Last Updated: October 19, 2026 | Status: 🔴 Upcoming
Quick Summary: The Core4 Engineers public offer is a ₹54.82 crore SME book-built issue opening on October 23, 2026, and closing on October 27, 2026. The price band is set at ₹88–₹93 per share with a market lot of 1,200 shares. The company plans to list on the BSE SME platform on October 30, 2026.
The Core4 Engineers IPO has garnered considerable interest across primary market segments as Mysuru-based EPCC and infrastructure player **Core4 Engineers Limited** prepares for its BSE SME flotation. The company is raising ₹54.82 crore entirely through a 100 percent fresh issue of 58,94,400 equity shares. This comprehensive guide covers the price band, market lot thresholds, subscription timetable, grey market tracking, multi-disciplinary engineering operations, financials, and expert broker reviews.
📊 Key Details of the Issue
| Item | Detail |
|---|---|
| Company | Core4 Engineers Limited |
| Issue Size | ₹54.82 crore (58,94,400 Equity Shares) |
| Fresh Issue | ₹54.82 crore (100% Fresh Issue) |
| Offer for Sale (OFS) | ₹0.00 crore (Nil Secondary Dilution) |
| Price Band | ₹88 – ₹93 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,23,200 (2,400 shares / 2 lots at upper band) |
| Face Value | ₹10 per share |
| Subscription Window | October 23, 2026 – October 27, 2026 |
| Listing Date | October 30, 2026 (Tentative) |
| Listing Exchange | BSE SME Platform |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Lead Manager | Socradamus Capital Pvt. Ltd. |
📅 Important Dates to Remember
| Event | Date |
|---|---|
| Anchor Investor Bidding | October 22, 2026 |
| Bidding Opens | October 23, 2026 |
| Bidding Closes | October 27, 2026 |
| Basis of Allotment | October 28, 2026 |
| Refund Initiation | October 29, 2026 |
| Shares Credit to Demat | October 29, 2026 |
| Listing Day | October 30, 2026 |
💰 Subscription Status (Update Daily)
| Day | QIB | NII (HNI) | Retail | Total |
|---|---|---|---|---|
| Day 1 (Oct 23, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 2 (Oct 26, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Day 3 (Oct 27, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Final | -- | -- | -- | -- |
✅ Current Status: Bidding opens on Friday, October 23, 2026. Live exchange subscription data will be tracked here hourly once the subscription window commences.
📈 Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Gain (%) |
|---|---|---|---|
| October 18, 2026 | ₹0 | ₹93 | 0.00% |
| October 19, 2026 (Latest) | ₹0 | ₹93 | 0.00% |
⚠️ The grey market premium (GMP) is unofficial, unregulated, and indicative only. It is subject to market shifts and should never be used as the sole basis for investment decisions.
🏢 About the Company
Core4 Engineers Limited is a Mysuru-based EPCC (Engineering, Procurement, Construction, and Commissioning) company delivering integrated infrastructure solutions across critical sectors. The company's technical scope spans railway electrification, railway infrastructure, extra high tension (EHT) transmission and distribution, water and wastewater treatment facilities, industrial automation, SCADA systems, and in-house manufacturing of HT and LT electrical panels.
Key Highlights
- Multi-Disciplinary Execution Capability: Comprehensive execution model spanning electrical, civil, mechanical, and automation domains across diverse public utility sectors.
- In-House Panel Manufacturing: Dedicated facility in Karnataka for manufacturing HT and LT panels (PCC, MCC, APFC) ensuring stringent quality control and cost efficiency.
- Robust Compliance & Testing: In-house quality assurance framework aligned with CPRI-approved testing protocols and statutory benchmarks.
📊 Financial Performance
| Metric | FY24 | FY25 | H1 FY26 |
|---|---|---|---|
| Total Income / Revenue | ₹33.63 Cr | ₹34.60 Cr | ₹47.10 Cr |
| PAT (Net Profit) | ₹2.89 Cr | ₹3.81 Cr | -- |
| EBITDA Margin | ~17.4% | ~18.7% | -- |
| PAT Margin | ~8.5% | ~11.0% | -- |
| Net Asset Value (NAV) | -- | ₹12.72 | ₹16.74 |
🎯 Objects of the Issue
The net proceeds from the 100% fresh issue of shares will be deployed toward:
- Manufacturing & Office Capex: Funding the acquisition of a property comprising land and an existing building to establish a new corporate office and manufacturing facility — ₹4.12 Cr
- Working Capital: Funding incremental working capital requirements for EPC execution — ₹32.68 Cr
- General Corporate: General corporate purposes and issue expenses — Balance Amount
⚖️ Strengths & Risks
✅ Strengths
- Diversified Order Execution: Proven track record spanning critical nation-building sectors including railway electrification, power transmission, and water infrastructure.
- Integrated Manufacturing Edge: In-house panel production reduces reliance on external vendors and protects project operating margins.
- Above-Average Industry Margins: Demonstrates superior EBITDA and PAT margin metrics compared to broader EPCC sector averages.
⚠️ Risks
- Working Capital Intensity: EPC and infrastructure contracts require heavy capital locking, bank guarantees, and milestone-based receivables.
- Execution and Delay Risks: Vulnerable to external supply chain disruptions, regulatory clearances, and right-of-way bottlenecks.
- Intense Sector Competition: Faces stiff bidding rivalry from established legacy players and aggressive new entrants across government and private tenders.
🧑💼 What Analysts Are Saying
| Analyst / Firm | Recommendation | Rationale |
|---|---|---|
| Univest Research | Subscribe for Long Term | Solid bottom-line growth scaling from FY24 to FY25, supported by targeted working capital deployment and infrastructure tailwinds. |
| Chittorgarh Review Desk | Watch / Apply with Caution | Priced at a reasonable P/E multiple relative to sector benchmarks, though SME liquidity dynamics warrant careful risk assessment. |
| Market Pulse Analysts | Neutral | Advise tracking subscription numbers closely over the initial bidding days prior to large-scale capital commitment. |
🏁 Listing Performance (Update After Listing)
| Exchange | Opening Price | Premium vs. Issue | Closing Price |
|---|---|---|---|
| BSE SME | Expected Oct 30 | -- | -- |
Verdict: The stock is scheduled to list on the BSE SME platform on Thursday, October 30, 2026. Real-time listing performance and debut price action will update here post-opening.
❓ Frequently Asked Questions (FAQ)
Q1: What is the official price band of the Core4 Engineers IPO?
A: The price band is set at ₹88 to ₹93 per equity share with a face value of ₹10 each.
Q2: What is the minimum lot size and investment amount for retail investors?
A: The market lot size is 1,200 shares. Retail investors are required to apply for a minimum of 2 lots (2,400 shares), amounting to ₹2,23,200 at the upper price band.
Q3: When does the Core4 Engineers IPO open and close for subscription?
A: The subscription window opens on Friday, October 23, 2026, and closes on Tuesday, October 27, 2026.
Q4: What is the latest Grey Market Premium (GMP) for Core4 Engineers IPO today?
A: The grey market premium (GMP) is currently quoting around ₹0, reflecting flat unlisted sentiment ahead of the opening bell.
Q5: What is the total issue size and structure of the Core4 Engineers IPO?
A: The issue size is ₹54.82 crore, structured entirely as a 100% fresh issue of 58,94,400 equity shares with zero Offer for Sale (OFS).
Q6: How does the company plan to utilize the net fresh issue proceeds?
A: Proceeds will be deployed toward funding incremental working capital requirements (₹32.68 Cr), acquiring a property for a new corporate office and manufacturing plant (₹4.12 Cr), and general corporate purposes.
Q7: What sectors does Core4 Engineers operate in?
A: The company operates in the EPCC space, specializing in railway electrification, power transmission and distribution, water treatment plants, industrial automation, and SCADA.
Q8: Who are the book running lead manager and registrar for the issue?
A: Socradamus Capital Pvt. Ltd. acts as the lead manager, while Purva Sharegistry (India) Pvt. Ltd. is the official registrar.
Q9: What is the tentative allotment date and where can investors check their status?
A: Allotment is slated for Wednesday, October 28, 2026. Investors can check their status online via the Purva Sharegistry portal.
Q10: When will Core4 Engineers shares list on the stock exchange?
A: The shares are scheduled to list on the BSE SME platform on Friday, October 30, 2026.
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⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Verify all information from official regulatory filings (DRHP, RHP, BSE) before investing. SME IPO investments carry high market risks.