The Vinir Engineering IPO is back with SEBI, and the structure has flipped. The draft red herring prospectus dated 30 September 2026 is a 100 per cent fresh issue of up to 7.1 crore equity shares, with no offer for sale. The Bengaluru forging company's earlier draft, from January 2025, was the opposite: a pure promoter share sale of up to 5.33 crore shares.
That difference decides who gets the money. In a fresh issue the company sells new shares and keeps the cash. In an offer for sale an existing shareholder sells and takes the cash. The January 2025 draft on SEBI's filing page shows the whole offer coming from one promoter, Nitesh Gupta. The new draft says that document now stands replaced in its entirety.
What the new draft says
| Item | Detail |
|---|---|
| DRHP date | 30 September 2026 |
| Issue type | 100 per cent fresh issue, no offer for sale |
| Fresh issue size | Up to 7.1 crore equity shares (71,000,000) |
| Face value | ₹2 a share |
| Pre-issue shares | 21.26 crore |
| Issue size in rupees | Not disclosed yet |
| Lead manager | GYR Capital Advisors |
| Registrar | KFin Technologies |
| Listing | BSE and NSE |
The DRHP, the draft prospectus a company files with SEBI before an IPO, leaves the rupee size blank. It prints as ₹[●]. That is normal this early. The price band is fixed much later, in the red herring prospectus, so the issue size in rupees does not exist yet. Any ₹ crore figure you see attached to this IPO today is somebody's estimate, not a filed number.
The share count still tells you something. Vinir had 21.26 crore shares before the issue. Add up to 7.1 crore new ones and the company would carry about 28.36 crore. The new shares are therefore about a quarter of the post-issue capital, and existing holders, the three Gupta promoters among them, give up roughly that much of the company.
Where the money is meant to go
Two uses carry firm numbers. ₹149.85 crore goes to advanced forging and machining plant and machinery. ₹35 crore goes to working capital. That is ₹184.85 crore named. The balance is for inorganic growth through acquisitions the company has not identified, and for general corporate purposes.
An unidentified acquisition means exactly that: no target is named in the draft. Shareholders approve the money now and the company picks the purchase later.
What Vinir Engineering does
Incorporated in 1983 and based in Bengaluru, Vinir forges and machines heavy precision components. Its parts go into armoured vehicles, armaments and ammunition, aircraft propulsion systems, power and gas turbines, railway locomotives, oil and gas systems and nuclear energy infrastructure. As of 31 March 2026 it had installed forging capacity of 30,000 MTPA and machining capacity of 8,000 MTPA across three units, at Bengaluru, Hosur and Kalukondapalli. It makes components weighing 20 kg to 6,000 kg and ships to customers in the United States, Mexico, Spain, Malaysia, Canada, the United Kingdom and Singapore.
Defence and aerospace is the part that has moved. That segment was 12.03 per cent of revenue from operations in FY2024 and 26.59 per cent in FY2026. Exports were 9.46 per cent of revenue from operations in FY2026. The draft lists more than 5,000 designed dies and a NABL-accredited testing laboratory among the company's strengths.
The financials in the draft
Revenue from operations was ₹204.83 crore in FY2026 and profit after tax was ₹24.39 crore. Profit is therefore just under 12 per cent of revenue from operations. Growth is the softer number: revenue rose 7.82 per cent in FY2026. Net worth grew at a compound rate of 20.60 per cent between 31 March 2024 and 31 March 2026.
What happens next
SEBI now reviews the draft. Its observations, the clearance a company needs before it can file the red herring prospectus and open the issue, usually arrive one to three months after filing. Until then there are no dates, no band and no lot size. The structure is already set: not more than 50 per cent of the issue for qualified institutional buyers, at least 15 per cent for non-institutional bidders and at least 35 per cent for retail bidders.
Vinir joins a crowded queue. Our tracker counts 39 companies that have filed draft papers with SEBI so far this month, among them Biocon Electric, whose draft for 59 lakh shares we covered on 5 October. When Vinir gets its dates they will show up on our upcoming mainboard IPO list.
