Technocraft Ventures IPO Day 2: Issue subscribed 3.51x, GMP signals 12% premium — Should you subscribe?

The Technocraft Ventures IPO is witnessing strong investor interest on Day 2 of bidding, with the Rs 251.88 crore issue already subscribed 3.51 times. The issue has received bids for 83.17 lakh shares against the total shares on offer.

Retail investors are also showing healthy appetite for the issue, with their reserved portion subscribed 2.39 times. The strong subscription numbers indicate growing interest as investors assess the company’s listing prospects.

Adding to the buzz around the IPO, Technocraft Ventures shares are currently commanding a 12% premium in the grey market. The latest GMP trend points to positive investor sentiment and raises expectations of a potentially strong debut on the stock exchanges. However, grey market premiums are unofficial indicators and can change quickly depending on market conditions and demand.


The optimism around the issue has also received support from a market analyst, who has assigned the IPO a “Subscribe – Long Term” rating. The recommendation is based on the company’s potential for investors willing to maintain 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 continued to attract strong investor interest on Day 2 of bidding. As of 12:20 pm, the issue was subscribed 3.51 times, with bids received for the 83.17 lakh shares on offer.

Qualified Institutional Buyers (QIBs) led the subscription race, with their portion subscribed 4.48 times against the 23.76 lakh shares reserved for them.

Non-Institutional Investors (NIIs) also displayed robust demand, subscribing to 4.83 times the 17.82 lakh shares allocated to the category.

Meanwhile, Retail Individual Investors (RIIs) subscribed 2.39 times their reserved quota of 41.58 lakh shares, highlighting healthy participation from retail investors as well.

Technocraft Ventures IPO GMP Today

The grey market continues to paint a positive picture for the Technocraft Ventures IPO. The latest Grey Market Premium (GMP) stands at Rs 23 per share, indicating an estimated 12% premium over the IPO’s upper price band of Rs 212 per share.

If the current GMP trend remains unchanged until listing, Technocraft Ventures shares could potentially make their debut at around Rs 235 per share, suggesting a possible listing gain of nearly 11% over the upper issue price.

However, investors should remember that GMP is an unofficial indicator and can fluctuate significantly before listing. The actual listing price will ultimately be determined by market conditions, investor sentiment and 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.

About Technocraft Ventures

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.

Strong financial performance

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.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)