The Vans Electroengineerings IPO listed at ₹224.20 on BSE SME on 7 October 2026. That is 90% above the issue price of ₹118. It is the #5 best SME listing of 2026 out of 158, and the IPO had been subscribed 584.44 times.
How did the listing compare with the grey market?
Our tracker had the grey market premium (GMP) at ₹103 on 7 October morning, or 87.29%. That implied a listing near ₹221. The share opened at ₹224.20, about ₹3 higher. GMP is an unofficial dealer quote, not an exchange price.
The premium had been ₹70 until 4 October, then moved to ₹103 once allotment was close. Over the last 10 SME listings, the final GMP was off by 10.08 percentage points on average. This one was off by under 3.
| Detail | Figure |
|---|---|
| Listing exchange | BSE SME |
| Issue price | ₹118 |
| Opening price, 7 October | ₹224.20 |
| Gain vs issue price | 90.00% |
| Lot size | 1,200 shares |
| One lot at issue price | ₹1,41,600 |
| One lot at opening price | ₹2,69,040 |
| Issue size | ₹33.98 crore, fresh shares only |
The opening price is only the first trade. SME shares trade in low volume and can move sharply from it in either direction.
How strong was the demand?
The IPO closed on 1 October with 584.44 times the shares on offer bid for. Only three SME IPOs this year drew more. The median SME IPO closed at 3.47 times.
| Category | Subscription |
|---|---|
| Qualified institutional buyers | 281.65x |
| Non-institutional investors | 757.27x |
| Big NII (bNII) | 1,183.55x |
| Small NII (sNII) | 737.56x |
| Retail | 686.27x |
| Overall | 584.44x |
At 686.27 times, roughly one retail application in 686 would have received a lot. That is an estimate, since allotment is a lottery once a portion is oversubscribed.
What does the company do?
Vans Electroengineerings, based in Salem, Tamil Nadu, was started in February 2022. It makes vacuum circuit breakers and vacuum interrupters used in traction power supply for railway electrification, metro systems and renewable energy projects. Its customers are mainly Indian Railways and railway contractors.
Total income rose from ₹2.76 crore in FY2024 to ₹13.82 crore in FY2025 and ₹23.19 crore in FY2026. Profit after tax was ₹5.39 crore in FY2026, a 23.61% margin. At the issue price the market value was ₹128.38 crore. Of the ₹33.98 crore raised, ₹25 crore is for working capital, and the rest for general corporate purposes.
Promoter holding falls from 90.75% to 66.73% after the issue. Hem Securities was the lead manager and Bigshare Services the registrar.
What happens next
Shares credited to successful applicants started trading on 7 October. Track the live price and our data on the Vans Electroengineerings IPO page. For context, see how other small-cap debuts fared on our SME IPO performance page. Of the 158 SME IPOs listed in 2026, 86 opened above their issue price, and the median listing gain is 0.72%.
