Technocraft Ventures listed at a 34% premium, later surging 58% above its IPO price.
The Technocraft Ventures IPO was subscribed 38.69 times, led by strong QIB and NII demand.
The company will use IPO proceeds for working capital and general corporate purposes.
Technocraft Ventures Delivers Stellar Debut, Shares Jump 58% Above IPO Price
The infrastructure company's shares listed at a 34% premium before extending gains, outperforming grey market expectations
Technocraft Ventures Delivers Stellar Debut, Shares Jump 58% Above IPO Price
Summary
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Shares of Technocraft Ventures made a strong debut on the stock exchanges on Friday, listing at a premium of around 34% over the IPO price before extending gains to nearly 58% during the session.
The stock debuted at ₹285 on the BSE, up 34.4% from its IPO price of ₹212, while it listed at ₹284 on the NSE, marking a 34% premium.
After listing, the stock climbed further to ₹334.40 on the NSE, translating into gains of nearly 58% over the issue price.
Following the debut, Technocraft Ventures commanded a market capitalisation of ₹1,128.78 crore, according to BSE data.
The listing exceeded grey market expectations, where the IPO was commanding an estimated premium of around 18% ahead of its debut.
IPO Received Strong Demand
The ₹251.88-crore IPO was subscribed 38.69 times during the three-day bidding period, receiving bids for 32.17 crore shares against 83.17 lakh shares on offer.
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The non-institutional investor (NII) portion was subscribed 65.06 times, while the qualified institutional buyer (QIB) category was booked 42.26 times. The retail investor segment received 25.35 times subscription.
Ahead of the issue, the company had raised ₹75.55 crore from anchor investors. The IPO was priced in the range of ₹200-212 per share.
The issue comprised a fresh issue of 95.05 lakh equity shares and an offer for sale of 23.76 lakh shares by promoter Kartikey Constructions.
The company plans to utilise ₹150 crore from the fresh issue towards working capital requirements, while the remaining proceeds will be used for general corporate purposes and issue-related expenses.
Analyst View
Shivani Nyati, Head of Wealth at Swastika Investmart, maintained a positive view on the stock following its listing.
She said Technocraft Ventures remains attractively valued at around 14.7 times earnings compared with peers, while healthy revenue growth, profitability and return ratios support its fundamentals. Nyati added that continued government focus on water and infrastructure development could provide long-term growth opportunities for the company, and suggested a stop-loss at ₹260.
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