Tankup Engineers, which makes tanks for sectors like agriculture, mining, construction, logistics, aviation, defense, and infrastructure, had a strong debut on the NSE SME platform today.
Its IPO, priced at ₹140 per share, saw a massive response with over 124 times subscription. The stock listed at ₹175, giving investors a 25% listing gain.
After listing, it hit the upper circuit of ₹183.75 and closed there. This means IPO investors ended the day with a 31.25% profit.
How Tankup Engineers Plans to Use IPO Funds
The company raised ₹19.53 crore through the IPO, which was open for subscription from April 23 to 25.
The IPO received an excellent response—QIBs subscribed 43.65 times, non-institutional investors 437.62 times, and retail investors 46.51 times.
A total of 13.95 lakh new shares, each with a face value of ₹10, were issued.
Of the funds raised, ₹3.5 crore will be used to repay loans, ₹10 crore for working capital, and the rest for general corporate purposes.
About Tankup Engineers
Founded in 2020, Tankup Engineers designs and builds tanks used for storing or transporting liquids and gases.
These tanks vary in size, material, capacity, and function, depending on client needs. Financially, the company is showing strong growth.
Its net profit rose from ₹5 lakh in FY22 to ₹79 lakh in FY23, and then sharply to ₹2.57 crore in FY24.
During this period, revenue grew at a CAGR of over 273%, reaching ₹19.54 crore in FY24.
From April to November 2024, the company earned ₹95 lakh in profit on ₹12.48 crore revenue.
