Core4 Engineers IPO Day 3: Subscribed 4.22x; NII Demand at 6.65x
Key Highlights
Core4 Engineers IPO (₹40 crore SME IPO) was subscribed 4.22x on Day 3 of 3, with NII at 6.65x. See category-wise subscription and day-wise bids.
Last updated: Tue, Oct 27, 2026, 4:00 PM IST · SME · · Day 3 of 3
- Core4 Engineers IPO subscribed 4.22x overall on Day 3, up from 0.76x on Day 2
- Total bids: 1,83,55,200 shares against 43,50,000 shares on offer
- Category-wise: 4.11x, 6.65x, 2.27x
- Price band: ₹88 to ₹93 per share
- The issue closes on Tue, Oct 27, 2026
The Core4 Engineers IPO concluded its third and final day of bidding on Tuesday, October 27, 2026, with an overall subscription multiple of 4.22x as of 4:00 PM IST. This reflects a significant increase from the 0.76x subscription recorded at the end of the second day.
The non-institutional investors (NII) category, which includes individuals bidding above ₹2 lakh, led the demand with a subscription multiple of 6.65x. Retail investors and qualified institutional buyers (QIB) also contributed to the final subscription tally.
Core4 Engineers IPO Status: Day 3
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 |
| Day 3 | Tue, Oct 27, 2026 | 1,83,55,200 | 170.70 | 4.22x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 10,40,400 | — | — | 42,80,400 | 4.11x |
| NII | 14,97,600 | 25,62,000 | 1.71x | 99,54,000 | 6.65x |
| of which individual NII | — | 17,73,600 | — | 88,81,200 | — |
| of which corporate NII | — | 7,20,000 | — | 8,24,400 | — |
| of which other NII | — | 68,400 | — | 2,48,400 | — |
| Retail | 18,12,000 | 7,32,000 | 0.40x | 41,20,800 | 2.27x |
| Total | 43,50,000 | 32,94,000 | 0.76x | 1,83,55,200 | 4.22x |
All three investor categories subscribed more than their respective quotas by the close of the issue. The NII category recorded the highest interest at 6.65x, followed by QIBs at 4.11x and retail investors at 2.27x. The surge in total subscription from 0.76x on the second day to 4.22x on the final day was driven by increased participation across all segments.
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 and automation. It also operates an in-house manufacturing facility for High-Tension and Low-Tension electrical panels. The company serves government entities, including Indian Railways and various public sector undertakings, alongside private sector clients in industrial and commercial segments. Its expertise covers the full project lifecycle, from design and engineering to operation and maintenance, while also providing on-ground execution support through sub-contracting assignments.
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 rose from ₹38.09 crore in FY 2024-25 to ₹123.66 crore in FY 2025-26. The company reported a debt-to-equity ratio of 0.91x for FY 2025-26, with total borrowings reaching ₹284.22 crore.
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, as per the DRHP.
- The business lacks long-term agreements with suppliers, which exposes the company to procurement uncertainties, as per the DRHP.
- There are outstanding tax and legal proceedings involving the company and its promoters, as per the DRHP.
- The company relies on unsecured loans from its promoters, which presents a financial risk, as per the DRHP.
- The company faces potential risks related to vendor or employee fraud, as per 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 Tue, Oct 27, 2026, 4:00 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.