Tankup Engineers, the specialised vehicle superstructure manufacturer for complex mobility and storage solutions, will open its maiden public issue for subscription on April 23. This would be the first IPO launch in the SME segment after nearly a month, as the primary market activity was stalled due to subdued market conditions.
The Uttar Pradesh-based company plans to raise Rs 19.53 crore via initial public offering (IPO) at the upper price band. The issue comprises of solely fresh issue with no offer-for-sale component.
The price band for the book-built issue has been fixed at Rs 133-140 per share. The anchor book will be opened on April 22, while the offer will close on April 25.
Tankup Engineers manufactures large containers or tank like solutions used for transporting/storing various materials, including mobile refueller, water sprinkler, mobile service van, explosive van, tank truck, and blasting shelter.
The company intends to spend Rs 3.5 crore out of fresh issue proceeds for repaying debt. As of February 2025, it had outstanding cash credit facility from Central bank of India of Rs 7.07 crore.
Further, Rs 10 crore will be utilised for its working capital requirements, and the remainder funds for general corporate purpose.
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The trading in equity shares will commence on the NSE Emerge effective April 30. The merchant banker handling the public issue is Hem Securities.
The company will finalise the IPO share allotment by April 28.
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