Core4 Engineers IPO Listing: Shares Debut at ₹74.40 on BSE SME, 20% Below Issue Price

Core4 Engineers Ltd. shares made their stock market debut on Friday, October 30, 2026, listing at ₹74.40 per share on the BSE SME platform, representing a discount of 20% to the IPO issue price of ₹93 per share.

The stock opened ₹18.60 below its issue price. Investors who received shares through the IPO allotment recorded a loss at the opening price, before applicable transaction charges and taxes. Following the listing, the stock recovered to ₹78.12 as of 10:29 AM IST, although it remained below the issue price.

The listing followed the company's ₹54.82 crore initial public offering, which opened for subscription on October 23, 2026, and closed on October 27, 2026. Exchange-based subscription data showed an overall subscription of 4.70 times, with the Non-Institutional Investors (NII) category subscribed 6.84 times. The IPO price band was fixed at ₹88 to ₹93 per share.

Core4 Engineers is an engineering, procurement, construction and commissioning (EPCC) company providing infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment sectors.

Core4 Engineers IPO Listing Details

Core4 Engineers IPO was a ₹54.82 crore book-built issue comprising a fresh issue of 5894400 equity shares. The public offering did not include an offer-for-sale component.

Since the entire IPO comprised a fresh issue, the company will receive the proceeds from the public offering, after deducting applicable expenses. The proceeds are intended to fund capital expenditure for acquiring property for a new manufacturing unit and corporate office, incremental working capital requirements and general corporate purposes.

The IPO price band was fixed at ₹88 to ₹93 per equity share, with a trading lot size of 1200 shares. Individual investors were required to apply for a minimum of two lots, comprising 2400 shares. At the upper end of the price band, the minimum application amount was ₹223200.

The IPO opened for subscription on October 23, 2026, and closed on October 27, 2026. The basis of allotment was finalised on October 28, followed by the scheduled credit of shares to successful applicants' demat accounts on October 29, 2026.

The public offering comprised 5894400 fresh equity shares, including 720000 shares reserved for the market maker. The remaining 5174400 shares formed the net issue available to public investors.

At the final issue price of ₹93 per share, the IPO implied a post-issue market capitalisation of approximately ₹192.35 crore.

On October 30, 2026, Core4 Engineers shares listed at ₹74.40 on the BSE SME platform, representing a discount of 20% to the IPO issue price.

• Issue Price: ₹93 per share
• BSE SME Listing Price: ₹74.40 per share
• Listing Discount: 20%
• Change From Issue Price at Listing: -20%
• Overall Subscription: 4.70 times (exchange-based data)
• Issue Size: ₹54.82 crore
• Fresh Issue: 5894400 equity shares
• Offer for Sale: Nil
• Market Maker Reservation: 720000 equity shares
• Price Band: ₹88 to ₹93 per share
• Lot Size: 1200 shares
• Minimum Application: 2400 shares
• Minimum Investment: ₹223200
• IPO Open Date: October 23, 2026
• IPO Close Date: October 27, 2026
• Allotment Date: October 28, 2026
• Listing Date: October 30, 2026
• Exchange: BSE SME

First-Day Trading Performance

Core4 Engineers share price began trading below its IPO issue price on the BSE SME platform on October 30, 2026.

Listing Price: The stock opened at ₹74.40 per share, compared with the IPO issue price of ₹93, resulting in a discount of ₹18.60 per share, or 20%.

The discounted debut meant that investors allotted shares in the IPO saw a decline in the market value of their holdings at the opening price.

Listing Return: Investors allotted the minimum application quantity of 2400 shares at the issue price of ₹93 invested ₹223200. At the BSE SME listing price of ₹74.40, the value of these shares stood at ₹178560, representing a notional loss of ₹44640 before applicable charges and taxes.

For a single trading lot of 1200 shares, the issue-price value was ₹111600. At the listing price, the corresponding value stood at ₹89280, translating into a decline of ₹22320.

Opening Performance: Following its debut at ₹74.40, Core4 Engineers shares recovered to ₹78.12 as of 10:29 AM IST on October 30, 2026. This represented an increase of ₹3.72 per share, or 5%, from the listing price.

Despite the recovery, the stock remained ₹14.88 below its IPO issue price, reflecting a discount of 16% at that time.

The opening performance followed an IPO that received subscription across major investor categories. However, the listing discount indicated that the stock began secondary-market trading below the price paid by successful IPO applicants.

These figures represent the opening price and an early trading snapshot rather than the stock's final closing performance for the listing day.

Core4 Engineers IPO Subscription Status

The Core4 Engineers IPO received an overall subscription of 4.70 times by the close of bidding on October 27, 2026, according to exchange-based subscription figures.

The Non-Institutional Investors category recorded subscription of 6.84 times, while Qualified Institutional Buyers subscribed 5.06 times their allocated portion. The Individual Investors category was subscribed 2.72 times.

The NII category recorded the highest subscription multiple among the three major investor categories on this reporting basis, reflecting demand above the number of shares reserved for that segment.

The QIB category also received applications exceeding its allocation, while the Individual Investors category attracted bids for more than twice the shares available to that category.

The total subscription of 4.70 times reflected demand across institutional, non-institutional and individual investor categories during the three-day bidding period.

Although the IPO received bids exceeding the shares offered, Core4 Engineers opened at a 20% discount to its issue price on October 30, 2026.

About Core4 Engineers Ltd.

Core4 Engineers Limited is an engineering, procurement, construction and commissioning company engaged in providing integrated infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment sectors.

The company began operations as a partnership firm in 2014 and subsequently converted into a private limited company in 2022 before becoming a public limited company in 2025.

Its operations cover multiple stages of infrastructure project execution, including design, engineering, procurement, erection, installation, testing, commissioning and operation and maintenance services.

Core4 Engineers operates across several business verticals, including railway electrification and infrastructure, extra-high-tension power transmission and distribution, water and wastewater treatment, automation and supervisory control and data acquisition (SCADA) systems, and the supply of electrical distribution panels.

The company also operates an in-house manufacturing facility for high-tension and low-tension electrical panels and compact substations. These products support its infrastructure project activities and enable the company to provide electrical equipment and related engineering solutions.

In the railway infrastructure segment, the company's activities involve electrical infrastructure and associated engineering works. Its power transmission and distribution operations focus on electrical systems and infrastructure used in electricity networks.

The company also undertakes water and wastewater treatment projects involving engineering and related infrastructure solutions. Its automation and SCADA capabilities support monitoring and control requirements across industrial and infrastructure applications.

Core4 Engineers' business involves both project execution and the manufacturing of specialised electrical equipment. The company also undertakes subcontracting assignments to support engineering and infrastructure projects.

The IPO was entirely a fresh issue of equity shares, with proceeds intended to support the company's capital expenditure, working capital requirements and general corporate purposes. The listing on BSE SME provides a public trading platform for Core4 Engineers' equity shares following the completion of its initial public offering.