Vans Electroengineerings IPO Shares List at ₹224.20 on BSE SME

Vans Electroengineerings shares made their stock market debut on October 7, 2026, listing at ₹224.20 per share on BSE SME compared with the IPO issue price of ₹118 per share. This represented a listing premium of 90%.
Following the listing, the stock traded at ₹235.40, taking its gain over the ₹118 issue price to 99.49%.

The listing followed the company's IPO, which was open from September 29 to October 1, 2026. The ₹33.98 crore issue consisted entirely of a fresh issue of 28.80 lakh shares, with a price band of ₹112 to ₹118 per share.

Vans Electroengineerings manufactures components used in traction power supply and overhead equipment systems. Its products include vacuum circuit breakers and vacuum interrupters used across railway electrification, metro and related infrastructure applications.

Vans Electroengineerings IPO Listing Details

The IPO was a ₹33.98 crore book-built issue consisting entirely of a fresh issue of 28.80 lakh equity shares. There was no OFS component.

The issue received an overall subscription of 628.73 times based on the final public-category subscription data. NIIs subscribed 1,031.87 times, Individual Investors 686.32 times and QIBs 281.65 times.

- Issue Price: ₹118 per share
- BSE SME Listing Price: ₹224.20 per share
- Listing Premium: 90%
- Trading Price: ₹235.40 per share
- Change From Issue Price: 99.49%
- Overall Subscription: 628.73 times
- Fresh Issue: ₹33.98 crore
- Offer for Sale: Nil
- Price Band: ₹112 to ₹118 per share
- IPO Open Date: September 29, 2026
- IPO Close Date: October 1, 2026
- Listing Date: October 7, 2026
- Exchange: BSE SME

First-Day Trading Performance

Listing Price: Vans Electroengineerings share price listed at ₹224.20 compared with the ₹118 issue price, translating into a premium of 90%.

Post-listing Price: The stock subsequently traded at ₹235.40, 99.49% above the issue price and 5.00% above the listing price.

Subscription Context: The IPO received 628.73 times overall subscription, with NIIs leading at 1,031.87 times, followed by Individual Investors at 686.32 times and QIBs at 281.65 times.

Growth Drivers and Challenges

Growth Drivers

Railway Electrification Exposure: The company's products are used in traction power supply and overhead equipment systems, providing exposure to railway electrification infrastructure.

Specialised Product Portfolio: Vans Electroengineerings manufactures products such as single-pole and double-pole vacuum circuit breakers and vacuum interrupters.

Revenue Growth: Total income increased to ₹23.19 crore in FY26 from ₹13.82 crore in FY25.

Profitability Growth: Profit after tax increased to ₹5.39 crore in FY26 from ₹1.73 crore in FY25.

Challenges

Sector Concentration: The company's business has significant exposure to railway electrification and associated infrastructure demand.

Working Capital Requirements: A substantial portion of the IPO proceeds has been earmarked for working capital, reflecting the working-capital requirements of the business.

Customer and Order Dependence: Revenue performance can be influenced by the timing and execution of orders from customers operating in its target sectors.

Operational Risks: Manufacturing electrical equipment involves production, quality-control, raw-material and supply-chain risks.

Utilisation of IPO Proceeds

The ₹33.98 crore IPO was entirely a fresh issue.

The proceeds are intended for:
- ₹25.00 crore towards working capital requirements
- General corporate purposes

Business and IPO Overview

Vans Electroengineerings manufactures components used in traction power supply and overhead equipment systems, including vacuum circuit breakers and vacuum interrupters.

The company's products cater to railway electrification, metro and related infrastructure applications.
The company reported FY26 total income of ₹23.19 crore and profit after tax of ₹5.39 crore. Its ₹33.98 crore IPO was entirely a fresh issue and received 628.73 times subscription.

Shares listed at ₹224.20 on BSE SME against the ₹118 issue price and subsequently traded at ₹235.40.