Tankup Engineers IPO tries to sail through on day 1, retail portion booked 59%; check GMP, subscription status, more | Stock Market News

Tankup Engineers IPO commenced subscription on Wednesday, April 23, and will conclude on Friday, April 25. Tankup Engineers IPO price band has been set between ₹133 and ₹140 for each equity share with a face value of ₹10. Bids can be placed for a minimum of 1,000 equity shares, with additional bids in increments of 1,000 shares.

Founded in 2020, Tankup Engineers Limited is dedicated to creating vehicle superstructures that provide complex mobility and storage solutions. The company provides a range of products, including self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment.

The firm focuses on designing custom tanks for the transportation or storage of liquids, gases, or solids, customized to fulfill the specific requirements of clients concerning dimensions, materials, capacity, and function. Its offerings cater to various sectors, such as agriculture, mining, construction, logistics, aviation, defense, and infrastructure. The company operates a 2,665 sq. m facility in Lucknow, which is ISO certified and has received approval from PESO, along with the MSME ZED certification for Zero Defect Zero Effect manufacturing.

As stated in the red herring prospectus (RHP), there are currently no publicly listed companies in India that operate similarly to theirs; thus, an industry comparison related to their business is not possible.

Tankup Engineers IPO Subscription Status

Tankup Engineers IPO subscription status is 31%, on day 1, so far. The retail portion was subscribed 59%, and NII portion was booked 12%.

At 13:49 IST, the company has received bids for 2,88,000 shares against 9,40,000 shares on offer, according to data on chittorgarh.com

Tankup Engineers IPO details

Tankup Engineers IPO consists of a fresh issue of 13,95,000 equity shares, aggregating to ₹19.53 crore. There’s no offer for sale (OFS) component.

Tankup Engineers’ initial public offering intends to utilise the net funds raised for multiple purposes, which encompass the complete or partial repayment of specific existing loans, funding to meet working capital demands, and general corporate purposes.

Hem Securities Limited is the primary book-running manager for the Tankup Engineers IPO, while Bigshare Services Pvt Ltd functions as the registrar for the offering.

Tankup Engineers IPO GMP today

Tankup Engineers IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹140 with no premium or discount in the grey market according to investorgain.com

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.