Karamtara Engineering Limited IPO
ListedMainboardCapital Goods - Electrical Equipment
66.01×
Subscribed
Price band
₹241 – ₹254
Lot size
59
1 lot = ₹14,986
Issue size
₹875 Cr
Open – close
09 Sept 2026
to 11 Sept 2026
Listing
17 Sept 2026
Listing gain
+25.98%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed4 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 1 negative signals
Strength67/100
- Expensive against its own peers32.4× earnings against a peer median of 20.4× — a 59% premium to the companies the issuer itself chose to be compared with
- Conservative balance sheetDebt/equity of 0.84×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 168.19×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB168.19x
Non-institutionalNII / HNI51.17x
Big NIIabove ₹10L53.83x
Small NII₹2L – ₹10L45.83x
Retail individualRII13.98x
27,51,564 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Sept 2026.
Chance of allotment
Retail13.98× subscribed
~1 in 14
Minimum 1 lot · 59 shares · ₹14,986 blocked
Retail is 13.98× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 14 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII51.17× subscribed
~1 in 51.2
Minimum 14 lots · 826 shares · ₹2,09,804 blocked
HNI is 51.17× subscribed. This category is allotted proportionately, so a bid receives roughly 1/51.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹75+29.5%
over the upper band · last seen 21 Sept 2026 · rising since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹241 – ₹254
Face value₹10
Lot size59shares
Minimum application₹14,986at cut-off
Total issue size₹875 Cr
Fresh issue₹675 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band32.44×
Debt / equity0.84×
ROE20.77%
ROCE23.27%
RoNW20.78%
EBITDA Margin11.55%
NAV41.72
Price to Book Value6.09
ISININE590T01012
RegistrarLINK
Lead managersJM Financial Limited, ICICI Securities Limited, IIFL Capital Services Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,72,24,409 | — |
| Anchor Investor | 1,03,34,644 | — |
| QIB (Ex. Anchor) | 68,89,765 | — |
| NII (HNI) | 51,67,323 | — |
| bNII > ₹10L | 34,44,882 | 4170.00% |
| sNII < ₹10L | 17,22,441 | 2085.00% |
| Retail | 1,20,57,086 | 204357.00% |
Total issue 3,44,48,818 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9861 lot · 59 sh
Retail (Max)₹1,94,81813 lots · 767 sh
S-HNI (Min)₹2,09,80414 lots · 826 sh
S-HNI (Max)₹9,89,07666 lots · 3,894 sh
B-HNI (Min)₹10,04,06267 lots · 3,953 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,03,34,644
Anchor portion₹262.5 Cr
Bid date08 Sept 2026
Lock-in ends (50%)15 Oct 2026
Lock-in ends (rest)14 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding prepayment, repayment and/ or payment obligations to our lenders towards borrowings and Acceptances, in part or full₹600 Cr
- 02General corporate purposes₹28.39 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Karamtara Engineering Limitedthis issue | 7.83 | 32.44 | 41.72 | 20.78% |
| Inox Wind Limited | 2.65 | 27.08 | 8.32 | — |
| Waaree Energies Limited | 128.84 | 20.48 | 32.48 | — |
| KP Green Engineering Limited | 27.15 | 9.65 | 32.32 | — |
| Suzlon Energy Limited | 2.31 | 20.25 | 40.64 | — |
| Premier Energies Limited | 33.63 | 30.15 | 42.35 | — |
| Vikram Solar Limited | 13.68 | 12.70 | 21.34 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe majority of our manufacturing facilities are located in Maharashtra, India, which accounted for 90.84%, 98.61% and 99.18% of our total revenue from operations in Fiscals 2026, 2025 and 2024, respectively, exposing our operations to potential risks arising from local and regional factors.
mediumWe are significantly dependent on our manufacturing facilities, and any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of our manufacturing facilities could have a material adverse effect on our business, financial condition, cash flows and results of operations.
mediumThe majority of our product offerings have a single dedicated manufacturing facility and are only produced at such facility, and any shutdown, interruption or disruption in the operations of any of our facility could significantly and adversely affect the entire manufacturing of the product specific
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Karamtara Engineering Limited
Karamtara Engineering is a backward integrated manufacturer of products for the renewable energy and transmission line sectors. Its product portfolio includes solar module mounting structures, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, fasteners, structural steel profiles, and overhead transmission line (OHTL) hardware fittings and accessories. The company has also commenced production of angular and tubular towers for wind turbines. As of March 31, 2026, Karamtara Engineering operated 13 manufacturing facilities, comprising eight facilities in Maharashtra, four in Gujarat, and one in Italy. Its aggregate installed manufacturing capacity stood at 889,200 MTPA, excluding galvanising capacity, along with a capacity of 480,000 pieces at its Italy facility. The company also operates in-house galvanising facilities and rolling mill furnaces. It has a global delivery presence, with exports to over 50 countries across North America, Europe, Asia, Africa, Australia, and Latin America. Use of proceeds: The IPO is a combination of a fresh issue of shares and offer for sale. The net proceeds from the offer for sale will go to the selling shareholders, whereas those from the fresh issue will go to the company and will be utilised for the following purposes: Funding prepayment, repayment and/ or payment obligations to lenders towards borrowings and acceptances, in part or full - Rs 600 crore General corporate purposes
Founded 1996MD Mr Tanveer SinghSector Capital Goods - Electrical Equipment
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Karamtara Engineering Limited IPO GMP today?
The most recent grey-market premium recorded for Karamtara Engineering Limited is ₹75 per share — about 29.5% over the ₹254 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Karamtara Engineering Limited IPO subscribed?
Karamtara Engineering Limited is subscribed 66.01× overall (QIB 168.19×, NII 51.17×, retail 13.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Karamtara Engineering Limited IPO?
One lot is 59 shares, so a retail application at the ₹254 cut-off price blocks ₹14,986. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Karamtara Engineering Limited IPO?
The retail portion is subscribed 13.98×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 14. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Karamtara Engineering Limited IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.