Tankup Engineers IPO day 2 update: Check subscription, GMP, listing date

Tankup Engineers aims to raise ₹19.53 crore through a fresh issue of 1.39 million equity shares

Tankup Engineers IPO day 2 update: The initial public offering (IPO) of Tankup Engineers, which opened for subscription on Wednesday, April 23, 2025, has received a decent response from investors so far. The issue was subscribed over 1.34 times, as of 10:42 PM on Thursday, day 2 of the offering, according to data from the NSE SME platform. 

 

The portion booked for retail investors was subscribed 1.51 times and the qualified institutional buyers (QIBs) portion was subscribed 1.94 times. The quota reserved for non-institutional investors (NII) portion was booked 0.47 times. 

 

Tankup Engineers IPO details

The company aims to raise ₹19.53 crore through a fresh issue of 1.39 million equity shares. The SME IPO will close for bidding on Friday, April 25, 2025. The basis of the allotment of shares is expected to be finalised on or before Tuesday, April 29, 2025. Tankup Engineers shares are scheduled to be listed on the NSE SME platform tentatively on April 30, 2025.

 

The company has set the price band in the range of ₹133 to ₹140 per equity share.  Retail investors can bid for a minimum of one lot consisting of 1,000 shares with an investment amount of ₹1,33,000. The minimum investment required for high-net-worth individuals (HNIs) is ₹2,80,000 for two lots of 2,000 equity shares.

 

Bigshare Services is the registrar of the issue. Hem Securities is the book-running lead manager. 

 

According to the red herring prospectus, the company aims to utilise ₹3.5 crore from the issue proceeds for repayment in full or part of certain outstanding borrowings and the ₹10 crore to meet working capital requirements. The remaining funds will be used for general corporate purposes. 

 

Tankup Engineers IPO GMP

The unlisted shares of Tankup Engineers were trading flat at ₹140 each, the upper price band, according to sources tracking unofficial market activities.

 

About Tankup Engineers

Uttar Pradesh-based Tankup Engineers is engaged in the manufacturing of specialised vehicle superstructures for complex mobility and storage solutions for various capacities. It manufactures large containers or tank-like solutions for transporting or storing various materials such as liquids, gases or solids, depending on the customer's product range. The company caters to a wide range of end-use industries like petroleum, mining, infrastructure, defence etc. 

 

In fiscal year 2023-24 (FY24), Tankup Engineers’ revenue from operations grew 64 per cent year-on-year (Y-o-Y) to ₹19.4 crore from ₹11.81 crore in FY23. It reported a profit after tax (PAT) of ₹2.56 crore in FY24, up 225 per cent from ₹78.87 lakh in the previous fiscal.