The Rs 251.88 crore Technocraft Ventures IPO has entered its second day of bidding, with investor interest remaining strong. The issue is currently commanding an 11% premium in the grey market, signalling positive sentiment among investors ahead of the listing.
Adding to the optimism, a market analyst has given the IPO a "Subscribe - Long Term" rating, citing its potential for investors with a longer investment horizon.
The IPO received a solid response on the opening day and was 2.59 times subscribed, with bids coming in for 83.17 lakh shares against the shares on offer. The retail investor portion was also fully subscribed, reaching 100% of the 41.58 lakh shares reserved for retail investors.
The issue comprises a fresh issue of 95 lakh shares worth Rs 201.51 crore, along with an offer for sale (OFS) of 24 lakh shares valued at Rs 50.37 crore.
Technocraft Ventures has fixed the IPO price band at Rs 200-Rs 212 per share, with a lot size of 70 shares. At the upper end of the price band, retail investors will need a minimum investment of Rs 14,840 to apply for one lot.
The IPO will remain open for subscription until August 11. The share allotment is expected to be finalised on August 12, while the company is tentatively scheduled to make its debut on both the NSE and BSE on August 14.
Khambatta Securities is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar.
Technocraft Ventures IPO Subscription Status
The Technocraft Ventures IPO got off to a strong start on the first day of bidding, with demand coming in firmly across investor categories. The issue was 2.59 times subscribed overall, with bids received for the 83.17 lakh shares on offer.
The Qualified Institutional Buyers (QIBs) emerged as the strongest bidders, subscribing to 4.47 times the 23.76 lakh shares reserved for them.
The Non-Institutional Investors (NIIs) also showed strong interest, with their portion subscribed 3.80 times against the 17.82 lakh shares on offer.
Meanwhile, the Retail Individual Investors (RIIs) portion was subscribed 1 time, with bids matching the 41.58 lakh shares reserved for retail investors.
Technocraft Ventures IPO GMP Today
The grey market continues to signal a positive mood around the Technocraft Ventures IPO. The latest Grey Market Premium (GMP) stands at Rs 23 per share, translating into an estimated 11% premium over the IPO's upper price band of Rs 212 per share. If the current GMP holds until listing, the IPO could potentially debut at around Rs 235 per share.
However, investors should note that GMP is an unofficial market indicator and can change before the listing. The actual listing price will ultimately depend on market conditions and investor demand on the debut day.
Technocraft Ventures IPO: Where will the funds be used?
The company plans to utilise the IPO proceeds to strengthen its working capital position. Around Rs 150 crore has been earmarked for meeting working capital requirements, which will help support business expansion, improve operational efficiency, and provide additional financial flexibility. Any remaining funds from the issue will be deployed toward general corporate purposes.
Established in October 1998, Technocraft Ventures Ltd. is an infrastructure development company engaged in turnkey Engineering, Procurement, and Construction (EPC) projects. The company executes infrastructure projects largely for state governments and government agencies across northern India, including Uttar Pradesh, Uttarakhand, Rajasthan, and the National Capital Territory of Delhi.
Its services cover a wide range of areas: Water & Wastewater Infrastructure, Roads & Highways, Urban Infrastructure, and Trenchless & Micro-Tunnelling Works. The company has executed projects under schemes including AMRUT, JNNURM, UIDSST, Namami Gange, JJM, and PMGSY.
The company has experience implementing ADB-funded infrastructure projects with rigorous technical and environmental standards.
As of May 31, 2026, Technocraft Ventures employed 170 full-time staff, including 78 engineers, across functions such as engineering, procurement, finance, safety, business development, and administration.
Technocraft Ventures reported healthy growth in FY26, with total income rising 23% year-on-year to Rs 347 crore from Rs 281 crore in FY25. Profitability also improved significantly; profit after tax (PAT) jumped 54% to Rs 43.32 crore in FY26, compared with Rs 28.20 crore in the previous fiscal year, highlighting stronger operational performance.
Should you subscribe to Technocraft Ventures IPO?
According to a research report by Anand Rathi, Technocraft Ventures is valued at a P/E multiple of 19.4x at the upper price band, based on its FY26 annualised EPS of Rs 14.39. The post-issue market capitalisation is estimated at around Rs 8,397 million.
The brokerage highlighted the company's diversified order book, expanding geographical presence, and integrated EPC capabilities as key positives that provide long-term growth visibility. However, compared with listed peers, the IPO valuation appears fairly priced rather than discounted.
Anand Rathi has assigned a "Subscribe - Long Term" rating to the IPO, citing growth potential and business fundamentals.
