The Hy-Tech Engineers IPO has entered its third day of bidding, with investor interest remaining robust. The grey market premium (GMP) is currently signalling a potential 57% premium over the issue price, reflecting strong bullish sentiment ahead of the company’s stock market debut.

By the end of Day 2, the issue was subscribed 19.33 times. Retail investors emerged as the biggest participants, with their portion subscribed 27.26 times against 92.01 lakh shares on offer.

The Rs 135.73 crore IPO comprises a fresh issue of 1.13 crore shares worth Rs 60 crore and an offer for sale (OFS) of 1.43 crore shares valued at Rs 75.73 crore.

The issue opened for subscription on August 24 and closes on August 27, 2026. The allotment is expected on August 28, while the shares are tentatively scheduled to list on the NSE and BSE on September 1, 2026.

Hy-Tech Engineers has set the IPO price band at Rs 50-53 per share, with a lot size of 283 shares. At the upper price band, retail investors will need Rs 14,999 to bid for one lot.

New Berry Capitals Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.

The Hy-Tech Engineers IPO secured Rs 40.72 crore from anchor investors, with the anchor bidding taking place on August 21, 2026.

Hy-Tech Engineers IPO subscription

The IPO continued to attract strong investor interest on Day 2, with the issue subscribed 19.33 times against the total offer of 1.81 crore shares.

Retail individual investors (RIIs): Subscribed 27.26 times against 92.01 lakh shares on offer.

Non-institutional investors (NIIs): Subscribed 24.56 times against 39.43 lakh shares on offer.

Qualified institutional buyers (QIBs): Subscribed 62% against 50 lakh shares on offer.

Hy-Tech Engineers IPO GMP

The Hy-Tech Engineers IPO is currently trading at a grey market premium (GMP) of Rs 30 per share, translating into a premium of approximately 57% over the upper issue price of Rs 53. Based on the prevailing GMP, the estimated listing price is around Rs 83 per share.

GMP note: The grey market premium is an unofficial market indicator and should not be considered a guarantee of the IPO’s actual listing price. GMP can fluctuate based on market sentiment, investor demand, and broader market conditions. Investors should therefore avoid relying solely on GMP when making investment decisions.

IPO objects of the issue

The company proposes to utilise the net proceeds from the issue primarily towards capital expenditure of Rs 29.97 crore for procuring machinery and equipment for expansion at its Kavathe and Shirwal units and procurement for Pithampur Unit-I.

Further, Rs 16.00 crore will be used for the full or partial prepayment or repayment of certain outstanding borrowings, with the remaining proceeds allocated towards general corporate purposes. The total estimated utilisation of the issue proceeds is Rs 45.97 crore.

Hy-Tech Engineers Ltd. reported a strong financial performance in FY26, with total income increasing by 16% to Rs 193.44 crore, compared with Rs 166.71 crore in FY25. The growth reflects a healthy improvement in the company’s overall revenue during the year.

Profitability also remained robust, with profit after tax (PAT) rising by 15% to Rs 22.59 crore in FY26 from Rs 19.62 crore in FY25. Overall, the company delivered consistent year-on-year growth in both income and net profit.

Incorporated in December 1978, Hy-Tech Engineers Limited is an engineering company specialising in the design, manufacture and supply of hydraulic fittings for industrial applications. With over four decades of experience, it offers 11,000+ SKUs, including DIN-metric, JIC, ORFS, conversion and customised fittings.

The company follows a B2B model, serving OEMs and industrial customers across domestic and international markets through direct sales and distribution partners. Its products cater to construction, automotive, agricultural machinery, injection moulding and hydraulic systems, with additional certifications for railway and defence applications. As of March 31, 2026, it had a presence across the USA, Europe, the Middle East, Brazil and Asia.

Hy-Tech Engineers operates manufacturing facilities in Thane, Shirwal, Kavathe, and Pithampur, supported by its Nashik unit for forged components. As of March 31, 2026, the company had 468 permanent employees and 253 contractual personnel.

Should you subscribe?

According to brokerage firm AnandRathi Research, Hy-Tech Engineers Ltd.’s IPO is valued at a P/E of 22.25x based on FY26 earnings and an EV/EBITDA of 12.15x at the upper end of the price band. This translates into a post-issue market capitalisation of approximately Rs 5,027 million.

The brokerage believes the company is well-positioned to benefit from the growth of the hydraulic fittings industry. Given its established market presence and growth prospects, the IPO is considered reasonably valued. Accordingly, Anand Rathi Research has assigned a “Subscribe - Long Term” rating to the IPO.