Hy-Tech Engineers IPO Day 2: GMP soars 57%, subscription reaches 7.74x. Should you subscribe?

The Hy-Tech Engineers IPO has entered Day 2 of bidding, with investors getting a three-day window to participate. Investor interest appears strong, with the grey market premium (GMP) now indicating a potential 57% premium over the IPO issue price, pointing to bullish expectations ahead of the listing.

On Day 1, the issue was subscribed 7.74 times against the total offer of 1.81 crore shares. Retail Individual Investors (RIIs) led the charge, with their portion subscribed 11.22 times against the 92.01 lakh shares on offer.

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


The IPO opened on August 24 and will close on August 27, 2026. Allotment is expected on August 28, with the shares tentatively scheduled to debut on the NSE and BSE on September 1, 2026.

The company has fixed the price band at Rs 50–53 per share, with a lot size of 283 shares. At the upper price band, retail investors will need a minimum investment of Rs 14,999 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.

Hy-Tech Engineers IPO Subscription

The Hy-Tech Engineers IPO witnessed strong demand on Day 1, with the overall issue subscribed 7.74 times against the 1.81 crore shares on offer.

⦁Retail Individual Investors (RIIs): Subscribed 11.22 times against 92.01 lakh shares.

⦁Non-Institutional Investors (NIIs): Subscribed 8.79 times against 39.43 lakh shares.

⦁Qualified Institutional Buyers (QIBs): Subscribed 51% against 50 lakh shares.

Hy-Tech Engineers IPO GMP

The Hy-Tech Engineers IPO is currently commanding a Grey Market Premium (GMP) of Rs 30, representing a premium of around 57% over the upper price band of Rs 53 per share. At the prevailing GMP, the IPO’s estimated listing price stands at around Rs 83 per share, suggesting a potential listing gain of approximately 57% for investors if the trend holds until listing.

GMP Note: The Grey Market Premium is an unofficial indicator and does not guarantee the IPO’s actual listing price. GMP can change depending on market sentiment, investor demand and broader market conditions. Investors should therefore not base their investment decision solely on GMP.

IPO Objects of the Issue

The firm 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.

Financials Performance

Hy-Tech Engineers reported 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.

About Hy-Tech Engineers

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.

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