Upcoming IPO: Tankup Engineers IPO opens on April 23; issue price band set at ₹133-140 apiece; check GMP
Upcoming IPO: Tankup Engineers IPO will open for subscription on Wednesday, April 23, and close on Friday, April 25. Tankup Engineers IPO price band has been fixed in the range of ₹ 133 to ₹ 140 per equity share of face value of ₹ 10 each. Bids can be made for a minimum of 1,000 equity shares and in multiples of 1,000 equity shares thereafter.
Established in 2020, Tankup Engineers Limited specializes in developing vehicle superstructures for intricate mobility and storage solutions. The firm provides a range of products, including self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment.
The company focuses on creating custom-designed tanks for the transport or storage of liquids, gases, or solids, tailored to the specific requirements of clients in terms of size, material, capacity, and functional attributes. Its services cater to industries such as agriculture, mining, construction, logistics, aviation, defense, and infrastructure. The company operates a facility covering 2,665 sq. m in Lucknow, which is ISO certified and has received PESO approval, as well as holding MSME ZED certification for Zero Defect Zero Effect manufacturing.
According to the red herring prospectus (RHP), there are no publicly traded companies in India that operate in a manner similar to our company; therefore, it is not feasible to present an industry comparison related to our business.
Tankup Engineers IPO consists of a fresh issue of 13,95,000 equity shares, aggregating to ₹ 19.53 crore. There's no offer for sale (OFS) component.
Tankup Engineers IPO aims to use the net proceeds from the offering for several purposes, including the full or partial repayment of certain existing borrowings, financing to address working capital needs, and general corporate purposes.
Hem Securities Limited serves as the book-running lead manager for the Tankup Engineers IPO, whereas Bigshare Services Pvt Ltd acts as the registrar for the offering.
Tankup Engineers IPO GMP or grey market premium was ₹ 0, which meant shares were trading at their issue price of ₹ 140 with no premium or discount in the grey market according to investorgain.com
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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