Noida-based engineering firm Technocraft Ventures prepares for its initial public offering, attracting mixed brokerage recommendations amid a solid order book and recent revenue growth, with shares trading at a premium in the grey market.
Technocraft Ventures is set to open its initial public offering on August 7, with the engineering, procurement and construction company aiming to raise ₹252 crore through a mix of new shares and a secondary sale by its promoter, Kartikey Constructions. The issue will close on August 11 and the Noida-based group has fixed a price band of ₹200 to ₹212 a share.
The offer includes a fresh issue of up to 95.05 lakh equity shares and an offer for sale of up to 23.76 lakh shares. According to the company, ₹150 crore from the new issue will be directed towards working capital, with the balance earmarked for general corporate purposes and issue costs.
Brokerages have taken mixed positions on the float. SBI Securities has assigned a neutral view, pointing to Technocraft’s execution record and sharp profit growth but warning about customer concentration, dependence on government contracts and a stretched working-capital cycle. Anand Rathi has recommended subscription for the long term, citing the company’s diversified order book, wider geographical reach and integrated execution model. Swastika has also recommended subscribing, saying the valuation looks appealing relative to peers and that the business could benefit from continued public spending on water and infrastructure.
The company’s latest numbers show revenue from operations rising to ₹344.99 crore in FY26 from ₹279.56 crore a year earlier, while profit increased to ₹43.32 crore from ₹28.20 crore. As of July 15, 2026, Technocraft said its order book stood at ₹1,320.73 crore across 19 projects, underlining the scale of work in hand ahead of the listing.
In the grey market, the shares were trading at ₹225 as of 2:45 pm, implying a premium of ₹13, or 6%, over the top end of the price band, according to websites tracking unlisted-market activity. The business, founded in 1998, works across water and wastewater projects, roads and highways, electrical transmission, urban infrastructure and the operation and maintenance of public utilities.
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