Technocraft Ventures IPO Day 3: GMP climbs 14% premium, Issue subscribed 4.73x - Should you subscribe?

The Technocraft Ventures IPO is entering the final leg of its three-day bidding process, and investor sentiment appears to be strengthening. The Rs 251.88 crore public issue is witnessing robust demand, while its grey market premium (GMP) has risen to around 14%, up from an earlier 11% premium, signalling positive expectations ahead of its stock market debut.

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 continued to attract strong investor interest on Day 2, with the issue subscribed 4.73 times against the 83.17 lakh shares on offer. The retail segment also witnessed robust demand, with its portion subscribed 4.12 times against 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 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, with the issue getting subscribed 4.73 times overall. Investors placed bids for around 83.17 lakh shares against the shares on offer.

Among investor categories, Qualified Institutional Buyers (QIBs) emerged as a key driver of demand, with their portion subscribed 4.50 times against the 23.76 lakh shares reserved for them.

The Non-Institutional Investors (NIIs) showed even stronger appetite, with their portion subscribed 6.48 times for the 17.82 lakh shares available in the category.

Meanwhile, the Retail Individual Investors (RIIs) segment was subscribed 4.12 times, with bids coming in strongly against the 41.58 lakh shares reserved for retail applicants.

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 30 per share, indicating an estimated 14% premium over the IPO's upper price band of Rs 212.

If the current GMP remains unchanged until listing, Technocraft Ventures shares could potentially make their debut at around Rs 242 per share, suggesting a listing gain of roughly Rs 30 per share over the upper issue price. However, investors should keep in mind that GMP is an unofficial market indicator and is not a guarantee of listing gains. The premium can fluctuate sharply before listing, while the actual debut price will ultimately be determined by market conditions, demand and trading sentiment on listing day.

Technocraft Ventures IPO: Where will the funds be used?

The company plans to primarily 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)