Gujarat-based Vectras Enprocon Limited has opened its initial public offering on the BSE SME platform, giving founders in industrial services a fresh example of the SME listing route. The issue opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026, after the anchor portion opened and closed on 29 October 2026.
Issue details
The IPO comprises up to 50,52,000 equity shares of face value Rs 10 each: a fresh issue of 40,56,000 shares and an offer for sale of 9,96,000 shares. The price band is fixed at Rs 99 to Rs 105 per share, putting the issue size at Rs 53.05 crore at the upper band, with a lot size of 1,200 shares. Beeline Capital Advisors Private Limited is the book running lead manager and MUFG Intime India Private Limited is the registrar.
Vectras is an integrated solution provider in critical midstream and downstream infrastructure for the oil and gas industry, with a portfolio spanning Gujarat, Maharashtra, Punjab, Bihar and Odisha. As of 30 September 2026 it reported an unexecuted order book of 18,327.88 lakh across 34 projects, including oil and gas station works and pipeline works.
The objects of the issue are repayment or prepayment of certain borrowings, funding long-term working capital and general corporate purposes — the classic SME-IPO use of proceeds for a working-capital-heavy project business.
Why it matters for founders
SME IPOs remain a live exit and growth-capital route for profitable, order-book-led Indian companies: Vectras shows how a midstream oil-and-gas supplier can fund working capital and deleverage through the BSE SME platform, a path worth studying for founders in industrial services.