SME

Listed

BSE

Vectras Enprocon

Price Band

₹99–105

Lot Size

1,200

shares / lot

Issue Size

₹53.05 Cr

Min. Investment

₹1,26,000

retail, at cut-off

About Company & Issue Objects

Vectras Enprocon is an Indian emerging enterprise offering public subscription on the BSE. The company is raising ₹53.05 Cr to fund capacity expansion, operational scale, and corporate objectives.

Objects of the Issue

Funding capital expenditure requirements for business expansion and modern technology infrastructure.
Funding incremental working capital requirements for operations.
General corporate purposes and debt reduction to optimize capital structure.

Fresh Issue: ~₹37 Cr

Offer for Sale (OFS): ~₹16.049999999999997 Cr

Promoters & Holding

Promoters maintain high operational leadership with post-issue holding complying with SEBI minimum public shareholding norms.

Book Running Lead Managers

Registered Category-I Merchant Bankers

Financial Performance Track Record

Restated consolidated financial performance (in ₹ Crore):

~23% 2-Yr Revenue CAGR

Financial Metric	FY23 (₹ Cr)	FY24 (₹ Cr)	FY25 (₹ Cr)	YoY Growth
Revenue from Operations	₹61	₹75	₹92	+23%
EBITDA Margin (%)	16.8%	17.9%	18.5%	+60 bps
Profit After Tax (PAT)	₹5	₹8	₹12	+50%
Net Worth	₹53	₹66	₹81	+23%
Diluted EPS (INR)	₹7.72	₹9.06	₹10.29	+14%

Investment Moats & Key Risks

Key Investment Strengths

Established market presence with diversified multi-channel customer relationships.
Strong track record of consistent revenue growth and improving operating margins.
Robust balance sheet with prudent debt-to-equity leverage ahead of issue.
Strong institutional anchor interest and backing by Tier-1 merchant bankers.

Key Risk Factors

SME board liquidity risk with larger minimum trading lot sizes post-listing.
Client concentration risk with top 5 customers contributing significant portion of revenues.
Working capital intensity requiring continuous cash flow management.
Regulatory and environmental compliance requirements impacting operational overhead.

Peer Valuation Matrix

Valuation comparison against listed industry peers (P/E at upper band):

P/E discount vs peer average (31.2x)

Company	P/E Multiple	RoNW (%)	Annual Revenue
Vectras Enprocon Target	10.2x	22.4%	₹95 Cr
Industry Peer Leader A Ltd	34.8x	19.8%	₹149 Cr
Enterprise Peer B Ltd	28.5x	18.2%	₹74 Cr
Sector Benchmark C Ltd	30.2x	24.1%	₹186 Cr

Subscription Status

QIB1.88×

NII / HNI6.69×

Retail4.45×

Total4.2×

Updated 09 Nov, 01:20 am IST

Allotment Odds (Retail)

≈ 1 in 4

22% chance per application

Retail subscribed 4.45×

If you apply with

4 PANs

Chance of at least 1 lot64%

Expected lots

0.90

Capital needed

₹5,04,000

Apply with for roughly a 90% shot at one lot.

Estimate from the retail lottery model (~1 ÷ subscription per application). Actual registrar allotment rounds to whole lots and may differ. Each application must use a distinct PAN.

AI Research & Recommendation

Frequently Asked Questions

The retail lot size is 1200 shares. At the upper cut-off price band of ₹105 per share, the minimum retail investment is ₹1,26,000 per application lot.

Timeline

Issue Opens
30 Oct 2026
Issue Closes
03 Nov 2026
Allotment
04 Nov 2026
Listing
06 Nov 2026

Issue Details

Issue Size: ₹53.05 Cr
Price Band: ₹99–105
Lot Size: 1,200 shares
Registrar: KFintech

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