Vectras Enprocon IPO: dates, price band, lot size and GMP
Vectras Enprocon IPO opens 30 Oct – 3 Nov 2026 on the SME, price band ₹99 – ₹105, lot 1,200 shares, no GMP reported yet. Allotment 4 Nov, listing 6 Nov.
Listing date: Vectras Enprocon IPO is scheduled to list on 6 Nov on BSE SME.
Updated 28 Oct 2026, 20:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the Vectras Enprocon IPO has a price band of ₹99 – ₹105, a lot of 1,200 shares and no grey-market premium reported yet as of 28 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 30 Oct – 3 Nov 2026 |
| Price band | ₹99 – ₹105 |
| Lot size | 1,200 shares |
| Issue size | ₹53.05 Cr |
| Fresh issue | ₹39.93 Cr |
| Offer for sale | ₹10.46 Cr |
| Subscription | — |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Beeline Capital Advisors Pvt.ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 30 Oct
- Issue closes: 3 Nov
- Allotment: 4 Nov
- Refunds: 5 Nov
- Demat credit: 5 Nov
- Listing: 6 Nov
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹200.09 Cr |
| P/E (pre-issue) | 10.2x |
| P/E (post-issue) | 10.99x |
| Fresh issue (shares) | 38,02,800 |
| Offer for sale (shares) | 9,96,000 |
| Total shares offered | 47,98,800 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 73.49% |
| Promoters | Naynesh Kanubhai Patel, Maheshkumar Gopalbhai Patel |
| Lead managers | Beeline Capital Advisors Pvt.ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | vectras.smeipo@in.mpms.mufg.com |
| Company website | vectrasgroup.com |
| Anchor bid date | 29 Oct 2026 |
| Anchor lock-in ends (50%) | 4 Dec 2026 |
| Anchor lock-in ends (remaining) | 2 Feb 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 2,400 | ₹2,52,000 |
| Retail (maximum) | 2 | 2,400 | ₹2,52,000 |
| sNII (minimum) | 3 | 3,600 | ₹2,52,000 |
| bNII (minimum) | 3 | 3,600 | ₹10,08,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Offer |
| NII (HNI) | — | — | Not less than 15% of the Net Offer |
| Retail | — | — | Not less than 35% of the Net Offer |
| Market Maker | — | 2,53,200 |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹10.29 |
|---|---|
| EPS (post-issue) | ₹9.55 |
| P/E (pre-issue) | 10.2x |
| P/E (post-issue) | 10.99x |
| RoNW | 51.39% |
| RoCE | 48.37% |
| RoE | 51.39% |
| PAT margin | 12.88% |
| EBITDA margin | 20.04% |
| Price / book | 4.17x |
| NAV per share | ₹25.17 |
| Debt / equity | 0.59 |
| Market cap (upper band) | ₹200.09 Cr |
Financials (₹ Cr)
| Metric | 30 Sep 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 90.91 | 74.94 | 46.5 | 21.47 | +61.2% |
| Total Income | 72.2 | 119.9 | 80.53 | 54.37 | +48.9% |
| Profit After Tax | 9.1 | 15.43 | 10.17 | 5.81 | +51.7% |
| EBITDA | 14.54 | 24.01 | 15.05 | 8.67 | +59.5% |
| NET Worth | 46.85 | 37.75 | 22.32 | 12.15 | +69.1% |
| Reserves and Surplus | 31.85 | 22.75 | 19.82 | 9.65 | +14.8% |
| Total Borrowing | 31.36 | 22.21 | 11.87 | 4.16 | +87.1% |
About Vectras Enprocon
Vectras Enprocon Ltd. is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. The company specializes in laying pipeline networks, building combined stations, and constructing related facilities across multiple states in India.
Business Verticals:
The company has developed strong capabilities in design, engineering, procurement, construction, testing, and commissioning of Oil & Gas pipelines and stations. It has completed over 3,34,000 inch dia piping, 785 inch-kilometre pipelines, and 4 combined station projects.
The company serves both public and private Oil & Gas companies and maintain ISO certifications for quality, safety, environment, and instrumentation standards.
As of August 31, 2025, the company had 279 permanent employees across multiple divisions.
Objects of the issue
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company — ₹14 Cr
- To Meet Working Capital Requirements of Company — ₹20 Cr
- General Corporate Purposes
Net proceeds: ₹34 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Vectras Enprocon (issuer) | 10.29 | 10.29 | 25.17 | — | 51.39% | — | Standalone |
| Pratham EPC Projects | 3.38 | 3.38 | 49.94 | 34.47x | 7.44% | 2.37 | Consolidated |
| Desco Infratech | 21.3 | 21.3 | 92.22 | 8.35x | 25.21% | 1.92 | Consolidated |
| Likhitha Infrastructure | 9.94 | 9.94 | 104.44 | 22.43x | 9.82% | 2.13 | Consolidated |
Source: All financial information for the listed industry peers mentioned above is on a consolidated basis, as applicable, sourced from the respective company's Annual Reports/financial results, as available, for the financial year ended March 31, 2026, uploaded on the stock exchanges' websites. Further, Financial information for the Company is derived from the Restated Financial Information for the year ended March 31, 2026. Notes: The closing market price (CMP) is the closing market price of equity shares on NSE/BSE on October 09, 2026.
Strengths (per the offer document)
- Receipt of joint holders — A). Where any instrument of transfer of shares has been delivered to the Company for registration on holders, the Transfer of such shares and the same has not been registered by the Company, it…
- Keep in abeyance in relation to such shares any offer of rights shares under Clause(a) of Sub-section (1) of Section… — Offer of fully paid-up bonus shares in pursuance of Sub-section (3) of Section 123 of the Act”.
- paying up any amount for the time being unpaid on any share held by such members respectively
Risk factors (as disclosed by the company)
- Some events may not be material at present but may have a material impact in the future — Typically, projects in the Engineering Procurement & Construction (EPC) for Oil & Gas industry which we undertake are working capital intensive in nature and require us to obtain financing through…
- Our revenue and profit after tax have grown rapidly in the recent past but there can be no assurance that our growth will continue at a similar rate… — Our revenue increased from ₹ 1,052.49 lakhs in the Financial Year ended March 31, 2023 to ₹ 8,048.02 lakhs in the Financial Year ended March 31, 2025 at a CAGR of 176.53%, while our net profit for…
- Our revenues are highly dependent on our operations in the geographical region of the State of Gujarat and Maharashtra, which accounted for 89.72% — Though we undertake EPC projects in different States of India, but our revenue continues to be significantly dependent within Gujarat and Maharashtra.
- Our business is operating under various laws which require us to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course… — We are governed by various laws and regulations for our business and operations.
- We have certain outstanding litigation against our Company, an adverse outcome of which may adversely affect our business, reputation and results of operations — regulatory actions and other material pending litigation involving us, Directors, Promoter and Group Company, as at the date of this Draft Red Herring Prospectus: Name of Entity Criminal Tax…
- We rely on third-party service providers for providing labour at site and drilling & excavation activities — Our business model for executing EPC projects depend on the timely and efficient services of third-party service providers for providing labour at site and drilling & excavation activities.
- Increase in costs or a shortfall in availability of the materials we purchase could have a material adverse effect on our Company's financial performance — Our Company is dependent on third party suppliers for procuring the materials which we use in executing our projects.
- We may be unable to accurately estimate project costs under our EPC contracts, which may lead to cost overruns, reduced margins — Our Company undertakes Engineering, Procurement and Construction (EPC) contracts for oil and gas industry.
From the DRHP (strengths pages 362–374, risk factors pages 35–43). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Vectras Enprocon IPO GMP today and trend
- Vectras Enprocon IPO subscription status, day by day
- Vectras Enprocon IPO allotment status and how to check
Frequently asked questions
When does the Vectras Enprocon IPO open and close?
The issue is scheduled for 30 Oct – 3 Nov 2026.
What is the Vectras Enprocon IPO price band?
The price band is ₹99 – ₹105 per share with a lot size of 1,200 shares.
How big is the Vectras Enprocon IPO?
The total issue size is ₹53.05 Cr, of which ₹39.93 Cr is a fresh issue and ₹10.46 Cr an offer for sale.
When will Vectras Enprocon list?
The tentative listing date is 6 Nov on the SME platform.
How do I apply for the Vectras Enprocon IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Vectras Enprocon · as filed with SEBI · bsesme.com
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 4 Nov · in.mpms.mufg.com
- BSE SME issues page · listing 6 Nov · bsesme.com
- Vectras Enprocon company website · vectrasgroup.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 28 Oct, 13:58 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Vectras Enprocon IPO”, https://buyunlistedshares.com/ipo/vectras-enprocon-ipo, as of 28 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 28 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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