Tankup Engineers IPO, Day 2: Check GMP, Subscription Status, Price Band And More

The initial public offering of Tankup Engineers Ltd., which opened on April 23 was fully subscribed on Day 1, led by demand from qualified institutional investors and retail investors.

The SME IPO was booked 1.22 times on Wednesday. Investors bid for 11,49,000 shares as compared to the 9,40,000 on offer. Qualified investors (QIBs) bid for 5,00,000 shares against the 2,58,000 on offer. Retail investors bid for 5,07,000 shares against the 4,52,000 shares on offer. Non-institutional investors bid for 1,41,000 shares against the 1,94,000 on offer.

Tankup Engineers manufactures custom-built tanks for storing or transporting liquids, gases, or solids. Tankup Engineers aims to raise Rs 19.53 crore through its NSE SME issue.

Here's all you need to know about the Tankup Engineers IPO as bidding on day 2 resumes.

The Tankup Engineers IPO price band has been fixed at Rs 133 to Rs 140 per equity share. The public offering comprises a fresh issuance of 13.95 lakh shares. There is no offer-for-sale (OFS) component. 

Retail investors can bid for a minimum lot size of 1,000 shares and in multiples thereof. This will require a minimum investment of up to Rs 1,40,000 per lot for each application.

As per the company's RHP document, of the 13,95,000 shares on offer

• 2,58,000 (18.49%) is allocated to Qualified institutions

• 1,94,000 (13.91%) is allocated to Non-institutional investors

• 4,52,000 (32.4%) is allocated to Retail investors

• 3,85,000 (27.6%) is allocated to Anchor investors.

The IPO will close for subscription on April 25. The company is expected to finalise the IPO allotment status on April 28. The successful bidders will receive the Tankup Engineers shares in their Demat accounts by April 29. The company will process refunds for the non-allottees on the same day as well.

Shares of Tankup Engineers are scheduled to be listed on the NSE SME platform, Emerge, on April 30.

Hem Securities Ltd. is the book-running lead manager for the Tankup Engineers IPO, whereas Bigshare Services Private Ltd. is the registrar for the SME issue. Hem Finlease Private Ltd is the market maker for the issue.  

The IPO has been subscribed 2.39 times as of 3:04 pm on Thursday.

• Qualified Institutions: 1.94 times

• Non-Institutional Buyers: 2.85 times

• Retail Investors: 2.63 times

Subscription status will be updated at regular intervals.

Also Read: Ather Energy IPO GMP Dips; Should You Invest?

As per Investorgain, the latest grey market premium (GMP) for the Tankup Engineers Ltd IPO was Rs 0 as of 1:53 pm on April 24. This indicates that the company’s shares may see a flat listing at Rs 140 apiece on the NSE Emerge platform.

Note: GMP does not represent official data and is based on speculation.

Tankup Engineers Ltd has proposed to use the proceeds of the public offering for repayment of existing borrowings, general corporate purposes, as well as general working requirements.

Tankup Engineers Ltd. business consists of manufacturing vehicle superstructures for complex storage and mobility solutions. It offers products like aircraft refuelers, self-bunded fuel tanks, fire tenders, mobile diesel bowsers and ground support equipment. Tankup Engineers serves sectors like mining, agriculture, aviation, defence, infrastructure, logistics and construction.

The company’s revenue in FY 2023-24 stood at Rs 19.54 crore. For the 8 months ended November 30, 2024, in FY25, the revenue was recorded at  Rs 12.48 crore.

In the first eight months of FY25, the company reported a net profit of Rs 95 lakh. For the entire FY24, the company’s net profit stood at Rs 2.57 crore.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.