The ₹53.05 crore BSE SME IPO opened for subscription on October 30, 2026, and will close on November 3. The issue comprises a fresh issue of equity shares and an offer for sale.
Vectras Enprocon Ltd., a Gujarat-based engineering, procurement and construction (EPC) company serving the oil and gas industry, has launched its initial public offering with a price band of ₹99–₹105 per equity share.
The ₹53.05 crore IPO opened on October 30, 2026, and is scheduled to close on November 3, 2026. The shares are proposed to be listed on the BSE SME platform.
The public issue consists of 40,56,000 fresh equity shares aggregating ₹42.59 crore and an offer for sale of 9,96,000 equity shares worth ₹10.46 crore at the upper price band.
Vectras Enprocon IPO Details
| Particulars | Details |
|---|---|
| IPO opening date | October 30, 2026 |
| IPO closing date | November 3, 2026 |
| Price band | ₹99–₹105 per share |
| Face value | ₹10 per share |
| Total issue size | ₹53.05 crore |
| Fresh issue | ₹42.59 crore |
| Offer for sale | ₹10.46 crore |
| Total shares offered | 50,52,000 |
| Minimum application | 2,400 shares |
| Minimum investment at upper band | ₹2,52,000 |
| Subsequent application multiples | 1,200 shares |
| Issue type | Book-built IPO |
| Listing platform | BSE SME |
| Post-issue market capitalisation | ₹200.09 crore |
| Lead manager | Beeline Capital Advisors Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market maker | Spread X Securities Pvt. Ltd. |
The IPO represents approximately 26.51% of the company’s post-issue paid-up equity capital.
About Vectras Enprocon
Incorporated in May 2021, Vectras Enprocon provides EPC services to the midstream and downstream segments of the oil and gas industry.
The company undertakes pipeline construction, combined station works and associated civil and mechanical infrastructure projects. Its services include engineering, procurement, construction, testing and commissioning of oil and gas pipelines, terminals and stations.
Vectras executes projects for public sector undertakings and private sector companies across various Indian states.
Its capabilities include piping infrastructure with diameters of up to 48 inches and cross-country pipelines of up to 30 inches.
The company has secured cumulative orders exceeding ₹450 crore since incorporation. As of September 30, 2026, its unexecuted order book comprised 34 projects valued at ₹183.28 crore.
Vectras had 990 employees on its payroll as of September 30, 2026.
Vectras Enprocon Financial Performance
The company reported growth in total income and net profit during the three financial years ended March 2026.
| Financial period | Total income | Net profit |
|---|---|---|
| FY2024 | ₹54.37 crore | ₹5.81 crore |
| FY2025 | ₹80.53 crore | ₹10.17 crore |
| FY2026 | ₹119.90 crore | ₹15.43 crore |
| H1 FY2027 | ₹72.20 crore | ₹9.10 crore |
Total income increased from ₹54.37 crore in FY2024 to ₹119.90 crore in FY2026. Net profit rose from ₹5.81 crore to ₹15.43 crore during the same period.
For the six months ended September 30, 2026, Vectras reported total income of ₹72.20 crore and net profit of ₹9.10 crore.
Its reported profit after tax margins were 10.70% in FY2024, 12.63% in FY2025, 12.88% in FY2026 and 12.65% in the first half of FY2027.
Trade receivables stood at ₹18.28 crore as of September 30, 2026.
Vectras Enprocon IPO Valuation
At the upper price band of ₹105 per share, the company’s estimated post-issue market capitalisation is ₹200.09 crore.
Its average earnings per share for the past three financial years stood at ₹7.08, while the average return on net worth was 60.86%.
The net asset value was ₹31.23 per share as of September 30, 2026, translating into a price-to-book ratio of approximately 3.36 times at the upper issue price.
Based on FY2026 earnings, the issue is priced at a price-to-earnings multiple of 12.96 times. The multiple based on annualised first-half FY2027 earnings is approximately 10.99 times.
The company has identified Pratham EPC, Desco Infratech and Likhitha Infrastructure as listed peers in its offer document.
Objects of the IPO
Vectras intends to utilise the proceeds from the fresh issue primarily for working capital, repayment of borrowings and general corporate purposes.
| Proposed utilisation | Amount |
|---|---|
| Working capital requirements | ₹20 crore |
| Repayment or prepayment of borrowings | ₹14 crore |
| General corporate purposes | Balance after issue expenses |
The offer-for-sale proceeds will go to the selling shareholders and will not be available to the company for its business requirements.
Vectras Enprocon IPO GMP
Vectras Enprocon’s grey market premium (GMP) was reported at ₹0 per share as of November 1, 2026, according to available IPO grey market trackers.
The absence of a quoted premium may also reflect limited or unavailable grey market activity.
GMP is unofficial and unregulated, may change before listing, and should not be relied upon as an indication of the actual listing price or future share performance.
Vectras Enprocon IPO Allotment and Listing Dates
The tentative IPO timetable is as follows:
| Event | Date |
|---|---|
| IPO opens | Friday, October 30, 2026 |
| IPO closes | Tuesday, November 3, 2026 |
| Basis of allotment | Wednesday, November 4, 2026 |
| Refunds / ASBA fund unblocking | Thursday, November 5, 2026 |
| Credit of shares to demat accounts | Thursday, November 5, 2026 |
| Expected listing date | Friday, November 6, 2026 |
| Listing exchange | BSE SME |
The allotment, refund, demat credit and listing dates are tentative and subject to confirmation by the registrar and stock exchange.
