VE
Vectras Enprocon Limited IPO
Oil & Gas EPC · Midstream & Downstream Pipelines · Ahmedabad, Gujarat
📋 BSE SME IPO
Fresh + OFS
BSE SME
₹105
Upper Price
₹53.05 Cr
Issue Size
Nov 6, 2026
Listing Date
₹200.09 Cr
Market Cap
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Friday, 30 October 2026
Bidding starts — apply before close
🔒
IPO Closes
Tuesday, 3 November 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 4 November 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 5 November 2026
Unallotted funds returned; shares credited to demat
🏷️
Friday, 6 November 2026
Trading begins on BSE SME from 10:00 AM IST
📋 IPO Details
IPO Open Date30 October 2026 (Fri)
IPO Close Date3 November 2026 (Tue)
Listing Date6 November 2026 (Fri)
Face Value₹10 per share
Price Band₹99 to ₹105
Issue Price (Upper Band)₹105 per share
Issue TypeBookbuild IPO — Fresh + OFS
Lot Size1,200 shares (Min App: 2 Lots / 2,400 Shares)
Total Issue Size50,52,000 shares (₹53.05 Cr)
Fresh Issue40,56,000 shares (₹42.59 Cr)
Offer for Sale (OFS)9,96,000 shares (₹10.46 Cr)
Market Maker Portion2,53,200 shares (₹2.66 Cr)
Net Offered to Public47,98,800 shares (₹50.39 Cr)
Pre-Issue Shares1,50,00,000
Post-Issue Shares1,90,56,000
Promoter Holding (Pre → Post)100% → 73.49%
Market Cap (Pre-IPO)₹157.50 Cr
Market Cap (Post-IPO)₹200.09 Cr
Listing ExchangeBSE SME
Lead ManagerBeeline Capital Advisors Pvt.ltd.
RegistrarMUFG Intime India Pvt.Ltd.
Market MakerSpread X Securities Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹105| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 2 | 2,400 | ₹2,52,000 |
| Retail — Maximum | 2 | 2,400 | ₹2,52,000 |
| S-HNI (sNII) — Min | 3 | 3,600 | ₹3,78,000 |
| S-HNI (sNII) — Max | 7 | 8,400 | ₹8,82,000 |
| B-HNI (bNII) — Min | 8 | 9,600 | ₹10,08,000 |
⚠️ Note: Investors can bid for a minimum of 2,400 shares (2 lots) and in multiples of 1,200 shares thereafter. Market Maker reservation comprises 2,53,200 shares.
👥 Investor Reservation
Allocated portion of Net Offer49.99%
QIB Portion
23,98,800 Shares
35.01%
Retail Portion
16,80,000 Shares
15.00%
NII Portion
7,20,000 Shares
📍
The QIB portion (23,98,800 shares) includes an Anchor Investor reservation of 14,38,800 shares (28.48% of Net Issue), leaving 9,60,000 shares exclusively for QIBs (excluding Anchors).
📊 Subscription Status
Day 1 · 30 Oct 2026 5:05 PM
| Category | Subscription | Shares Bid For |
|---|---|---|
| QIB (Ex Anchor) | 1.42x | 13,58,400 |
| NII / HNI | 1.30x | 9,36,000 |
| — bNII (> ₹10L) | 1.43x | 6,91,200 |
| — sNII (< ₹10L) | 1.03x | 2,44,800 |
| Retail Individual | 1.03x | 17,28,000 |
| Total | 1.20x | 40,22,400 |
*Total Applications: 865 · Excludes Anchor & Market Maker portion
📈 Company Financials
Restated · ₹ Crore| Metric | 30 Sep 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Total Assets | 90.91 | 74.94 | 46.50 | 21.47 |
| Total Income | 72.20 | 119.90 | 80.53 | 54.37 |
| PAT | 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 & Surplus | 31.85 | 22.75 | 19.82 | 9.65 |
| Total Borrowing | 31.36 | 22.21 | 11.87 | 4.16 |
Income Growth
FY 2023–24₹54.37 Cr
FY 2024–25₹80.53 Cr
FY 2025–26₹119.90 Cr
🎯 Key Performance Indicators
51.39%
ROE (Mar 26)
21.52% (Sep 26)
0.59
Debt/Equity (Mar 26)
0.67 (Sep 26)
48.37%
ROCE (Mar 26)
19.69% (Sep 26)
12.88%
PAT Margin (Mar 26)
12.65% (Sep 26)
20.04%
EBITDA Margin (Mar 26)
20.21% (Sep 26)
51.39%
RoNW (Mar 26)
21.52% (Sep 26)
4.17x
Price/Book (Mar 26)
3.36x (Sep 26)
₹25.17
NAV (Mar 26)
₹31.23 (Sep 26)
⚖️ Valuation & EPS
Pre-IPO EPS
₹10.29
FY26 earnings + pre-issue shares
P/E: 10.21xPost-IPO EPS
₹9.55
Annualised post-issue basis
P/E: 10.99xPrice to Book Value
3.36x
At upper price band ₹105
Market Cap
₹200.09 Cr
At upper offer price ₹105
ℹ️
Pre-IPO EPS (₹10.29) is established on pre-issue equity of 1,50,00,000 shares and restated FY26 PAT of ₹15.43 Cr. Post-issue EPS (₹9.55) relies on annualized H1 FY27 earnings applied to an expanded post-issue base of 1,90,56,000 shares following the fresh issuance of 40,56,000 shares. Post-IPO Market Capitalisation reaches ₹200.09 Cr at the upper band.
🎯 Objects of the Issue
Net fresh proceeds utilisation1
Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company
₹14.00 Cr
2
To Meet Working Capital Requirements of Company
₹20.00 Cr
3
General Corporate Purposes
Balance
Total Net Proceeds Goal
₹34.00 Cr
🏢 About Vectras Enprocon Ltd.
Ahmedabad, Gujarat · Oil & Gas EPC · Pipeline & Station ConstructionVectras Enprocon Ltd. is a specialized Gujarat-based Engineering, Procurement, and Construction (EPC) firm exclusively operating within the midstream and downstream segments of the demanding Oil & Gas sector. The company executes turnkey mechanical, electrical, and civil infrastructure projects focusing on the laying of complex pipeline networks, construction of comprehensive combined oil and gas stations, and the development of related critical facilities across multiple states in India.
The business maintains robust execution capabilities encompassing design, engineering, procurement, construction, and high-pressure testing and commissioning. Its portfolio spans crucial infrastructure within Refineries, petrochemical complexes, Gas Processing Units, Oil & Gas Terminals, and Petroleum Depots. To date, the company has effectively completed over 3,34,000 inch-dia of industrial piping, 785 inch-kilometers of pipelines, and 4 major combined station projects for prominent public and private sector clients. Operating under rigorous global quality, safety, and environmental ISO standards, the firm also provides allied instrumentation, safety auditing, and inspection services. As of September 2026, Vectras Enprocon held an impressive order book of ₹150.88 crore for station works and ₹183.27 crore for pipeline operations, powered by a large multi-disciplinary workforce of 990 employees.
Brand Ecosystem
⚙️
Combined Station Works
Mechanical, electrical, and civil EPC for Refineries, Gas Processing Units, and Petroleum Terminals.
🛢️
Midstream Pipeline EPC
Turnkey laying, testing, and commissioning of cross-country and terminal Oil & Gas pipeline networks.
🛠️
Allied Industrial Services
Providing specialized instrumentation, non-destructive testing, and safety auditing for petroleum facilities.
📈
Extensive Scale & Backlog
Backed by a robust combined order book exceeding ₹334 Cr and a specialized workforce of 990 personnel.
Competitive Strengths
🏆Proven execution capabilities having successfully completed over 785 inch-km of complex pipeline projects.
📈Exceptionally strong order book ensuring high revenue visibility across existing public and private sector clients.
🔖Strict adherence to globally recognized ISO certifications for quality, environmental compliance, and safety standards.
💰Track record of exceptional financial growth, posting a 49% rise in FY26 revenue with an outstanding 51.39% ROE.
Company Promoters
NP
Naynesh Kanubhai Patel & Maheshkumar Gopalbhai Patel
Promoters, Vectras Enprocon Ltd.
Key Selling Shareholders (OFS)
Naynesh Kanubhai Patel4,98,000 Shares (₹5.23 Cr)
Maheshkumar Gopalbhai Patel4,98,000 Shares (₹5.23 Cr)
📅 Key Dates
IPO Opens30 Oct 2026
IPO Closes3 Nov 2026
Allotment4 Nov 2026
Refund & Share Credit5 Nov 2026
Listing Day6 Nov 2026
💡 Quick Summary
Price Band₹99 – ₹105
Upper Price₹105 / share
Lot Size1,200 shares
Min. Investment (Retail)₹2,52,000 (2 Lots)
Issue Size₹53.05 Cr
ListingBSE SME
🏦 Registrar & Lead Manager
Lead Manager
Beeline Capital Advisors Pvt.ltd.
📍 Registered Address
Vectras Enprocon Ltd.
Office No. 601-602, Amrakunj Avis,
Near Tapovan circle, Chandkheda,
Ahmedabad, Gujarat — 382424
📞 6353152513
[email protected]
Office No. 601-602, Amrakunj Avis,
Near Tapovan circle, Chandkheda,
Ahmedabad, Gujarat — 382424
📞 6353152513
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
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Disclaimer: This page presents publicly available information from the Vectras Enprocon IPO RHP for informational purposes only. This layout follows the IPO NEW FORMAT. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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