Tankup Engineers Limited, a manufacturing company, is gearing up for its IPO debut with a fresh issue worth ₹19.53 crores, offering 13.95 lakh equity shares. The subscription window opens on April 23, 2025, and closes on April 25, 2025. The company’s shares are set to be listed on the NSE SME platform on Wednesday, April 30, 2025.
The IPO features equity shares with a face value of ₹10, priced in the range of ₹133 to ₹140 per share. The minimum lot size is 1,000 shares, requiring a retail investment of at least ₹1,33,000. High Net-worth Individuals (HNIs) can participate starting with a minimum of 2 lots, amounting to ₹2,80,000. The share allotment is expected to be finalized by April 28, 2025, with the listing following shortly after. As Tankup Engineers Limited steps into the public market, it opens the door for investors to tap into a rising opportunity within India’s industrial manufacturing space.
Tankup Engineers Limited IPO is a fundraise worth ₹19.53 crores comprising purely of a fresh issue with 13,95,000 shares. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from April 23, 2025, to April 25, 2025, providing an opportunity for investors looking to gain a stake in the biofuels space.
| Tankup Engineers IPO date | April 23, 2025 - April 25, 2025 |
| Price band | ₹133 to ₹140 per share |
| Face value | ₹10 per share |
| Lot size | 1000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 13,95,000 shares amounting to ₹19.53 crores |
| Total issue size | 13,95,000 shares amounting to ₹19.53 crores |
| Listing at | NSE SME |
| Market maker portion | 70,000 |
| Shareholding post-issue | 52,95,000 shares |
| Shareholding pre-issue | 39,00,000 shares |
The Tankup Engineers Limited IPO opens for subscription on April 23, 2025, and closes on April 25, 2025, with allotment scheduled for April 28, 2025.
| IPO open date | April 23, 2025 (Wednesday) |
| IPO close date | April 25, 2025 (Friday) |
| Basis of allotment | April 28, 2025 (Monday) |
| Initiation of refunds | April 29, 2025 (Tuesday) |
| Credit of shares to Demat account | April 29, 2025 (Tuesday) |
| Listing date on NSE SME | April 30, 2025 (Wednesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on April 25, 2025 (Friday) |
Incorporated in 2020, Tankup Engineers Limited is a specialized manufacturer of vehicle superstructures, offering advanced mobility and storage solutions tailored to industry needs. Their product range includes self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment. With a focus on customization, the company designs tanks for transporting or storing liquids, gases, or solids—built to meet client-specific requirements in size, material, and functionality.
Serving key sectors such as agriculture, mining, construction, logistics, aviation, defense, and infrastructure, Tankup operates from a 2,665 sq. mtr. ISO-certified and PESO-approved facility in Lucknow. Their portfolio also features IoT-enabled mobile refuellers, efficient water sprinklers, and fully equipped mobile service vans. Backed by a team of around 45 employees as of March 31, 2024, the company holds MSME ZED certification, reflecting its commitment to Zero Defect Zero Effect manufacturing.
Tankup Engineers plans to utilize the proceeds from its IPO to strengthen its financial and operational foundation. The funds will be directed towards partial or full repayment of existing borrowings, meeting the company’s working capital needs, and supporting general corporate purposes.
As of March 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 107.11%, Return on Capital Employed (ROCE) at 46.49% and a Debt-to-Equity ratio of 1.00. The Return on Net-Worth (RoNW) stands at 69.75%, and the PAT Margin was 13.23%. The Price to Book Value was 10.46. The company’s market capitalisation is ₹74.13 crore.
| Period Ended | November 30, 2024 | March 31, 2024 | March 31, 2023 | March 31, 2022 |
| Revenue | 12.48 | 19.54 | 11.85 | 1.4 |
| Assets | 17.67 | 10.35 | 8.68 | 2.32 |
| Net Worth | 6.17 | 3.68 | 1.11 | 0.2 |
| Profit After Tax | 0.95 | 2.57 | 0.79 | 0.05 |
| Reserves & Surplus | 2.27 | 3.43 | 0.86 | 0.05 |
| Total Borrowing | 7.59 | 3.69 | 2.57 | 1.42 |
Amount in ₹ crores
The pre-IPO EPS is at ₹6.59 while the post-IPO EPS will be ₹2.68. Similarly, the pre-IPO Price to Earnings ratio is 21.26 and will become 52.19 post-IPO.
Tankup Engineers boasts a diversified product portfolio that caters to a wide range of industries including agriculture, aviation, defense, mining, construction, and logistics. Its ability to deliver custom-built mobility and storage solutions ensures high adaptability and relevance across sectors. The company’s in-house fabrication capability allows end-to-end control over quality and customization, making it cost-efficient and reliable. A robust and sustainable order book further provides revenue visibility and operational stability.
The company’s focus on stringent quality control mechanisms ensures consistent product standards, which is crucial for gaining and maintaining client trust. It is backed by an experienced management team and a skilled workforce, which collectively drives operational excellence. These strengths have helped Tankup Engineers position itself strongly in the specialized manufacturing space, supported by its ISO and PESO certifications and ZED recognition for zero-defect manufacturing.
A major concern for Tankup Engineers is its high dependency on a limited set of products and clients. A significant portion of its revenue comes from the sale of refuellers, and any decline in demand for this key product could severely impact its financial performance. Furthermore, the business relies heavily on a few large clients, making it vulnerable to revenue losses if any of these relationships are disrupted or discontinued. Seasonal sales cycles also make the company’s revenue patterns inconsistent.
Additionally, Tankup Engineers is a relatively young company with a limited track record, having been incorporated only in 2020. This short operating history makes it challenging to assess its long-term stability and scalability. The company’s production is also dependent on the availability of commercial vehicle chassis from OEMs. Any disruptions in the automobile supply chain or regulatory changes affecting vehicle manufacturing could adversely impact its operations and timelines.
Investing early in the IPO of Tankup Engineers Limited offers a chance to be part of the company’s growth journey in the industrial manufacturing space. However, prospective investors should take a well-rounded view by evaluating the company’s limited operating history, financial performance, industry outlook, and future plans. It's essential to align this investment with one's personal goals and risk tolerance. Reviewing the offer document thoroughly and seeking professional financial advice is recommended to make a well-informed investment decision.
What is the Tankup Engineers Limited IPO?
The Tankup Engineers Limited IPO is an NSE SME offering consisting of 13.95 lakh equity shares with a face value of ₹10, aiming to raise ₹19.53 crore. The price band has been set between ₹133 to ₹140 per share, with a minimum order quantity of 1,000 shares. This IPO will be open for subscription from April 23, 2025, to April 25, 2025. Hem Securities Limited is the book-running lead manager, Bigshare Services Private Limited is the registrar.
When will the Tankup Engineers IPO open?
The Tankup Engineers Limited IPO will open for subscription on April 23, 2025, and will close on April 25, 2025.
When is the Tankup Engineers IPO listing date?
The tentative listing date for the Tankup Engineers Limited IPO is Wednesday, April 30, 2025.
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