Technocraft Ventures IPO Oversubscribed 7.35x; GMP at +30

Technocraft Ventures’ initial public offering achieved a 7.35 times subscription rate by Day 3, demonstrating significant investor interest. The infrastructure company had previously secured ₹75.55 crore from anchor investors last Thursday.

Subscription Breakdown

The IPO, which closes on Tuesday, saw varied interest across investor categories.

• Retail Portion: 7.08 times booked
• Non-Institutional Investors (NII): 11.79 times subscribed
• Qualified Institutional Buyers (QIBs): 4.50 times bids received

Company Overview & Financials

Established in 1998, Technocraft Ventures focuses on engineering, procurement, and construction (EPC) for public infrastructure projects across various Indian states.

• Revenue from operations in FY26: ₹344.99 crore (up from ₹279.56 crore in FY25)
• Profit after tax (PAT) in FY26: ₹43.32 crore (up from ₹28.20 crore)
• IPO Lot Size: 70 equity shares

Market Sentiment & Brokerage Views

The Grey Market Premium (GMP) for Technocraft Ventures IPO currently stands at +30, suggesting an estimated listing price of ₹242 per share. This estimated price is 14.15% above the upper end of its ₹200-212 per share IPO price band.

Brokerage firms have issued positive recommendations:

• SMIFS highlighted diversification, geographic expansion, and strong return ratios (RoE of 26.51%, RoCE of 27.72% in FY26).
• Swastika Investmart cited attractive valuations (P/E multiple of 14.73x), healthy financial performance, and a favorable sector outlook for their “subscribe” recommendation.

IPO Structure & Key Dates

The IPO comprises 1.18 crore equity shares, including a fresh issue of 95.05 lakh shares and an Offer For Sale (OFS) of 23.76 lakh shares by promoter entity Kartikey Constructions.

The company plans to use ₹150 crore from the fresh issue proceeds for working capital, with the rest for general corporate purposes. Khambatta Securities is the sole book-running lead manager.

• Basis of Allotment (tentative): August 12
• Refunds Initiated: August 13
• Listing on BSE and NSE: August 14