Tankup Engineers IPO: Issue subscribed 47% so far; check allotment and listing date

Tankup Engineers IPO has been subscribed 47% so far on the first day of bidding on Wednesday, April 23. The issue will conclude on Friday, April 25.

The price band has been fixed at ₹133 to ₹140 per share. The initial share sale is a fresh issuance of equity shares worth ₹19.53 crore without an offer-for-sale (OFS) component.

Funds to the tune of ₹3.5 crore will be utilised to repay debt, and ₹10 crore to meet working capital needs. A part will also be used for general corporate purposes.

Tankup Engineers IPO: Lot size

Retail investors can bid for at least 1,000 shares worth ₹1,33,000. High net-worth individuals can apply for 2,000 shares aggregating to ₹2,80,000.

The company has reserved 50% of the issue for qualified institutional buyers, 35% for retail investors (RIIs), and 15% for non-institutional investors.

Tankup Engineers IPO: Allotment and listing date

The basis of allotment will be finalised on April 28. Refunds for unsuccessful investors will be initiated on April 29, while shares will be transferred to the Demat account of allottees on the same day.

Tankup Engineers IPO listing will take place on April 30.

About Tankup Engineers

It makes different types of tanks, like mobile service vans, mobile refueller, explosive vans, tank trucks, water sprinklers, and blasting shelters.

For the financial year 2023-24, the company reported a net profit of ₹2.57 crore as against ₹79 lakh in the year-ago fiscal year.

Revenue from operations climbed to ₹19.54 crore in FY24 from ₹11.85 crore in FY24.