Vans IPO Closes 99% Up at ₹235.40 on Stellar BSE SME Debut; Black Opal Hits Circuit
Vans Electroengineering delivered one of the biggest SME listing gains of 2026 on Wednesday, 7 October, as the ₹33.98 crore BSE SME issue closed its debut session at ₹235.40 — a 99.49% premium over its ₹118 issue price. Fellow debutant Black Opal Consultants had a quieter start, opening at ₹200 (+1.52%) before rising to ₹210 and hitting the upper circuit, up 6.60% over its ₹197 issue price, per The Hindu BusinessLine's live market coverage.
Meanwhile, three SME IPOs — Acme India Industries, TNA Solutions and Paramount Syntex — finalised their basis of allotment on 7 October after strong demand, and will all list on 9 October.
Listing-day final scorecard — 7 October 2026
| IPO | Issue price | Open | Close / latest | Gain |
|---|---|---|---|---|
| Vans Electroengineering (BSE SME) | ₹118 | ₹224.20 | ₹235.40 | +99.49% |
| Black Opal Consultants (BSE SME) | ₹197 | ₹200 | ₹210 (upper circuit, intraday) | +6.60% |
Vans Electroengineering: from 628x bids to a near-doubler
Vans Electroengineering was the most-subscribed IPO of the recent SME wave, closing its book on 1 October at about 628.73x overall subscription. The grey market had been signalling a blockbuster: the issue's GMP had climbed from ₹38 on 29 September to ₹103 (+87%) on listing morning — an unofficial, market-reported indicator that nonetheless proved directionally right. See our IPO GMP Today 7 Oct bulletin for the full daily read.
The stock opened at ₹224.20, up 90% over the ₹118 upper price band, and gathered further momentum through the session to close at ₹235.40 — up 99.49% for the day. The company, which manufactures electrical equipment out of Lucknow, raised ₹33.98 crore through a pure fresh issue of 28.80 lakh shares; ₹25 crore of the net proceeds is earmarked for working capital. Hem Securities was the book-running lead manager and Bigshare Services the registrar.
Black Opal: GMP crash played out in full
Black Opal Consultants was the cautionary tale of the day's two debuts. The real-estate advisory firm's GMP had collapsed from ₹100 (50.76%) on 4 October to just ₹9 on listing morning — and the unofficial market read was vindicated. The stock listed at ₹200, a mere 1.52% premium to the ₹197 issue price, and despite touching the ₹210 upper circuit (+6.60%) intraday, it was nowhere near the grey market's earlier 50%-plus expectations.
The ₹55.08 crore issue had closed at 68.71x subscription, with NII demand at 92.30x — a reminder that headline subscription figures do not always translate into listing gains when valuations are considered aggressive. Khambatta Securities was the lead manager and Skyline Financial Services the registrar. (We covered the Black Opal IPO Allotment 5 Oct status check earlier this week.)
Three SME allotments finalised today — all list on 9 October
The basis of allotment was finalised on 7 October for three SME issues that closed on 6 October. All three are scheduled to list on BSE SME on 9 October.
| IPO | Issue type | Price band | Final subscription | Registrar |
|---|---|---|---|---|
| Acme India Industries | SME | — | 124.34x | Bigshare Services |
| TNA Solutions | SME | ₹66–70 | 55.28x | Maashitla Securities |
| Paramount Syntex | SME | ₹119–127 | ~1.92x | Bigshare Services |
For Paramount Syntex, the issue timeline is: refunds and demat credit on 8 October, listing on 9 October. Similar timelines apply to the other two — applicants should check their registrar portals today to see whether they have been allotted.
How to check your allotment status
- Open your registrar's allotment portal — Bigshare Services (Acme India, Paramount Syntex) or Maashitla Securities (TNA Solutions) — or the BSE allotment page.
- Select the IPO name from the dropdown.
- Enter your PAN, application number, or DP ID/Client ID.
- Submit and view your status. If allotted, shares are credited to your demat account before the 9 October listing; if not, your blocked ASBA/UPI funds are unblocked.
What to watch next
- 9 October: Acme India, TNA Solutions and Paramount Syntex list on BSE SME. Acme India's 124.34x book — the heaviest of the three — makes its grey market read the one to track into the listing.
- EverestIMS Technologies (allotment finalised 6 October) tentatively debuts on BSE SME on 8 October.
- 13–15 October: HD Fire Protect opens (₹258–271 price band) — the next mainboard-scale opening on the calendar.
FAQs
Q: What was Vans Electroengineering's closing price on listing day?
A: Vans closed at ₹235.40 on BSE SME on 7 October 2026, up 99.49% over its ₹118 issue price, after opening at ₹224.20 (+90%).
Q: How did Black Opal list?
A: Black Opal opened at ₹200 (+1.52%) and rose to the ₹210 upper circuit (+6.60%) during the session, in line with its collapsed GMP of ₹9 on listing morning.
Q: When do Acme India, TNA Solutions and Paramount Syntex list?
A: All three finalised allotment on 7 October 2026 and are scheduled to list on BSE SME on 9 October 2026.
Q: Where do I check the allotment status?
A: On the registrar portals — Bigshare Services for Acme India and Paramount Syntex, Maashitla Securities for TNA Solutions — or on the BSE IPO allotment page, using your PAN or application number.
Q: Is GMP reliable for predicting listing gains?
A: No. GMP is an unofficial, unregulated market-reported number. Vans' GMP (+87%) and Black Opal's (+4.6% by listing morning) were directionally right here, but premiums can collapse — as Black Opal's did from +50.76% to +4.57% in three days.
Conclusion
7 October belonged to Vans Electroengineering: a 99.5% closing gain on a 628x book is the kind of debut that resets expectations for the whole SME pipeline. Black Opal, by contrast, showed why grey-market euphoria needs a valuation sanity check. With three more SME issues listing on 9 October, the pipeline's momentum now faces its next real test.
Related: IPO Today 7 Oct: Vans Debuts +90% | IPO GMP Today 7 Oct | Black Opal IPO Allotment 5 Oct