IPO Overview
Tipco Engineering India Limited is an integrated engineering and manufacturing company engaged in the design, fabrication, assembly, and supply of industrial process machinery. Incorporated in September 2021, the company manufactures Bead Mills, Dispersers, Homogenizers, Attritor Mills, Basket Mills, Sigma Mixers, and Liquid Powder Mixing Machines, serving industries such as paint & coatings, chemicals, printing & packaging, metal, construction, and infrastructure.
The company operates two manufacturing units at Rai Industrial Estate, Sonipat, Haryana — each covering approximately 1,012.50 sq. metres — equipped with CNC machines, laser cutting, welding, and quality testing systems.
The company is launching its IPO on March 23, 2026, aiming to raise ₹60.55 crore, with shares listed on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Bidding Date | 20 March 2026 |
| IPO Open Date | 23 March 2026 |
| IPO Close Date | 25 March 2026 |
| Allotment Date | 27 March 2026 (Expected) |
| Credit to Demat | 30 March 2026 |
| Listing Date | 01 April 2026 (Tentative) |
| Price Band | ₹84 – ₹89 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,84,800 (2 lots = 3,200 shares) |
| Minimum Investment (HNI) | ₹4,27,200 (3 lots = 4,800 shares) |
| Issue Size | ₹60.55 crore |
| Fresh Issue | 54,48,000 |
| Offer For Sale (OFS) | 13,55,200 |
| Total shares | 68,03,200 |
Issue Break-up
| Category | Allocation |
| Anchor Investors | Up to 17,20,000 shares |
| Qualified Institutional Buyers (QIB) | Up to 11,56,800 shares (excl. Anchor) |
| Non-Institutional Investors (NII) | Not less than 8,73,600 shares |
| Retail Individual Investors (RII) | Not less than 20,32,000 shares |
| Market Maker | Up to 10,20,800 shares |
OFS / Selling Shareholders
The Tipco Engineering IPO is a book-building issue consisting entirely of a fresh issue of shares worth ₹60.55 crore. The OFS component is minimal, and the primary focus of the issue is raising fresh capital for business purposes.
Objects of the Issue (Fund Utilization)
The company plans to use ₹30 crore of the IPO proceeds to repay outstanding secured borrowings and achieve debt-free status. An additional ₹7.66 crore is earmarked for working capital requirements, with the remainder allocated for general corporate purposes.
- Repayment / prepayment of borrowings — ₹30 crore
- Working capital requirements — ₹7.66 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited
- Registrar to the Issue: Maashitla Securities Private Limited
- Market Maker: Shreni Shares Ltd.
Promoters & Management
- Promoter & CMD: Mr. Ritesh Sharma
- Co-Promoter: Ms. Sonia Sharma
The company’s Registered Office and Manufacturing Unit are both situated at the same place, owned by promoter Ritesh Sharma and promoter group entity RGVY Enterprises (a partnership firm of Ritesh Sharma and Sonia Sharma).
Company Details
Tipco Engineering India Limited is committed to delivering high-quality, customized process engineering and manufacturing solutions across multiple industries, with integrated in-house capabilities spanning design, engineering, manufacturing, and testing.
Sectors Served:
- Paint & Coatings
- Chemicals
- Printing & Packaging
- Metal Industry
- Construction & Infrastructure
Key Products Manufactured:
- Bead Mills (Batch Type, Lab, Horizontal, Vertical, Pin-Type, Disc Type, Dyno Mill)
- Dispersers (High-Speed, Twin-Shaft, Triple-Shaft, Vacuum, Platform, Fixed Type)
- Homogenizers (In-Line, In-Tank, High Shear)
- Attritor Mills, Basket Mills, Sigma Mixers, Liquid Powder Mixing Machines
Key Capabilities:
- Wide range of products with quality standards, repeat orders from customers, experienced promoter and management team, skilled workforce, and a complete manufacturing setup under one roof.
- In-house design, fabrication, assembly, and testing
Manufacturing Facilities:
- 2 units at Rai Industrial Estate, Sonipat, Haryana
- Each unit ~1,012.50 sq. metres
- Equipped with CNC machines, laser cutting, welding, polishing, and quality testing systems
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹101.36 | ₹8.44 |
| FY25 | ₹127.73 (est.) | ₹15.61 |
Key Financial Metrics:
- P/E Ratio: 8.73x | EPS: ₹10.19 (Pre-IPO)
- Post-IPO EPS: ₹8.47 (based on annualised 9M FY26 earnings)
- Post-IPO valuation based on FY25 PAT of ₹15.61 crore and pre-IPO market cap of ₹184.83 crore
- Revenue growth: ~26% YoY (FY24 to FY25)
- As of December 2025, the company had ₹30.27 crore in secured borrowings, which it plans to eliminate using IPO proceeds.
Company Strengths
- Integrated manufacturing capability — design, fabrication, assembly, and testing all under one roof
- Diversified product portfolio serving multiple end-use industries
- Strong order book and growing repeat customer base across India
- Relatively attractive valuation at P/E of ~8.73x compared to industry peers
- Post-IPO goal of becoming completely debt-free, improving financial flexibility
- Experienced promoter with hands-on technical and operational expertise since inception
Key Risks & Challenges
- Business operations rely significantly on a concentrated group of suppliers, with top 10 suppliers accounting for 59.93%, 56.66%, and 67.83% of purchases in FY25, FY24, and FY23 respectively — with no exclusive or long-term supply agreements in place.
- A promoter group entity (M/s. Tipco Engineering Works, linked to the late Kailash Chander) was issued a notice under the SARFAESI Act by RBL Bank in June 2021 for classification of its loan account as NPA.
- Certain delays and non-compliances noticed in corporate filings with the Registrar of Companies and discrepancies in financial reporting and statutory dues.
- Revenue is concentrated in specific regions — Uttar Pradesh, Rajasthan, and Haryana — limiting geographic diversification.
- Very young company: Incorporated only in September 2021, with a limited track record of ~4 years.
- Weak SME IPO market sentiment in early 2026 — average listing gains have dropped to around 2.8%, with about 60% of recently listed SME companies trading below their issue prices.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
