ListedSMEEngineering - Construction
Core4 Engineers IPO Date, GMP, Review, Price, Allotment Details
Updated
Core4 Engineers listed on BSE SME on 30 Oct 2026. Its issue price was ₹93. The IPO was subscribed 5.54 times overall. Bidding ran from 23 Oct to 27 Oct 2026 with a lot size of 1,200 shares.
- Price band
- ₹88–93
- Lot size
- 1,200 shares
- Minimum investment
- ₹2,23,200 (2 lots)
- Bidding
- 23 Oct – 27 Oct 2026
- Listing
- 30 Oct 2026
- Issue size
- ₹55 crore
- Exchange
- BSE SME
- Registrar
- Purva Sharegistry (india) Private Limited
Core4 Engineers IPO GMP today
| Last GMP before listing | ₹0 per share |
|---|---|
| Price band (upper) | ₹93 |
| Implied listing price | ₹93 (+0%) |
| Last updated | 27 Oct 2026, 3:57 pm IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Core4 Engineers
Core4 Engineers is a Mysuru-based engineering, procurement, construction and commissioning (EPCC) company. It was incorporated in 2022 and builds electrical and civil infrastructure, mainly for Indian Railways, public sector companies and large infrastructure contractors. It had 433 people on its rolls in September 2025.
Its main work is railway electrification: installing 25 kV overhead electric lines and traction substations that power electric trains. It also works on railway station redevelopment, extra-high-voltage power transmission and distribution projects up to 220 kV, water, sewage and effluent treatment plants, and automation and SCADA systems that monitor these networks.
Through its subsidiary Core4 Energy Ltd, it makes HT and LT electrical panels, such as power control, motor control and automation panels, which it uses in its own projects and sells to others.
The company is small but growing. Total income was Rs 33.6 crore in FY24 and Rs 34.6 crore in FY25, and Rs 47.3 crore in the six months to September 2025 alone. Profit after tax went from Rs 2.9 crore in FY24 to Rs 3.8 crore in FY25 and Rs 6.05 crore in the September 2025 half-year. Net worth was Rs 24.75 crore and borrowings Rs 22.07 crore at that date.
Full FY26 figures were not available in the sources checked.
The IPO is a fresh issue of about Rs 54.82 crore on the BSE SME platform at Rs 88 to Rs 93 per share. There is no offer for sale, so all the money goes to the company: about Rs 32.68 crore for working capital, Rs 4.12 crore to buy land and a building for a new factory and office, and the rest for general corporate purposes.
A retail application needs at least 2 lots of 1,200 shares, or Rs 2,23,200 at the upper price.
At Rs 93 the company is valued at about Rs 192 crore after the issue. That is about 16 times earnings if the half-year profit is doubled, or about 50 times FY25 profit.
The main points to weigh are the railway and power spending that drives its order flow and its in-house panel making, against its short history, the need for working capital in project businesses and the risk that annualised half-year profit overstates what it earns over a full year.
Products and services
- Railway electrification (25 kV overhead lines, traction substations)
- Railway station redevelopment
- EHT transmission and distribution projects up to 220 kV
- Water, sewage and effluent treatment plants
- Automation and SCADA systems
- HT and LT electrical panels (through Core4 Energy)
Key strengths
- Works for Indian Railways and PSUs
- Integrated EPC work plus in-house electrical panel manufacturing
- H1 FY26 profit of Rs 6.05 crore already above full FY25 profit
- Entirely fresh issue
SWOT analysis
Strengths
- Return on equity of about 56% (annualised, Sep 2025)
- EBITDA margin of about 19-20%
- Exposure to railway, power and water spending
Weaknesses
- Incorporated only in 2022
- Small size: Rs 34.6 crore income in FY25
- Borrowings close to net worth (debt to equity 0.89)
Opportunities
- Railway electrification and station redevelopment programmes
- Power transmission spending
- New manufacturing facility
Threats
- Project delays and cost overruns
- Slow payments from government clients
- Thin trading in SME shares
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Core4 Engineers IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Core4 Engineers IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹55 crore, this is a small issue.
- Price: The price band is ₹88–93 per share. The smallest application costs ₹2,23,200 at the top of the band.
- Demand: Bids so far cover the shares on offer 5.54 times, which is moderate demand. Institutions (QIBs) bid 0 times their quota; many investors watch this number closely.
- Promoters: Promoter holding falls from 82.09% to 58.69% after the issue.
- Risks: The company lists 5 key risks in its offer document. We summarise them in our notes below.
- SME platform: SME shares usually trade less often than mainboard shares, and the minimum application is larger. That can make it harder to sell quickly.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Core4 Engineers IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Core4 Engineers IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 0× |
| Non-institutional investors (NII) | 2.37× |
| Retail investors | 0.4× |
| Total | 5.54× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Core4 Engineers IPO lot size and minimum investment
One lot of the Core4 Engineers IPO is 1,200 shares. At the upper price band of ₹93, one lot costs ₹1,11,600.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum application | 2 | 2,400 | ₹2,23,200 |
| Next size up (HNI) | 3 | 3,600 | ₹3,34,800 |
SME IPOs have a larger minimum application than mainboard issues. Bids above the minimum are made in whole lots.
Core4 Engineers IPO employee quota, anchor investors and bids
Employee quota
No. The Core4 Engineers IPO has no separate quota for employees.
Anchor investors
| Lock-in on 50% of anchor shares ends | Sat, 28 Nov 2026 30 days |
|---|---|
| Lock-in on remaining 50% ends | Wed, 27 Jan 2027 90 days |
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Qualified institutional buyers (QIB, excluding anchors) | ₹11 cr | 0× | ≈ ₹0 cr |
| Non-institutional investors (NII) | ₹8.25 cr | 2.37× | ≈ ₹20 cr |
| Retail investors | ₹19.25 cr | 0.4× | ≈ ₹8 cr |
| Total (excluding anchors) | ₹38.5 cr | 5.54× | ≈ ₹27 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Core4 Engineers listed peers
The top listed peers of Core4 Engineers, with their P/E and RoNW from the RHP, will appear here.
Core4 Engineers IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 27 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 29 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 29 Oct 2026. If you do, the shares reach your demat account the same day.
The Core4 Engineers IPO listed on BSE SME on 30 Oct 2026, when trading in the shares begins.
Core4 Engineers financials
What brokers say about the Core4 Engineers IPO
Broker IPO notes usually arrive a day before bidding opens. We add each firm's rating and reason here, with a link to the original.
Marketasset notes on the Core4 Engineers IPO
Use of proceeds
- Incremental working capital: Rs 32.68 crore
- Land and building for a new manufacturing facility and corporate office: Rs 4.12 crore
- General corporate purposes: balance
Promoter holding
Before the issue: 82.09%. After the issue: 58.69%. Promoters: Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, Anala.
Key risks the company lists
- Limited operating history (since 2022)
- P/E of 15.9x relies on annualised half-year profit; about 50x on FY25
- Working capital and receivable risk in project work
- High minimum application (Rs 2,23,200)
- No grey-market premium so far
Other observations
SME issue on BSE SME. Price band Rs 88-93 (face value Rs 10); lot 1,200 shares; minimum individual application 2 lots (Rs 2,23,200). Fresh issue of 58,94,400 shares (about Rs 54.82 crore), no OFS; 7,20,000 shares reserved for the market maker. Open 23-27 Oct 2026, allotment 28 Oct, listing 30 Oct (tentative). Lead manager Socradamus Capital; registrar Purva Sharegistry (India). Post-issue market cap about Rs 192.35 crore.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Core4 Engineers IPO
- Choose your bid. Pick the number of lots (minimum ₹2,23,200) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
This is an SME IPO: the minimum application is larger than for mainboard issues, and shares trade on the SME platform.
How to check Core4 Engineers IPO allotment status
The basis of allotment for the Core4 Engineers IPO was finalised on 29 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open Purva Sharegistry (india) Private Limited's allotment page, choose Core4 Engineers and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Core4 Engineers IPO listing performance
| Issue price | ₹93 |
|---|---|
| Current price 12 Nov 2026, 10:02 am IST | ₹81.5 |
| Change from issue price | −12.37% |
Core4 Engineers IPO FAQs
When does the Core4 Engineers IPO open and close?
The Core4 Engineers IPO was open for bidding from 23 Oct 2026 to 27 Oct 2026.
What is the price band and lot size of the Core4 Engineers IPO?
The price band is ₹88–93 per share and one lot is 1,200 shares.
What is the minimum investment in the Core4 Engineers IPO?
The smallest application is 2 lots (2,400 shares), which costs ₹2,23,200 at the top of the price band.
When is the Core4 Engineers IPO allotment date and how do I check my status?
The basis of allotment was finalised on 29 Oct 2026. You can check your allotment status on the website of the registrar, Purva Sharegistry (india) Private Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Core4 Engineers shares list?
Core4 Engineers listed on BSE SME on 30 Oct 2026.
Who are the lead managers and registrar of the Core4 Engineers IPO?
The registrar is Purva Sharegistry (india) Private Limited.
How many times has the Core4 Engineers IPO been subscribed?
The Core4 Engineers IPO was subscribed 5.54 times overall: 0 times by QIBs, 2.37 times by non-institutional investors and 0.4 times by retail investors. Figures as of 27 Oct 2026, 11:17 am IST.
Does the Core4 Engineers IPO have an employee quota?
No. The Core4 Engineers IPO has no separate quota for employees.