BSE SME Core4 Engineers IPO ends with 4.70 times subscription
The non-institutional investors (NIIs) category subscribed 6.84 times, while individual investors bidding for two lots subscribed 2.72 times. The qualified institutional buyers (QIBs) category subscribed 5.06 times.
The IPO opened for subscription on 23 October 2026 and closed on 27 October 2026. The price band has been fixed at Rs 88-93 per share, with a lot size of 1,200 shares
The IPO comprised an entirely fresh issue of 58.94 lakh equity shares aggregating to approximately Rs 54.82 crore. The promoter and promoter group shareholding declined to 58.69% after the IPO from 82.09% before the issue.
Core4 Engineers plans to utilise Rs 4.12 crore of the IPO proceeds to acquire land and an existing building for establishing a new manufacturing facility and corporate office. The company intends to allocate Rs 40.48 crore towards incremental working capital requirements, while the remaining net proceeds will be used for general corporate purposes.
The company raised Rs 14.36 crore from anchor investors on 22 October 2026 through the allocation of 15.44 lakh equity shares.
Incorporated in June 2014, Core4 Engineers is an engineering, procurement, construction and commissioning (EPCC) company providing integrated infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment.
The company operates across five business segments, including railway electrification and infrastructure, extra-high-tension transmission and distribution systems, water and wastewater treatment projects, automation and supervisory control and data acquisition (SCADA) systems, and the supply of high-tension and low-tension distribution panels.
Its railway infrastructure operations include overhead electrification, traction substations, station redevelopment, civil works and signalling-related activities. In the power transmission and distribution segment, the company undertakes turnkey projects involving substations, transmission lines and distribution networks of up to 220 kV.
The company also provides solutions for water treatment plants, sewage treatment plants and effluent treatment plants. Its in-house manufacturing facility produces electrical distribution and control panels, automation panels and compact substations.
Core4 Engineers serves government organisations, public sector undertakings, utilities, infrastructure contractors and private enterprises across India. As of 30 June 2026, the company had a workforce of 462 personnel, comprising 62 employees on its payroll and 400 floating labourers engaged primarily in project execution.
The company's total income jumped 165.29% to Rs 91.79 crore in FY2026 from Rs 34.60 crore in FY2025. Profit after tax (PAT) surged 224.67% to Rs 12.37 crore from Rs 3.81 crore, while EBITDA increased 172.73% to Rs 18.30 crore from Rs 6.71 crore. Total borrowings rose 69.97% to Rs 31.58 crore from Rs 18.58 crore.
For the quarter ended 30 June 2026, the company reported total income of Rs 45.77 crore and PAT of Rs 6.17 crore, while EBITDA stood at Rs 9.08 crore.
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