IPO Overview
Vectras Enprocon Limited, an integrated solution provider for critical mid‑stream and downstream oil & gas infrastructure, announced the opening of its Initial Public Offering on the BSE SME platform. The company has filed a Red Herring Prospectus for an issue of up to 50.52 lakh equity shares at a price band of ₹99 to ₹105 per share, representing a maximum issue size of ₹53.05 cr at the upper band.
Issue Structure and Allocation
The issue comprises a fresh issue of 40.56 lakh shares and an Offer‑for‑Sale (OFS) of 9.96 lakh shares. A market‑maker reservation of 2.53 lakh shares leaves a net public offer of 47.98 lakh shares. The Qualified Institutional Buyer (QIB) portion totals 23.98 lakh shares, of which 14.38 lakh are allocated to anchor investors and a net QIB portion of 9.60 lakh shares remains. Non‑Institutional Investors (NII) are allotted 7.20 lakh shares and retail individual investors receive 16.80 lakh shares.
Timeline
The anchor‑investor tranche opens and closes on Thursday, 29 October 2026. The full issue opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026.
Company Profile and Order Book
Incorporated in 2021 and headquartered in Ahmedabad, Vectras Enprocon provides design, engineering, procurement, construction, testing and commissioning services for pipeline networks, combined oil‑and‑gas stations and allied infrastructure. As of 30 September 2026, the company’s unexecuted order book amounts to ₹18,327.88 lakh across 34 projects, broken down into ₹11,629.03 lakh from combined station works, ₹5,945.72 lakh from pipeline works and ₹753.13 lakh from other allied services. Projects span Gujarat, Maharashtra, Punjab, Bihar and Odisha, reflecting geographic expansion beyond its home state.
Financial Highlights FY26
For the financial year ended 30 September 2026, Vectras Enprocon reported revenue of ₹7,193.86 cr, EBITDA of ₹1,454.04 cr (EBITDA margin 20.21%) and profit after tax of ₹910.25 cr (PAT margin 12.65%). Comparative figures show FY25 revenue of ₹11,980.20 cr, EBITDA of ₹2,401.29 cr (20.04% margin) and PAT of ₹1,543.27 cr (12.88% margin); FY24 revenue of ₹8,048.03 cr, EBITDA of ₹1,504.88 cr (18.70% margin) and PAT of ₹1,016.77 cr (12.63% margin); FY23 revenue of ₹5,431.89 cr, EBITDA of ₹867.17 cr (15.96% margin) and PAT of ₹581.19 cr (10.70% margin).
Lead Managers and Listing
Beeline Capital Advisors Private Limited is appointed as the Book‑Running Lead Manager, while MUFG Intime India Private Limited serves as the Registrar for the offer. The equity shares, once allotted, will be listed on the BSE SME platform.