Technocraft Ventures Ltd. made a strong debut on the stock market on Friday, listing at a premium of 34% to its IPO price. The stock opened at Rs 284 on the NSE which is a rise from the IPO price of Rs 212. On the BSE, it began trading at Rs 285 per share which marks a 40% premium.
The company's Rs 251.88 crore IPO received bids for 32,17,81,040 shares against 83,17,190 shares on offer, as per NSE data. The quota for non-institutional investors was subscribed 65.06 times. The category for Qualified Institutional Buyers (QIBs) received 42.26 times subscription and retail investors portion was subscribed 25.35 times.
The IPO comprises a fresh issue of up to 95.05 lakh equity shares and an offer for sale (OFS) of up to 23.76 lakh shares by promoter Kartikey Constructions.
Technocraft Ventures Ltd. Financials
Of the fresh issue proceeds, Rs 150 crore will be used to fund the company's working capital requirements, while the remaining amount will be utilised for general corporate purposes and offer-related expenses.
Incorporated in 1998, Technocraft Ventures is an engineering, procurement and construction (EPC) company engaged in public infrastructure projects.
Its operations span water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities.
The company primarily executes projects for state governments and government agencies across Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi, and has expanded its presence to Madhya Pradesh, Bihar, and Odisha.
Khambatta Securities is the book-running lead manager to the issue, while Bigshare Services is the registrar. The company's equity shares are proposed to be listed on the BSE and the NSE.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.