Borrowing | 31.36 | 22.21 | 11.87 | 4.16 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Vectras Enprocon This IPO | ₹53.05 Cr | 10.99 | 21.52% | 12.65% | 0.45x | — |
| Himalayan Solar SME · listed 5 Oct 2026 | ₹68.03 Cr | 11.02 | 44.04% | 12.13% | 1.18x | -17.48% |
| Infrax Renewable SME · listed 17 Sep 2026 | ₹40.88 Cr | 14.5 | 64.68% | 10.94% | 1.99x | 0.00% |
| Aureate Tradde SME · listed 5 Jun 2026 | ₹27 Cr | 15.64 | 21.88% | 1.48% | 1.49x | 0.00% |
| GRE Renew Enertech SME · listed 21 Jan 2026 | — | 18.75 | 26.89% | 8.39% | 15.43x | -8.57% |
| Om Power Transmission Mainboard · listed 17 Apr 2026 | ₹150 Cr | 21.13 | 19.50% | 8.45% | 3.33x | +6.29% |
| Lumino Industries Mainboard · listed 3 Sep 2026 | ₹700 Cr | 15.62 | 24.62% | 7.66% | 118.12x | +34.15% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How Vectras Enprocon plans to use the money raised, as stated in the offer document.
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company₹14 Cr
- To Meet Working Capital Requirements of Company₹20 Cr
- General Corporate Purposes
About Vectras Enprocon
Vectras Enprocon Ltd. is a Gujarat-based engineering, procurement and construction (EPC) company. It works in the midstream and downstream segments of the oil and gas industry in several states of India. The company lays pipeline networks, builds combined stations and constructs related facilities. Combined station work covers mechanical, electrical and civil jobs at refineries, petrochemical complexes, gas processing units, terminals and petroleum depots. As on 31 August 2025, the unexecuted order book was Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipeline work. The company has completed over 3,34,000 inch dia of piping, 785 inch-kilometre of pipelines and 4 combined station projects. It also offers allied services such as civil and infrastructure work, electrical and instrumentation work, and inspection, testing and safety auditing in the oil and gas industry. Its customers include public and private oil and gas companies, and it holds ISO certifications for quality, safety, environment and instrumentation. The company had 279 permanent employees as on 31 August 2025. The issue is Rs 53.05 crore at Rs 99 to Rs 105 per share, a mix of fresh issue and offer for sale, listing on BSE SME.
Strengths
- Total income grew 48.89% from Rs 80.53 crore in FY2025 to Rs 119.90 crore in FY2026, after Rs 54.37 crore in FY2024.
- Profit after tax rose 51.72% from Rs 10.17 crore in FY2025 to Rs 15.43 crore in FY2026, and was Rs 5.81 crore in FY2024.
- EBITDA grew from Rs 15.05 crore in FY2025 to Rs 24.01 crore in FY2026. In the six months to 30 September 2026 it was Rs 14.54 crore on total income of Rs 72.20 crore.
- Net worth rose from Rs 12.15 crore on 31 March 2024 to Rs 37.75 crore on 31 March 2026 and Rs 46.85 crore on 30 September 2026.
- The order book was Rs 238.56 crore on 31 August 2025, made up of Rs 150.89 crore for oil and gas stations and Rs 87.67 crore for pipelines.
- The P/E is 10.99 at the upper band of Rs 105, based on post-issue EPS of Rs 9.55. The pre-issue P/E is 10.2 on pre-issue EPS of Rs 10.29.
- The source shows a return on net worth of 21.52% and a return on capital employed of 19.69%.
Risks
- The order book figures are dated 31 August 2025. They are more than a year old, so the present order position is not shown at the source.
- The latest financial column is for the period ended 30 September 2026. Earnings for this part-year may not repeat over a full year, and the P/E and EPS shown may rest on such earnings.
- Total borrowing rose from Rs 4.16 crore on 31 March 2024 to Rs 22.21 crore on 31 March 2026 and Rs 31.36 crore on 30 September 2026. Debt to equity is 0.67 at the source.
- Rs 14.00 crore of the proceeds repays borrowings of the company, and Rs 20.00 crore goes to working capital. The source gives no amount for general corporate purposes.
- The issue is a mix of fresh issue and offer for sale. The source does not split the Rs 53.05 crore, so how much goes to selling shareholders is not clear.
- The two promoters, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, hold 100% before the issue and will hold 73.49% after it, so they keep control.
- The business depends on oil and gas EPC contracts from public and private companies, and the source gives no customer split, so concentration cannot be checked.
- Total assets grew from Rs 21.47 crore on 31 March 2024 to Rs 74.94 crore on 31 March 2026, so the company has scaled up very fast.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.26 lakh at the upper band of Rs 105, and SME shares usually trade in low volume after listing.
Promoters and shareholding
Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel
- Promoter holding, pre-issue
- 100%
- Promoter holding, post-issue
- 73.49%
Registrar, lead managers and documents
Lead manager
Company contact
Office No. 601-602, Amrakunj Avis, Near Tapovan circle, Chandkheda, Ahmedabad, Gujarat, 382424
6353152513
compliance@vectrasgroup.comVectras Enprocon IPO: common questions
1.When does the Vectras Enprocon IPO open and close?
The Vectras Enprocon IPO opens on 30 Oct 2026 and closes on 3 Nov 2026.
2.What is the price band of the Vectras Enprocon IPO?
The price band is ₹99 – ₹105 per share, with a lot size of 1,200 shares and a minimum investment of ₹1,26,000.
3.What is the size of the Vectras Enprocon IPO?
The issue size is ₹53.05 Cr (Fresh capital cum OFS).
4.What is the GMP of the Vectras Enprocon IPO?
The last reported grey market premium is ₹0 per share as of 30 Oct 2026, 01:48 PM IST. GMP is unofficial and changes frequently.
5.When is the Vectras Enprocon IPO allotment?
The basis of allotment is expected on 4 Nov 2026. Allotment status can be checked with the registrar, MUFG Intime India Private Limited.
6.When will the Vectras Enprocon IPO list?
The shares are expected to list on 6 Nov 2026 on BSE SME.
7.Who is the lead manager of the Vectras Enprocon IPO?
The book running lead manager is Beeline Capital Advisors Pvt. Ltd., and the registrar is MUFG Intime India Private Limited.
8.What will the money raised in the Vectras Enprocon IPO be used for?
As stated in the offer document, the proceeds are for: Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company; To Meet Working Capital Requirements of Company; General Corporate Purposes.
9.How can my company launch an IPO like Vectras Enprocon?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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