Vans Electroengineerings IPO

Incorporated in February 2022, Vans Electroengineerings Limited is an ISO 9001:2015 certified manufacturer of traction power supply and overhead equipment components for railway electrification, metro systems and renewable energy infrastructure. The company specialises in Vacuum Circuit Breakers (VCBs) and Vacuum Interrupters (VIs), including single-pole and double-pole variants, supplied primarily to Indian Railways and railway infrastructure contractors. Its manufacturing facility in Salem, Tamil Nadu, has in-house manufacturing, testing and quality-control capabilities. The company’s products are approved by the Research Designs and Standards Organisation (RDSO), while testing is also conducted through institutions including KERI and CPRI. As of May 31, 2026, the company employed 28 personnel.

Vans Electroengineerings Limited IPO Overview

Vans Electroengineerings Limited is launching a bookbuilding IPO of ₹33.98 crore comprising 28,80,000 equity shares. The issue is entirely a fresh issue, with no offer-for-sale component. The IPO will open for subscription on 29 September 2026 and close on 1 October 2026. The basis of allotment is expected to be finalised on 5 October 2026, followed by refund initiation and credit of shares to demat accounts on 6 October 2026. The shares are proposed to be listed on the BSE SME platform on 7 October 2026. The price band has been fixed at ₹112 to ₹118 per share, with a lot size of 1,200 shares. Retail investors need to apply for a minimum of two lots, or 2,400 shares, requiring ₹2,83,200 at the upper price band. Hem Securities Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar.

Vans Electroengineerings Limited IPO Details

Particulars	Details
IPO Date	29 September 2026 to 1 October 2026
Listing Date	7 October 2026
Face Value	₹10 per share
Issue Price Band	₹112 to ₹118 per share
Lot Size	1,200 Shares
Total Issue Size	28,80,000 shares (aggregating up to ₹33.98 Cr)
Fresh Issue	28,80,000 shares (aggregating up to ₹33.98 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	80,00,000 shares
Share Holding Post Issue	1,08,80,000 shares
Market Maker Portion	1,46,400 shares

Vans Electroengineerings Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII (HNI)	Not less than 15% of the Offer

Vans Electroengineerings Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Min)	2	2,400	₹2,83,200
Individual Investors (Max)	2	2,400	₹2,83,200
S-HNI (Min)	3	3,600	₹4,24,800
S-HNI (Max)	7	8,400	₹9,91,200
B-HNI (Min)	8	9,600	₹11,32,800
Employee (Min)	2	2,400	₹2,83,200
Employee (Max)	3	3,600	₹4,24,800

Vans Electroengineerings Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	90.75%
Post-Issue	66.73%

Vans Electroengineerings Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.74
Price/Earnings (P/E) Ratio	17.51x
Return on Net Worth (RoNW)	58.79%
Net Asset Value (NAV)	₹11.46
Return on Equity	83.27%
Return on Capital Employed (ROCE)	63.96%
EBITDA Margin	31.63%
PAT Margin	23.61%
Debt to Equity Ratio	0.28

Objectives of the Proceeds

I. Meet working capital requirements of the company, supporting inventory, receivables and operating-cycle requirements as business volumes expand-₹25 crore.

II. General corporate purposes, including routine business requirements and other permissible corporate needs of the company.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	16.85	5.34	6.57
Revenue	23.19	13.82	2.76
Profit After Tax	5.39	1.73	0.02
Reserves and Surplus	7.17	1.78	0.05
Total Borrowings	2.55	1.20	5.17

IPO Strengths

I. Specialized manufacturer of railway electrification and traction power equipment.

II. RDSO-approved products with strong quality assurance and international testing standards.

III. Integrated engineering, manufacturing, assembly, and in-house testing capabilities.

IV. Established customer base in Indian Railways and railway infrastructure sector.

V. Experienced promoters with expertise in electrical engineering and railway infrastructure.

Peer Group Comparison

As per the DRHP, there are no comparable listed peers of the company and therefore information related to peer comparison is not provided.