Tankup Engineers Limited, a specialized manufacturer of mobile fuel storage tanks and vehicle superstructures, made a stellar debut on the NSE SME platform on April 30, 2025, with its shares listing at ₹175 apiece, marking a 25% premium over the IPO price of ₹140. This impressive debut reflects the strong investor sentiment and confidence in the company’s business model and growth trajectory.

IPO Details and Oversubscription

The ₹19.53 crore IPO was a Book Built Issue, consisting entirely of a fresh issue of 13.95 lakh equity shares. The subscription window was open from April 23 to April 25, 2025, and the IPO was oversubscribed 124.67 times, making it one of the most successful SME IPOs in recent months. The price band was fixed at ₹133 to ₹140, and shares were allotted at the upper price band of ₹140.

Retail investors had to apply for a minimum of 1,000 shares, amounting to ₹1.4 lakh, while HNIs were required to invest in a minimum of 2 lots (2,000 shares), translating to ₹2.8 lakh. The market capitalization of the company at IPO price stood at approximately ₹74.13 crore.

Hem Securities Limited acted as the Book Running Lead Manager, while Bigshare Services Pvt. Ltd. served as the Registrar. The Market Maker for the IPO was Hem Finlease Private Limited.

Anchor Investor Participation

Prior to the public offering, Tankup Engineers raised ₹5.39 crore from Anchor Investors, who were allocated 3,85,000 equity shares at ₹140 each. This anchor portion was carved out from the Qualified Institutional Buyers (QIBs) category, reinforcing institutional confidence in the company.

Grey Market Premium and Allotment Status

Surprisingly, the Grey Market Premium (GMP) for Tankup Engineers IPO stood at ₹0, indicating no premium trading in the unofficial market prior to listing. Despite this, the stock debuted strongly, reaffirming that GMP isn’t always an accurate predictor of listing performance.

The IPO allotment was finalized on April 28, 2025, and the shares got listed on April 30, 2025, on the NSE SME platform. Investors were able to check their allotment status via the registrar's website using their application number, PAN, or DP Client ID.

Objectives of the IPO

Tankup Engineers plans to use the net proceeds from the IPO for the following objectives:

1. ₹3.5 crore for repayment or prepayment of outstanding borrowings.

2. ₹10 crore for working capital requirements.

3. Remaining funds for general corporate purposes.

These allocations are expected to improve the company’s liquidity, reduce debt, and support future expansion plans.

Company Overview

Tankup Engineers Limited, based in Lucknow, Uttar Pradesh, specializes in the design and fabrication of mobile fuel tanks, service vans, water sprinklers, explosive vans, and refuellers. The company provides turnkey vehicle-based solutions for Petroleum, Mining, Infrastructure, Aviation, and Defence sectors.

With a skilled team of over 60 employees and a fully integrated manufacturing facility, Tankup Engineers ensures quality control, customized fabrication, and ISO-certified manufacturing standards. Notable certifications include:

• ISO 9001:2015 (Quality Management)

• ISO 14001:2015 (Environmental Management)

• ISO 45001:2018 (Occupational Health & Safety)

• PESO Approval

• MSME ZED Certification

Product and Innovation Edge

One of the company’s flagship innovations is the IoT-enabled Mobile Refueller, equipped with:

• GPS tracking

• Smart Locks

• Automated Dispensing Units

These refuellers provide a mobile solution for on-site fuel delivery, especially useful in remote and logistically challenging locations.

The product lineup also includes:

• Mobile Workshop Containers

• Blasting Shelters

• Mobile Service Vans

• Tank Trucks

• Ground Support Equipment for Airports

The company is actively involved in defence and aviation projects, having secured orders from the Ministry of Defence and submitted tenders for airport refuellers.

Industry Outlook

Infrastructure Sector

India’s infrastructure sector is undergoing massive transformation. With the government's ₹1.3 trillion Gati Shakti Master Plan, initiatives such as NIP, Make in India, and PLI schemes are driving growth. The emphasis on infrastructure as a pillar of economic development aligns well with Tankup’s product relevance in transportation, construction, and logistics.

Oil & Gas Sector

India, as the third-largest global oil consumer, is a significant market for fuel transportation and storage solutions. With the government allowing 100% FDI in natural gas and petroleum product segments, the sector is witnessing a steady rise in investment.

India’s crude oil production reached 13.26 MMT between April and September 2024, and further expansion is expected, bolstering the demand for mobile fuel storage solutions like those offered by Tankup Engineers.

Competitive Strengths

1. Diversified Customer Base
   Tankup’s client portfolio spans petroleum, mining, construction, defence, and aviation, ensuring revenue stability and protection from sector-specific downturns.

2. Full In-House Manufacturing Setup
   Comprehensive facilities for fabrication, chassis integration, and custom modifications ensure faster turnaround and quality assurance.

3. Consistent Order Book Growth
   The company boasts a sustainable order pipeline backed by repeat business, referrals, and participation in government tenders.

4. Strong Quality Control
   All products are built to withstand rugged use, are pilferage-proof, and meet stringent domestic and international standards.

5. Leadership with Global Training
   Managing Director Gaurav Lath brings over 17 years of experience, supported by executive programs from Harvard and Oxford, and is backed by a capable management team.

Future Growth Strategy

1. Tap Emerging Industries
   Expand presence in Defence, Aerospace, and Aviation ground support solutions.

2. Operational Expansion
   Increase manufacturing capacity, optimize inventory systems, and enhance supply chain efficiencies.

3. Cost Rationalization
   Improve capacity utilization, reduce operational costs, and implement lean manufacturing for better margins.

4. Product Innovation
   Continue R&D into automated fuel dispensing, AI-based monitoring systems, and smart logistics integration.

Conclusion

Tankup Engineers Limited has made a remarkable stock market debut, driven by strong fundamentals, innovative products, a diversified customer base, and robust investor interest. The oversubscription of the IPO and a 25% premium listing signal market confidence and potential for long-term value creation.

As India pushes forward with its infrastructure and energy ambitions, Tankup Engineers is well-positioned to capitalize on opportunities in mobile storage, remote fuelling, and defence logistics. Its listing success could serve as a benchmark for upcoming SME IPOs in 2025.

The Upcoming IPOs in this week and coming weeks are  Wagons Learning, Srigee DLM, Manoj Jewellers.

The Current active IPO are Kenrik Industries,Arunaya Organics, Ather Energy, Iware Supplychain Services.

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