Core4 Engineers IPO Day 2: Subscribed 0.76x; NII Demand at 1.71x
Key Highlights
Core4 Engineers IPO (₹40 crore SME IPO) was subscribed 0.76x on Day 2 of 3, with NII at 1.71x. See category-wise subscription and day-wise bids.
Last updated: Mon, Oct 26, 2026, 10:30 PM IST · SME · · Day 2 of 3
- Core4 Engineers IPO subscribed 0.76x overall on Day 2, up from 0.04x on Day 1
- Total bids: 32,94,000 shares against 43,50,000 shares on offer
- Category-wise: —, 1.71x, 0.40x
- Price band: ₹88 to ₹93 per share
- The issue closes on Tue, Oct 27, 2026
The Core4 Engineers IPO reached a subscription multiple of 0.76x on day 2 of 3 trading days, as of 10:30 PM IST on October 26, 2026. The subscription multiple represents the number of shares bid for divided by the number of shares offered to the public.
The non-institutional investors (NII), which are investors bidding above ₹2 lakh, led the demand at 1.71x. The total subscription rose from 0.04x on day 1 to 0.76x on day 2.
Core4 Engineers IPO Status: Day 2
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Fri, Oct 23, 2026 | 1,70,400 | 1.58 | 0.04x |
| Day 2 | Mon, Oct 26, 2026 | 32,94,000 | 30.63 | 0.76x |
Category-wise subscription
| Category | Shares offered | Day 1 bids | Day 1 (x) | Day 2 bids | Day 2 (x) |
|---|---|---|---|---|---|
| QIB | 10,40,400 | — | — | — | — |
| NII | 14,97,600 | 24,000 | 0.02x | 25,62,000 | 1.71x |
| of which individual NII | — | 24,000 | — | 17,73,600 | — |
| of which corporate NII | — | — | — | 7,20,000 | — |
| of which other NII | — | — | — | 68,400 | — |
| Retail | 18,12,000 | 1,46,400 | 0.08x | 7,32,000 | 0.40x |
| Total | 43,50,000 | 1,70,400 | 0.04x | 32,94,000 | 0.76x |
The NII category is the only segment to exceed its quota with a subscription of 1.71x. Retail investors reached 0.40x, while the qualified institutional buyers (QIB) category, which consists of financial institutions like banks and mutual funds, has not received any bids. The total bid count reached 32,94,000 shares by the end of the second day.
Core4 Engineers IPO Offer Details
| Field | Value |
|---|---|
| IPO date | Fri, Oct 23, 2026 to Tue, Oct 27, 2026 |
| Listing date | To be announced |
| Face value | ₹10 per share |
| Price band | ₹88 to ₹93 per share |
| Lot size | 2,400 shares |
| Total issue size | 43,50,000 shares (₹40 crore) |
| Listing at | BSE |
| Lead managers | Socradamus Capital Pvt Ltd. |
| Purva Shareregistry (India) Pvt Ltd |
About Core4 Engineers
Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning company providing integrated infrastructure solutions. As per the DRHP, the company provides services in railway electrification, EHT transmission, water and wastewater treatment, and SCADA automation. It also manufactures High-Tension and Low-Tension electrical panels. The company was established as a partnership in 2014 and incorporated in 2022. It serves government entities such as Indian Railways and various public sector undertakings, alongside private sector clients in industrial and commercial segments. The company also undertakes sub-contracting assignments for a wide range of engineering projects.
Core4 Engineers Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| from operations (₹ crore) | 913.38 | 341.57 | 334.51 |
| Total income (₹ crore) | 917.89 | 345.98 | 336.27 |
| Profit after tax (₹ crore) | 123.66 | 38.09 | 28.86 |
| Net worth (₹ crore) | 310.66 | 187.00 | 64.35 |
| Total borrowings (₹ crore) | 284.22 | 166.76 | 153.24 |
Revenue from operations grew from ₹341.57 crore in FY 2024-25 to ₹913.38 crore in FY 2025-26. Profit after tax increased from ₹38.09 crore in FY 2024-25 to ₹123.66 crore in FY 2025-26. The margin, which is the profit expressed as a percentage of total revenue, was 13.54% in FY 2025-26.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Funding capital expenditure for the acquisition of a property comprising land and an | 4.12 |
| Funding incremental working capital requirements; and | 40.48 |
Risk Factors as per the DRHP
- The company faces customer concentration risk, as a significant portion of its revenue is derived from its top 10 customers, according to the DRHP.
- The company lacks long-term agreements with suppliers, which exposes its operations to procurement uncertainties as per the DRHP.
- As per the DRHP, the company and its promoters are involved in outstanding tax and legal proceedings that could impact the business.
- The company relies on unsecured loans from promoters and faces potential risks related to vendor or employee fraud, as stated in the DRHP.
How to Check Core4 Engineers IPO Subscription Status
Live bidding figures are published by BSE while the issue is open. Once it closes, allotment status is published by the registrar, Purva Shareregistry (India) Pvt Ltd.
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Mon, Oct 26, 2026, 10:30 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.