Tankup Engineers Ltd., a company specializing in manufacturing custom vehicle superstructures for complex mobility and storage solutions, is set to launch its Initial Public Offering (IPO) on April 23, 2025. This IPO presents an opportunity for investors to participate in the company’s growth trajectory.
The Indian IPO market continues to heat up in 2025, and Tankup Engineers Ltd is the latest SME (Small and Medium Enterprises) player stepping into the spotlight. Known for its innovative vehicle-mounted superstructures and storage mobility solutions, Tankup Engineers is now opening its Initial Public Offering (IPO) to the public from April 23 to April 25, 2025.
Let’s dive deep into this IPO and explore why it has caught the attention of retail investors, institutions, and analysts alike.
Company Overview: What Does Tankup Engineers Do?
Tankup Engineers Limited, incorporated in November 2020, specializes in designing and manufacturing custom-engineered vehicle structures. These include mobile fuel tanks, water tankers, pressure tanks, and chemical storage containers mounted on commercial vehicles.
The company serves industries like oil & gas, chemicals, construction, and logistics — sectors that are witnessing steady expansion across India. Their ability to deliver turnkey superstructure solutions tailored to complex logistical requirements gives them a distinct edge in the specialized transport engineering space.
Despite being a relatively young company, Tankup Engineers has demonstrated significant growth potential through its project-based execution model and efficient asset utilization.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | April 23, 2025 |
| IPO Closing Date | April 25, 2025 |
| Issue Size | ₹19.53 Crores (Fresh Issue) |
| Price Band | ₹133 to ₹140 per equity share |
| Lot Size | 1,000 shares |
| Minimum Investment | ₹140,000 (1 lot) |
| Listing Date | April 30, 2025 (Tentative) |
| Exchange | NSE SME |
| Face Value | ₹10 per share |
The IPO will offer a fresh issue of 13.95 lakh equity shares, and there is no Offer for Sale (OFS) component, meaning the proceeds will go entirely towards business development and not to any existing shareholders.
Note: The IPO comprises a fresh issue of 13.95 lakh equity shares.
Objectives of the IPO
The company intends to utilize the net proceeds of the issue for the following purposes:
- Repayment and Prepayment of Bank Borrowings: Reducing debt will improve profitability and balance sheet strength.
- Working Capital Requirements: Funds will support the company’s expansion in operations and project executions.
- General Corporate Purposes: Day-to-day business needs, office expansion, equipment upgrades, and more.
By enhancing liquidity and financial flexibility, the IPO is expected to accelerate Tankup Engineers’ capability to take on larger, more complex contracts.
Financial Performance Snapshot
While complete audited financials for FY2024 are awaited, here’s a quick look at the performance for FY2023:
- Revenue: ₹9.12 Crores
- Net Profit: ₹1.18 Crores
- EBITDA Margin: ~14%
- Return on Net Worth (RoNW): 21.14%
The company has shown year-on-year growth, indicating solid demand for its services. Its asset-light model combined with project-based billing has helped maintain healthy margins even in a competitive space.
Key Strengths & Competitive Advantages
- Custom Engineering Expertise: Capability to deliver bespoke structural designs for high-risk materials.
- Sectoral Diversification: Client base spans oil, chemical, water, and infrastructure sectors.
- Compact Operations: Lean management model allows efficient cost control.
- Strategic Growth Plans: Post-IPO, the company plans to enter high-margin chemical container and hydrogen fuel tank fabrication segments.
Grey Market Premium (GMP) & Investor Buzz
As of April 19, 2025, the GMP (Grey Market Premium) for Tankup Engineers IPO is reported to be around ₹20-25 per share, signaling positive sentiment among investors. The healthy GMP indicates that the issue is likely to see oversubscription, especially in the retail category, given the company’s strong fundamentals and niche market play.
Should You Apply? – Investment Outlook
Pros:
- Fast-growing engineering niche with high entry barriers
- Debt-reduction focus enhances financial sustainability
- Strong promoter background with industry experience
- Favorable GMP and demand in grey market
Cons:
- SME IPOs carry liquidity and price volatility risk post-listing
- Recent incorporation (2020) with limited operational history
Investors with a medium-to-long term horizon and risk appetite suitable for SME IPOs may find Tankup Engineers an interesting play in the industrial engineering segment.
How to Apply
Investors can apply for the Tankup Engineers IPO through:
- ASBA (Applications Supported by Blocked Amount): Available via net banking through participating banks.
- UPI (Unified Payments Interface): Through brokers offering UPI-based IPO applications.
Ensure to check with your bank or broker for the application process and deadlines.
Conclusion
The Tankup Engineers IPO stands out for its focused business model, financial growth, and ambition to expand in a demanding engineering space. Backed by strong fundamentals and interest in the grey market, it is expected to be one of the more interesting SME IPOs this quarter.
That said, investors must evaluate the associated risks, especially given the volatility common in post-listing SME stocks. A careful review of the RHP (Red Herring Prospectus) and advice from a SEBI-registered financial advisor is strongly recommended.
Frequently Asked Questions (FAQs) About Tankup Engineers IPO.
Q1. When is the Tankup Engineers IPO opening and closing?
The Tankup Engineers IPO is scheduled to open on April 23, 2025, and will close on April 25, 2025.
Q2. What is the price band for Tankup Engineers IPO?
The price band for the Tankup Engineers IPO is set between ₹133 to ₹140 per share.
Q3. What is the lot size and minimum investment for the Tankup Engineers IPO?
The lot size is 1,000 shares, requiring a minimum investment of ₹140,000 at the upper price band.
Q4. What is the total issue size of the Tankup Engineers IPO?
The IPO is a fresh issue of 13,95,000 equity shares, aggregating up to ₹19.53 crore.
Q5. On which platform will the Tankup Engineers IPO be listed?
The shares are proposed to be listed on the NSE SME platform.
Q6. What are the financials of Tankup Engineers Limited?
As per the restated financials:
FY 2022: Revenue – ₹1.40 crore; Net Profit – ₹0.05 crore
FY 2023: Revenue – ₹11.81 crore; Net Profit – ₹0.79 crore
FY 2024: Revenue – ₹19.54 crore; Net Profit – ₹2.57 crore
Q7. What is the objective of the Tankup Engineers IPO?
The net proceeds from the IPO will be utilized for:
Repayment or prepayment of certain borrowings
Funding working capital requirements
General corporate purposes
Q8. Who are the promoters of Tankup Engineers Limited?
The company is promoted by Govind Prasad Lath, Gaurav Lath, Pankhuri Lath, and Tank-Up Petro Ventures LLP.
Q9. When is the listing date for the Tankup Engineers IPO?
The shares are expected to be listed on April 30, 2025, on the NSE SME platform.
Q10. What is the Grey Market Premium (GMP) for the Tankup Engineers IPO?
As of now, the Grey Market Premium (GMP) for the Tankup Engineers IPO is not available. Investors are advised to check reliable sources for the latest GMP updates.