Vectras Enprocon Limited, a Gujarat-based integrated solution provider in critical midstream and downstream infrastructure for the oil and gas industry, has filed its Red Herring Prospectus (RHP) for its proposed Initial Public Offering (IPO) of up to 50,52,000 equity shares of face value ₹10 each. The company proposes to list its equity shares on the BSE SME platform.
The IPO comprises a fresh issue of up to 40,56,000 equity shares and an Offer for Sale (OFS) of up to 9,96,000 equity shares. The company has fixed the price band at ₹99 to ₹105 per equity share, with the issue size amounting to approximately ₹53.05 crore at the upper price band. The lot size is 1,200 equity shares, with applications to be made in multiples thereof.
About Vectras Enprocon
Incorporated in 2021, Vectras Enprocon is headquartered in Ahmedabad and provides integrated services covering design, engineering, procurement, construction, testing and commissioning of pipeline networks, combined oil and gas station works and allied infrastructure facilities.
Its core offerings include combined station work, midstream and downstream pipeline projects and related facilities, along with other allied infrastructure services. The company has developed capabilities in executing cross-country pipelines, spur pipelines, city gas infrastructure and associated civil and mechanical works across multiple Indian states.
As of 30 September 2026, the company had an unexecuted order book of ₹18,327.88 lakh, spread across 34 projects. This included ₹11,629.03 lakh from combined oil and gas station works, ₹5,945.72 lakh from pipeline works and ₹753.13 lakh from other allied infrastructure services.
Its project portfolio currently spans Gujarat, Maharashtra, Punjab, Bihar and Odisha, reflecting its expansion beyond its home state of Gujarat.
IPO Details
The total offer comprises 50,52,000 equity shares, including 40,56,000 shares through the fresh issue and 9,96,000 shares through the Offer for Sale. The market maker reservation stands at 2,53,200 equity shares, leaving 47,98,800 equity shares as the net offer to the public.
Of the public issue, 23,98,800 equity shares are reserved for Qualified Institutional Buyers (QIBs), including an anchor investor portion of 14,38,800 shares, leaving a net QIB portion of 9,60,000 shares. The Non-Institutional Investor (NII) category has been allocated 7,20,000 equity shares, while 16,80,000 equity shares are reserved for individual retail investors.
The anchor portion is scheduled to open and close on 29 October 2026. The IPO opens for subscription on 30 October 2026 and closes on 3 November 2026.
The company has 1,50,00,000 pre-issue equity shares and proposes to have 1,90,56,000 post-issue equity shares.
Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the offer, while MUFG Intime India Private Limited is the Registrar to the Offer.
Financial Performance
For the period ended 30 September 2026, Vectras Enprocon reported revenue from operations of ₹7,193.86 lakh, EBITDA of ₹1,454.04 lakh and Profit After Tax (PAT) of ₹910.25 lakh. The company reported an EBITDA margin of 20.21% and a PAT margin of 12.65% during the period.
For FY26, revenue from operations stood at ₹11,980.20 lakh, compared with ₹8,048.03 lakh in FY25 and ₹5,431.89 lakh in FY24. EBITDA increased to ₹2,401.29 lakh in FY26, from ₹1,504.88 lakh in FY25 and ₹867.17 lakh in FY24. PAT stood at ₹1,543.27 lakh in FY26, compared with ₹1,016.77 lakh in FY25 and ₹581.19 lakh in FY24.
The EBITDA margin improved from 15.96% in FY24 to 18.70% in FY25 and 20.04% in FY26, while PAT margin increased from 10.70% in FY24 to 12.63% in FY25 and 12.88% in FY26.
Objects of the Issue
The company proposes to utilise the IPO proceeds towards repayment or prepayment, in full or part, of certain outstanding borrowings, funding its long-term working capital requirements, and for general corporate purposes.
Vectras Enprocon has filed its Red Herring Prospectus with the Registrar of Companies, Gujarat, and thereafter with the Stock Exchange. The proposed IPO remains subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations.
Disclaimer: Investment in equity shares involves a high degree of risk. Potential investors are advised to refer to the Red Herring Prospectus, including the section titled “Risk Factors”, before making any investment decision.
