The initial public offering (IPO) of infrastructure company Technocraft Ventures Ltd was subscribed 4.73 times on the second day of bidding on Monday, compared with 2.59 times subscription on the first day of the share sale on Friday.
Ahead of the IPO, Technocraft Ventures raised ₹75.55 crore from anchor investors on Thursday last week. The IPO will close for subscription on Tuesday, with the company having fixed the Technocraft Ventures IPO price band at ₹200-212 per share.
Incorporated in 1998, Technocraft Ventures Ltd is an engineering, procurement and construction (EPC) company focused on public infrastructure projects. Its operations cover water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities.
The company primarily undertakes projects for state governments and government agencies across Uttar Pradesh, Uttarakhand, Rajasthan and Delhi, and has expanded its presence into Madhya Pradesh, Bihar and Odisha.
Financially, Technocraft Ventures’ revenue from operations increased to ₹344.99 crore in FY26 from ₹279.56 crore in FY25. Profit after tax (PAT) rose to ₹43.32 crore from ₹28.20 crore during the same period.
The Technocraft Ventures IPO lot size is 70 equity shares, with bids allowed in multiples of 70 shares thereafter. The issue has reserved not more than 50% for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs) and at least 35% for retail investors.
Tentatively, the Technocraft Ventures IPO basis of allotment will be finalised on Wednesday, August 12. Refunds are expected to begin on Thursday, August 13, while shares will be credited to successful allottees’ demat accounts on the same day. The Technocraft Ventures share price is likely to be listed on the BSE and NSE on Friday, August 14.
Technocraft Ventures IPO GMP today
Technocraft Ventures IPO GMP today is +30. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Technocraft Ventures share was ₹242 apiece, which is 14.15% higher than the IPO price of ₹212.
According to recent grey market trends over the past 12 sessions, the IPO’s GMP is rising today, suggesting optimism about a strong debut. During this timeframe, the GMP fluctuated between ₹0.00 and ₹30, as noted by experts.
Technocraft Ventures IPO subscription status
Technocraft Ventures IPO subscription status was 7.35x on day 3, so far. The retail portion is subscribed 7.08x, and NII portion has been booked 11.79x, QIBs portion received 4.50x bids.
The company has received bids for 6,11,39,470 shares against 83,17,190 shares on offer at 10:57 IST, according to BSE data.
Technocraft Ventures IPO review
SMIFS has recommended subscribing to the Technocraft Ventures IPO, citing the company’s continued diversification into larger-value STP/CETP and HAM-model projects, geographic expansion into West Bengal, Chhattisgarh, Jharkhand and Maharashtra, and entry into adjacent segments such as renewable energy and solid waste management.
The brokerage said these initiatives could extend the company’s growth runway beyond its existing order book. It also highlighted the company’s consistent deleveraging, with the debt-to-equity ratio improving from 0.87x to 0.55x and the debt service coverage ratio more than doubling from 1.83x to 4.09x during FY24-26. With proven execution capabilities, government- and multilateral-backed revenue visibility, and improving return ratios, including RoE of 26.51% and RoCE of 27.72% in FY26, SMIFS considers the issue a good long-term investment.
Swastika Investmart said the IPO is attractively valued at a P/E multiple of 14.73x, representing a discount to most listed peers. The brokerage noted that Technocraft Ventures has delivered healthy growth in revenue, profitability and return ratios, reflecting a strong underlying business. It added that the government’s increasing focus on water and infrastructure development could provide a favourable growth opportunity for the company.
Swastika Investmart said the IPO appears attractive for both potential listing gains and long-term investment, supported by reasonable valuations, healthy financial performance and a positive sector outlook.
Technocraft Ventures IPO details
Technocraft Ventures 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, according to the red herring prospectus (RHP) filed on July 30.
Under the OFS, Kartikey Constructions, a promoter entity and partnership firm, will sell 23.76 lakh equity shares.
Technocraft Ventures filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in August 2025 and received regulatory approval in December 2025.
The company plans to utilise ₹150 crore from the net proceeds of the fresh issue towards meeting its working capital requirements. The remaining proceeds will be used for general corporate purposes.
Khambatta Securities is the sole book-running lead manager to the issue.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
