Technocraft Ventures IPO fully subscribed on Day 1; gets 2.5x subscription
Technocraft Ventures IPO was subscribed 2.59 times on day one, led by QIB and non-institutional demand, with the ₹251.88-crore issue closing on August 11
 "Technocraft Ventures IPO fully subscribed on Day 1; gets 2.5x subscription")
The initial public offering (IPO) of infrastructure company Technocraft Ventures Ltd received 2.59 times subscription on the first day of share sale on Friday.
The company's IPO garnered bids for 2,15,61,120 shares against 83,17,190 shares on offer, as per NSE data.
The category for qualified institutional buyers (QIBs) fetched 4.47 times subscription, while the quota for non-institutional investors received 3.80 times subscription. Retail investors portion got fully subscribed.
Technocraft Ventures Ltd on Thursday raised ₹75.55 crore from anchor investors.
The company's IPO will conclude on August 11. It has fixed a price band of ₹200-212 per share for the issue.
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.
At the upper end of the price band, the total issue size works out to about ₹251.88 crore.
Of the fresh issue proceeds, ₹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.
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