Tankup Engineers to end SME IPO hiatus; mainboard drought continues

The mainline segment of the primary market continues to remain subdued, with no new public offerings lined up as of now

Tankup Engineers IPO: Tankup Engineers is set to break the lull in the Small and Medium Enterprises (SME) segment of the Indian primary markets, with its initial public offering (IPO) opening for public subscription on Wednesday, April 23, 2025. The last company to go public in this category was Infonative Solutions, which got listed on the BSE SME platform on April 8, 2025.

 

Meanwhile, the mainline segment of the market continues to remain subdued, with no new public offerings lined up as of now. The most recent IPO in this segment was that of Quality Power Electrical Equipments, which debuted on the exchanges on Monday, February 24, 2025.

 

 

That said, here are the key details of the Tankup Engineers IPO as outlined in its Red Herring Prospectus (RHP):

 

Tankup Engineers IPO issue size

At the upper end, the company seeks to raise up to ₹19.53 crore. The public offering comprises an entirely fresh issue of 1.39 million equity shares with no offer-for-sale (OFS) component. From the total issue, not more than 50 per cent has been reserved for Qualified institutional buyers (QIBs), not less than 35 per cent of the net issue for Retail investors, and not less than 15 per cent of the net issue for Non-institutional investors (NII), sa per the RHP. 

 

Tankup Engineers IPO price band, lot size

The public offering will be available at a price band of ₹133 - ₹140 per share, and a lot size of 1,000 shares. Accordingly, investors can bid for a minimum of 1,000 shares and in multiples thereof.

 

At the upper price band, a retail investor would require a minimum of ₹1,40,000 to bid for one lot of 1,000 equity shares. A high-net-worth individual will require a minimum of ₹2,80,000 to bid for 2 lots or 2,000 shares. 

Tankup Engineers IPO grey market premium (GMP)

The unlisted shares of Tankup Engineers were trading flat at ₹140 apiece in the grey market ahead of the opening of the public offering, according to sources tracking unofficial market activities. Thus, the grey market premium (GMP) for Tankup Engineers IPO remains nil as of Monday, April 21. 

Tankup Engineers IPO timeline

The bidding for anchor investors is scheduled to take place on Tuesday, April 22, 2025. The subscription window to bid for the Tankup Engineers IPO is set to conclude on Friday, April 25, 2025. Following the closing of the subscription window, the basis of allotment of the company’s shares is likely to be finalised on Monday, April 28, 2025.

 

Shares of Tankup Engineers are expected to list on the NSE SME platform tentatively on Wednesday, April 30, 2025. 

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Tankup Engineers IPO registrar, lead manager

Bigshare Services serves as the registrar for the SME offering, while Hem Securities acts as the sole book-running lead manager.

 

Tankup Engineers IPO objective

From the IPO proceeds, the company proposes to utilise ₹3.50 crore for the repayment, in full or in part, of certain outstanding borrowings. Tankup Engineers will further use ₹10 crore for funding to meet working capital requirements. The remaining amount, the company said, will be used for general corporate purposes.

 

About Tankup Engineers

Tankup Engineers is in the business of manufacturing specialised vehicle superstructures for complex mobility and storage solutions of various capacities. This involves manufacturing large containers or tank-like solutions used for transporting/storing various materials, which could include liquids, gases, or solids. The company caters to a broad spectrum of end-use industries like Petroleum, Mining, Infrastructure, Defence, etc. Its manufacturing activity focuses on the fabrication of tanks dedicated to delivering mobile solutions that may be deployed for a wide range of commercial use. As on March 13, 2025, the company had an outstanding order book of ₹2,210.99 lakhs consisting of ongoing orders.

 

Tankup Engineers financial details

According to the RHP, Tankup Engineers' net profit in the financial year 2024 (FY24) advanced by 225.89 per cent to ₹25.68 crore from ₹7.88 crore reported in FY23.

 

The company's revenue from operations increased 64.4 per cent to ₹19.4 crore in FY24, from ₹11.8 crore reported in FY23. Notably, the company’s other income (not specified) climbed 100 per cent to ₹0.12 crore in FY24 from ₹0.04 crore reported in FY23.

 

The company's total expenses increased by 50.6 per cent to ₹16.42 crore in FY24, from ₹10.9 crore reported in FY23.

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