Technocraft Ventures’ IPO saw robust demand across institutional and retail investors on its first day of subscription, signalling optimism for the infrastructure company’s market entry.
Technocraft Ventures’ initial public offering drew solid early interest on its first day of subscription on Friday, with exchange data showing the issue was covered 2.59 times. Investors bid for 2,15,61,120 shares against the shares on offer, signalling a strong start for the infrastructure company’s market debut plans.
Qualified institutional buyers led demand, subscribing 4.47 times their allotted portion, while non-institutional investors bid for 3.80 times their quota. Retail participation was steadier, with the category fully subscribed at 1.00 times by the close of the first day. The book-built issue is seeking to raise Rs 251.88 crore through a mix of fresh equity and an offer for sale.
According to the company’s offer documents, the IPO includes a fresh issue of 0.95 crore shares worth Rs 201.51 crore and an offer for sale of 0.24 crore shares valued at Rs 50.37 crore. The price band has been fixed at Rs 200 to Rs 212 a share, which means a minimum retail application works out to Rs 14,840 at the top end of the range. Khambatta Securities is the book-running lead manager and Bigshare Services is the registrar.
Technocraft Ventures, incorporated in 1998, works on turnkey engineering, procurement and construction projects, with a focus on water and wastewater infrastructure, roads, urban works, power distribution and trenchless pipeline-laying. The company has handled assignments tied to government schemes such as AMRUT, JNNURM, Namami Gange, Jal Jeevan Mission and Pradhan Mantri Gram Sadak Yojana. The issue closes on August 11, with allotment expected on August 12 and a tentative listing on NSE and BSE on August 14.
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