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The current list of open, upcoming and recently listed mainboard and SME IPOs — with price band, lot size, subscription dates and listing details — is on the DocStoX IPO calendar at https://docstox.com/ipos.

What is an IPO price band and lot size?

The price band is the range within which you can bid for IPO shares; the lot size is the minimum number of shares per application. You apply in multiples of the lot size within the band. DocStoX lists both for every open IPO.

What is the difference between a mainboard and an SME IPO?

Mainboard IPOs are larger companies listed on the main NSE/BSE boards with lower lot sizes and broad retail access; SME IPOs are smaller companies on the SME platforms with larger minimum investment and higher risk.

Vans Electroengineerings Limited IPO

Listed 07 Oct 2026, 584× subscribed, on the SME platform.

ListedSMEBids as of 1 Oct, 5:00 pm IST· exchange

Subscribed

584×

3,26,722 applications

Price band

₹112 – ₹118

Minimum bid

₹2,83,200

2,400 shares, 2 lots

Issue size

—

not in the exchange feed

Listing gain

—

opened at ₹224.20

What the filing says

Arithmetic on the offer document and exchange data.

Strong4 of 7 dimensions read

The disclosed numbers are strong — 4 of 5 signals read positive

Strength of disclosure83/100

neutral

Positive: Strong revenue growth
Revenue compounding at 196.7% across the reported years
Neutral: Profit growth outpaces sales
PAT up 1487.4% a year against revenue at 196.7% — check whether that is operating leverage or a one-off before extrapolating it
Positive: High return on equity
ROE of 58.8%
Positive: Conservative balance sheet
Debt/equity of 0.28×
Positive: Institutions bid heavily
QIB portion subscribed 281.65×

Describes the offering as disclosed, pulled toward neutral for gaps; not a listing-price forecast or advice to apply.

Dates

Issuer's timetable, IST.

29 Sept
Bidding opens
1 Oct
Bidding closes
Retail UPI mandates by 5 pm IST
5 Oct
Allotment
Status from BIGSHARE SERVICES PRIVATE LTD
7 Oct
Listing
SME platform

29 Sept
Bidding opens
1 Oct
Bidding closes
Retail UPI mandates by 5 pm IST
5 Oct
Allotment
Status from BIGSHARE SERVICES PRIVATE LTD
7 Oct
Listing
SME platform

Demand and allotment odds

Times subscribed by investor category, one shared scale

As of 1 Oct, 5:00 pm IST· NSE · BSE

InstitutionsQIB
282×
Non-institutionalNII
757×
Above ₹10 lakhbNII
1,184×
₹2–10 lakhsNII
738×
RetailRII
686×
Employees
0.95×

Max 1,184×, log scale; tick = 1× (fully subscribed). 3,26,722 applications.

Retail, 2 lots686× subscribed

~1 in 686.3

Minimum 2 lots, 2,400 shares, ₹2,83,200 blocked

How this is worked out

Retail is 686.27× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 686.3 applications gets one. Bidding for extra lots does not improve these odds.

HNI / NII757× subscribed

~1 in 757.3

Minimum 3 lots, 3,600 shares, ₹4,24,800 blocked

How this is worked out

HNI is 757.27× subscribed. This category is allotted proportionately, so a bid receives roughly 1/757.3 of the shares applied for, subject to the minimum-lot draw.

From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.

Grey-market premium

Unofficial dealer quotes; not from NSE, BSE or SEBI.

Last seen 7 Oct, 9:37 am IST

₹103

over the upper band, rising since 29 Sept 2026

₹90 29 Sep23 quotes · dotted = ₹0 (band)₹103 21 Oct

Unregulated and unverifiable; not a listing-price forecast. See recent outcomes.

The offering

Terms, and valuation at the upper band.

Terms

Price band: ₹112 – ₹118
Face value: ₹10.00
Lot size: 1,200 shares
Minimum application: ₹2,83,200
2 lots at the upper band
Total issue size: —
Anchor investors: Allotted
Registrar: BIGSHARE SERVICES PRIVATE LTD
Lead managers: HEM SECURITIES LIMITED
ISIN: INE2SO401011

Company and valuation

P/E at upper band: —
Return on equity: 58.79%
Debt to equity: 0.28×
ROCE, latest period: 63.96%
RoNW, latest period: 58.79%
PAT Margin, latest period: 23.61%
EBITDA Margin, latest period: 31.63%
NAV, latest period: 11.46
P/B (x), latest period: 10.30

“Latest period” rows can be a part year, so ratios there may read low.

Who gets what

Split by investor category, and minimum bids.

QIB46.6%
NII (HNI)14.0%
Retail32.7%
Employee1.7%
Market Maker5.1%

Reservation by investor category
Category	Shares	Share of issue
QIB	13,41,600	46.58%
Anchor Investor	8,04,000	27.92%
QIB (Ex. Anchor)	5,37,600	18.67%
NII (HNI)	4,03,200	14.00%
bNII > ₹10L	2,66,400	9.25%
sNII < ₹10L	1,36,800	4.75%
Retail	9,40,800	32.67%
Employee	48,000	1.67%
Market Maker	1,46,400	5.08%

Total issue 28,80,000 shares. Indented rows sit inside the row above.

What each category may bid

Individual investors (IND) (Min): ₹2,83,200
2 lots, 2,400 shares
Individual investors (IND) (Max): ₹2,83,200
2 lots, 2,400 shares
S-HNI (Min): ₹4,24,800
3 lots, 3,600 shares
S-HNI (Max): ₹9,91,200
7 lots, 8,400 shares
B-HNI (Min): ₹11,32,800
8 lots, 9,600 shares
Employee (Min): ₹2,83,200
2 lots, 2,400 shares
Employee (Max): ₹4,24,800
3 lots, 3,600 shares

Small-HNI minimum is several lots, not one.

Anchor book

Shares allotted: 8,04,000 shares
Anchor portion: ₹9.49 Cr
Bid date: 28 Sept 2026
Lock-in ends, first 50%: 04 Nov 2026
Lock-in ends, the rest: 03 Jan 2027

Lock-in dates = when anchor shares may first be sold.

What the money is for

Stated use of net proceeds, ₹ Cr.

Working capitalTo Meet Working Capital Requirements of our Company₹25.00 Cr
General purposesGeneral Corporate Purpose—

Unstated amounts (general purposes) mean the rows do not sum to the issue.

Financials

Restated, ₹ crore.

Restated financials, ₹ crore
Period	Revenue	EBITDA	PAT	Net worth	Debt
2024	2.596	—	0.021	1.05	5.167
2025	13.562	—	1.73	3.779	1.2
2026	22.843	—	5.392	9.172	2.549

Revenue CAGR PAT CAGR

— = not printed.

Revenue and profit after tax, ₹ crore

RevenueProfit after tax

Risks worth reading

Ranked by severity.

mediumOur business and revenue are substantially dependent on the Indian Railways. Any adverse change in policy of the Indian Railways may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.
mediumWe derive a significant portion of our revenue from the sale of our two-key product verticals i.e. Vacuum Circuit Breakers and Vacuum Interrupters. Any decline in the sales of our key product/s could have an adverse impact on our business, results of operations and financial condition.
mediumA significant portion of our revenue from operations is derived from a limited number of customers and our inability to maintain existing customer relationships or secure repeat business may adversely affect our business and results of operations.

Positives the filing discloses (3)

Low leverage
Debt-to-equity of 0.28x.
Strong revenue growth
Restated revenue CAGR of 196.7%.
Healthy return on equity
ROE of 58.8%.

What happened to comparable issues

Last 8 listings, most comparable first. Context, not a forecast.

Median listing gain

Opened above issue

3 of 8

Largest

Maxwell Engineering Solutions Limited

Weakest

Eventions Limited

Comparable listings
Issue	Subscribed	Listing gain
Vedant Poly Fabs Limited	1.9×	unchanged 0.0%
Maxwell Engineering Solutions Limited	491×	up +90.0%
HGS (India) Limited	231×	up +33.3%
Ravita Engineering Services Limited	6.7×	unchanged 0.0%
Vaibhav Vyapaar Limited	3.1×	down minus 2.0%
R.K. Fashion Accessories Limited	2.6×	down minus 2.4%
Eventions Limited	2.3×	down minus 5.9%
Papadmalji Agro Foods Limited	2.5×	up +0.4%

Different companies at different prices. Bars share one scale (full = 90%).

Offer documents

Primary sources.

PROSPECTUS29 Sept 2026Analysis PDF (opens SEBI site in a new tab)

Common questions

What is the Vans Electroengineerings Limited IPO GMP today?

The most recent grey-market premium recorded for Vans Electroengineerings Limited is ₹103 per share — about 87.3% over the ₹118 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 Vans Electroengineerings Limited IPO subscribed?

Vans Electroengineerings Limited is subscribed 584.44× overall (QIB 281.65×, NII 757.27×, retail 686.27×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE SERVICES PRIVATE LTD.

What is the minimum investment in the Vans Electroengineerings Limited IPO?

One lot is 1,200 shares, so a retail application at the ₹118 cut-off price blocks ₹1,41,600. 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 Vans Electroengineerings Limited IPO?

The retail portion is subscribed 686.27×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 686. 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 Vans Electroengineerings Limited IPO allotment date?

Allotment is scheduled for 2026-10-05, with listing on 2026-10-07. 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, BIGSHARE SERVICES PRIVATE LTD.

All IPOs VANS stock page

Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.