Vectras Enprocon IPO Day 3: Subscribed 4.00x; NII Demand at 5.21x
Key Highlights
Vectras Enprocon IPO (₹38 crore SME IPO) was subscribed 4.00x on Day 3 of 3, with NII at 5.21x. See category-wise subscription and day-wise bids.
Last updated: Tue, Nov 3, 2026, 10:30 PM IST · SME · · Day 3 of 3
- Vectras Enprocon IPO subscribed 4.00x overall on Day 3, up from 1.29x on Day 2
- Total bids: 1,44,51,600 shares against 36,13,200 shares on offer
- Category-wise: 1.98x, 5.21x, 4.45x
- Price band: ₹99 to ₹105 per share
- The issue closes on Tue, Nov 3, 2026
The Vectras Enprocon IPO concluded its third and final day of bidding on November 3, 2026, with an overall subscription multiple of 4.00x. The subscription multiple represents the total number of shares bid for divided by the number of shares offered to the public. Non-institutional investors (NII), who are individuals or entities bidding above ₹2 lakh, led the demand at 5.21x. This final day saw a significant increase in interest compared to the 1.29x subscription recorded on the second day.
Vectras Enprocon IPO Status: Day 3
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Fri, Oct 30, 2026 | 40,22,400 | 42.24 | 1.11x |
| Day 2 | Mon, Nov 2, 2026 | 46,57,200 | 48.90 | 1.29x |
| Day 3 | Tue, Nov 3, 2026 | 1,44,51,600 | 151.74 | 4.00x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 9,60,000 | 13,58,400 | 1.42x | 19,02,000 | 1.98x |
| NII | 9,73,200 | 10,69,200 | 1.10x | 50,66,400 | 5.21x |
| of which individual NII | — | 10,16,400 | — | 43,70,400 | — |
| of which corporate NII | — | — | — | 5,13,600 | — |
| of which other NII | — | 52,800 | — | 1,82,400 | — |
| Retail | 16,80,000 | 22,29,600 | 1.33x | 74,83,200 | 4.45x |
| Total | 36,13,200 | 46,57,200 | 1.29x | 1,44,51,600 | 4.00x |
All investor categories subscribed to more than their allotted quotas by the end of the issue. The NII category saw the highest participation at 5.21x, followed by retail investors at 4.45x. Qualified institutional buyers (QIB), which include financial institutions like banks and mutual funds, subscribed 1.98x. The total number of bids reached 1,44,51,600 shares, reflecting a broad increase in participation across all segments on the final day of the offering.
Vectras Enprocon IPO Offer Details
| Field | Value |
|---|---|
| IPO date | Fri, Oct 30, 2026 to Tue, Nov 3, 2026 |
| Listing date | To be announced |
| Face value | ₹10 per share |
| Price band | ₹99 to ₹105 per share |
| Lot size | 2,400 shares |
| Total issue size | 50,52,000 shares (₹38 crore) |
| Listing at | BSE |
| Lead managers | Beeline Capital Advisors Pvt Ltd. |
| MUFG Intime India Pvt Ltd. |
About Vectras Enprocon
Vectras Enprocon Ltd. is a Gujarat-based Engineering, Procurement, and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. As per the DRHP, the company provides integrated solutions including combined station works, pipeline networks, and associated civil infrastructure, covering design, engineering, procurement, construction, testing, and commissioning. Its services support the transport of oil and gas to refineries and power plants. Since its incorporation in 2021, the company has completed 3,34,393 inch dia piping, 785 inch kilometres of pipeline, and 4 combined station works for public and private sector clients.
Vectras Enprocon Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| from operations (₹ crore) | 1,198.02 | 804.80 | 543.19 |
| Total income (₹ crore) | 1,199.01 | 805.33 | 543.68 |
| Profit after tax (₹ crore) | 154.33 | 101.68 | 58.12 |
| Net worth (₹ crore) | 377.50 | 223.17 | 121.49 |
| Total borrowings (₹ crore) | 198.73 | 95.50 | 39.76 |
Revenue from operations grew to ₹1,198.02 crore in FY 2025-26, up from ₹804.80 crore in FY 2024-25. Profit after tax reached ₹154.33 crore in FY 2025-26, compared to ₹101.68 crore in FY 2024-25. The company reported a debt-to-equity ratio of 0.53x for FY 2025-26, with total borrowings rising to ₹198.73 crore.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment / prepayment, in full or part, of certain outstanding borrowings | 14.00 |
| Funding long-term working capital requirement | 20.00 |
Risk Factors as per the DRHP
- The company faces high customer concentration risk, as the largest customer contributed 47.93% of the total revenue in FY 2025.
- The business is exposed to risks from outstanding litigation filed against the company and its promoters.
- Potential regulatory hurdles exist regarding the ability to obtain or renew necessary licenses and permits required for operations.
How to Check Vectras Enprocon 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, MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/).
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Tue, Nov 3, 2026, 10:30 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.