Tankup Engineers IPO Day 2 Update: Subscription, GMP, Listing Date

Tankup Engineers' IPO has received a decent response, with the issue subscribed 1.34 times on day 2. The retail portion was subscribed 1.51 times, QIBs 1.94 times, and NII 0.47 times. The company aims to raise ₹19.53 crore through a fresh issue of 1.39 million equity shares, with shares scheduled to list on NSE SME on April 30, 2025.

Tankup Engineers' Initial Public Offering (IPO) has received a robust response, with the issue being subscribed 1.34 times on the second day. The retail portion was subscribed 1.51 times, while Qualified Institutional Buyers (QIBs) saw a subscription rate of 1.94 times. Non-Institutional Investors (NII) had a subscription rate of 0.47 times. The company aims to raise ₹19.53 crore through a fresh issue of 1.39 million equity shares, with shares scheduled to list on the National Stock Exchange (NSE) SME on April 30, 2025 [1].

The IPO, which is a book-built issue, opened on April 23, 2025, and is set to close on April 25, 2025. The allotment of shares is expected to be finalized on April 28, 2025, and the refunds will be processed on April 29, 2025. The shares will be credited to the Demat accounts on the same day. The IPO price band ranges from ₹133 to ₹140 per share, with a face value of ₹10 per equity share [1].

Tankup Engineers, incorporated on December 3, 2020, specializes in manufacturing custom vehicle superstructure designed to handle complex mobility and storage solutions. The company reported revenue of ₹19.54 crore in 2024, up from ₹11.85 crore in 2023, and a profit of ₹2.57 crore in 2024, compared to ₹0.79 crore in 2023. The company's key performance indicators (KPIs) include a Return on Equity (ROE) of 107.11%, Return on Capital Employed (ROCE) of 46.49%, and an Earnings Per Share (EPS) of ₹9.34 [1].

The company's primary objective for the IPO is to repay certain outstanding borrowings and meet working capital requirements. The IPO is led by Hem Securities Limited, and the registrar is Bigshare Services Pvt Ltd. The market maker for the IPO is Gretex Share Broking Private Limited [1].

The strong subscription rate suggests investor confidence in Tankup Engineers' growth prospects and financial performance. The upcoming listing on the NSE SME is expected to provide further visibility and liquidity to the company's shares. Investors should closely monitor the company's financial reports and market performance to make informed investment decisions.

References:

[1] https://ipowatch.in/tankup-engineers-ipo-date-review-price-allotment-details/