Technocraft Ventures Ltd. closes its IPO with a 6.98 times subscription, driven by robust retail and non-institutional investor interest, signalling confidence in infrastructure development.
Technocraft Ventures Ltd. has closed its initial public offering after drawing strong demand on the final day of bidding, with the issue subscribed 6.98 times by 10.45am on August 11, according to exchange data cited by NDTV Profit. The Noida-based infrastructure company priced the offer at ₹200 to ₹212 a share and had earlier raised ₹75.55 crore from anchor investors by placing 35.63 lakh shares at the top end of the band. The IPO is sized at about ₹251.88 crore, combining a fresh issue of up to 95.05 lakh shares with an offer for sale of up to 23.76 lakh shares by promoter Kartikey Constructions.
Investor appetite was led by non-institutional buyers, whose portion was subscribed 11.03 times, while retail participation reached 6.67 times. Qualified institutional buyers had subscribed 4.50 times and the employee reserved portion 0.08 times. On the second day of the issue, NSE data showed the IPO had already been covered 4.73 times, reflecting steady demand across categories as the book built towards close.
The company’s grey market premium was quoted at ₹30, implying an estimated listing price of ₹242 a share and a potential gain of about 14.15%, according to Investorgain. That would be a modest premium to the issue price, though such estimates can change quickly before listing and do not guarantee market performance.
Technocraft Ventures, incorporated in 1998, is an engineering, procurement and construction company focused on public infrastructure work. Its portfolio covers water and wastewater systems, roads and highways, electrical transmission, urban infrastructure and operation and maintenance of public utilities. The company says it mainly works for state governments and government agencies in Uttar Pradesh, Uttarakhand, Rajasthan and Delhi, and has also expanded into Madhya Pradesh, Bihar and Odisha.
The offer comes with a sizeable order pipeline. As of July 15, the company said its order book stood at ₹1,320.73 crore across 19 projects. It also reported higher recent earnings, with revenue from operations rising to ₹344.99 crore in FY26 from ₹279.56 crore a year earlier and profit after tax climbing to ₹43.32 crore from ₹28.20 crore.
According to the offer document summary, Technocraft Ventures intends to use ₹150 crore from the fresh issue for working capital needs, with the rest earmarked for general corporate purposes and issue expenses. Khambatta Securities is the book-running lead manager and Bigshare Services is the registrar, while the shares are proposed to list on the BSE and the NSE.
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