Core4 Engineers came to market through an SME IPO that opened on 23 October 2026 and closed on 27 October 2026, and the shares listed on 30 October 2026 on the BSE. The price band was ₹88 to ₹93 per share and one lot was 1200 shares, so the minimum application was ₹1,11,600. The issue size was ₹54.82 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹74.4, a loss of 20% against the issue price of ₹93. Purva Sharegistry (India) Pvt.Ltd was the registrar to the issue, and Socradamus Capital Pvt.Ltd was the lead manager.
The issue was subscribed 5.63 times overall.
Incorporated in 2022, Core4 Engineers Ltd. is an EPCC (Engineering, Procurement, Construction and Commissioning) firm offering integrated infrastructure solutions in railway infrastructure, power transmission & distribution, and water & wastewater treatment sectors. The firm offers end-to-end project execution that includes design, engineering, procurement, erection, testing, commissioning, and operation & maintenance (O&M). The firm also has an in-house manufacturing plant for HT (High-Tension) and LT (Low-Tension) electrical panels and compact substations.
The firm’s manufacturing unit helps in the execution of EPC projects along with other third parties. The firm’s subsidiary, Core4 Energy Ltd., generates product-based income through the manufacturing of electrical distribution and control panels. Core4 Engineers Ltd. undertakes projects for Indian Railways, PSUs (Public Sector Undertaking), and infrastructure companies with the capability of railway electrification, substation construction, and water treatment plants. As on September 30, 2025, the firm has a total workforce of 433 employees.
As described in the offer document.
Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, Anala. Promoter holding 82.09% before the issue and 58.69% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
₹88 to ₹93 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1200 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,11,600. After listing, SME shares also trade in lots rather than one share at a time.
₹1,11,600, for one lot of 1200 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 23 October 2026 and closed on 27 October 2026.
The basis of allotment was published on 28 October 2026 by Purva Sharegistry (India) Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 30 October 2026 on the BSE, opening at ₹74.4.
The issue size was ₹54.82 crore. The fresh issue was 58,94,400 shares (aggregating up to ₹54.82 crore).
It listed at ₹74.4 against an issue price of ₹93, a loss of 20 percent on listing day.