Tankup Engineers Limited has launched its much-anticipated initial public offering (IPO), which opened for subscription on April 23 and will run until April 25. With a price range set between ₹133 and ₹140 per equity share, investors can bid for a minimum of 1,000 shares, with additional bids increasing in increments of 1,000 shares.
About Tankup Engineers
Founded in 2020, Tankup Engineers specializes in developing advanced vehicle superstructures that offer intricate mobility and storage solutions. Their product portfolio includes:
- Self-bunded fuel tanks
- Mobile diesel bowsers
- Aircraft refuelers
- Fire tenders
- Ground support equipment
The firm customizes tanks to meet diverse client needs, focusing on the transportation and storage of liquids, gases, and solids. This adaptability makes them a valuable partner across multiple sectors such as agriculture, aviation, mining, construction, logistics, defense, and infrastructure.
Manufacturing Excellence
Tankup Engineers operates from a 2,665 sq. m facility located in Lucknow, which boasts ISO certification and has received approval from PESO. The company also holds the MSME ZED certification, validating its commitment to Zero Defect Zero Effect manufacturing practices. According to their red herring prospectus (RHP), there are no comparable publicly listed firms in India, making direct industry comparisons challenging.
Subscription Insights
As of day one, the Tankup Engineers IPO has achieved a 31% subscription rate. Breakdown of the subscription status indicates:
- Retail portion: 59% subscribed
- Non-Institutional Investors (NII): 12% booked
By 1:49 PM IST, bids for 288,000 shares were placed against an available 940,000 shares, as reported by chittorgarh.com.
IPO Structure and Funding Goals
The IPO comprises a fresh issue of 1,395,000 equity shares, aggregating to approximately ₹19.53 crore, with no offer for sale (OFS) component included. The raised funds are intended for:
- Repaying existing loans (fully or partially)
- Addressing working capital needs
- General corporate purposes
Hem Securities Limited is serving as the lead book-running manager, while Bigshare Services Pvt Ltd acts as the registrar for this offering.
Current Market Status
As for the grey market premium (GMP), the shares of Tankup Engineers are currently trading at ₹0, indicating that they are holding steady at their issue price of ₹140. This lack of premium suggests that investors are not willing to pay above the initial price at this time, according to investorgain.com.
This IPO marks an exciting opportunity for investors looking to delve into the innovative solutions offered by Tankup Engineers. As the subscription period continues, all eyes will be on how the market responds to this budding enterprise.
