- Price band
- ₹84 – ₹89
- Issue size
- ₹60.55 Cr
- Lot size
- 1600 sh
- Bidding
- 23 – 25 Mar
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 1 Apr 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Tipco Engineering, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2021 · Rai Industrial Estate, Sector 38, Sonipat, Haryana · 96 employees
Tipco Engineering India makes wet-grinding and mixing machines used by paint, ink and chemical plants. Its catalogue runs to three families: bead mills (horizontal, vertical, basket, attritor, pug, ceramic and tungsten-carbide pin types), high-speed dispersers (twin-shaft, triple-shaft, vacuum, fixed and platform) and homogenizers, plus sigma mixers and liquid-powder mixing machines. Buyers sit in paint and coatings, chemicals, printing and packaging, metals, and construction and infrastructure. Machines are fabricated in-house from mild steel, stainless steel and aluminium on CNC lathes, turning centres and laser cutters at two plots in the Rai industrial estate, Sonipat, Haryana, each about 1,012.50 sq m. The company also trades ancillary items and bills installation, erection and commissioning work. It had 96 permanent employees on 31 December 2025.
Revenue is one-off capital-equipment sales — sale of products averaged 92.27% of revenue from operations across FY23 to the nine months ended December 2025 — with a trading and site-services tail. Materials dominate the cost base: cost of materials consumed was Rs 6,834.54 lakhs against Rs 8,590.35 lakhs of revenue from operations in those nine months. Two things constrain it. Demand is concentrated: the top ten customers were 75.80% of revenue in that period and 78.83% in FY25, the single largest 22.79% and 25.55%. And it is working-capital hungry — 80 inventory days and 68 receivable days in FY25 against Rs 3,751.93 lakhs of borrowings at December 2025, Rs 3,000 lakhs of which the fresh issue was raised to repay.
The company on paper
- Legal name
- TIPCO Engineering India Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 30 Sep 2021
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U29309HR2021PLC098103
- Sector
- Industrials · Bead mills, dispersers and homogenizers for paint and chemical plants
- Employees
- 96
- Registered office
- Rai Industrial Estate, Sector 38, Sonipat, Haryana
- Promoters
- Ritesh Sharma, Sonia Sharma
- Promoter holding, pre-issue
- 87.2%
- Promoter holding, post-issue
- 57.8%
- Website
- tipcoengineering.com
The numbers
Financial performance
Revenue has compounded at 92.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹48.49 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹12.06 Cr
- Total issue size
- ₹60.55 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 10,20,800
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 29.4% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹89.00
- Listed at
- ₹89.25
- Listing gain
- up 0.3%
- Since listing
- up 202.0%
- Against the issue price
- up 202.8%
Trading at ₹269.50 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 3,200
- At cut-off price
- ₹89.00
- Amount blocked
- ₹2,84,800
One lot is 1600 shares at ₹1,42,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,84,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.66×
- Applicants per share available
- 0.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹89.25
listed at, 0.3% against the issue price
- Issue price
- ₹89.00
- Premium said
- —
- If allotted 1600 shares
- ₹400
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- FY25 revenue of Rs 133.14 Cr includes Rs 34.99 Cr of purchased stock-in-trade (traded goods), a line that is zero in FY24 and zero in the nine months to December 2025 — so the FY24-to-FY25 jump is not like-for-like manufacturing growth, and the nine-month figure is not a slowdown on a comparable base.
- The December 2025 column is a nine-month stub, not a year. Its Rs 85.90 Cr revenue and Rs 13.19 Cr profit cover three quarters and sit directly under a twelve-month FY25 column; the EBITDA margin step from 17.91% to 24.32% is partly the absence of the low-margin trading line in that stub.
- Equity share capital goes from Rs 0.02 Cr at FY25 to Rs 15.32 Cr at December 2025 on a 893:1 bonus issue in September 2025. Net worth is unaffected (it is a reserve-to-capital transfer), but every per-share figure in the prospectus is restated post-bonus and will not reconcile against the pre-bonus share counts.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Smart Horizon Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to Tipco Engineering's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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