Technocraft Ventures IPO Subscribed 4.73 Times on Day 2

New Delhi: Infrastructure company Technocraft Ventures’ initial public offering received 4.73 times subscription on the second day of bidding on Monday.

The IPO got bids for 3,93,45,600 shares against 83,17,190 shares on offer, according to NSE data.

The non-institutional investors portion received 6.47 times subscription. The category for qualified institutional buyers (QIBs) was subscribed 4.50 times and the quota for retail investors 4.12 times.

Technocraft Ventures Ltd on Thursday last week raised Rs 75.55 crore from anchor investors.

The company’s IPO will conclude on Tuesday. It has fixed a price band of Rs 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 Rs 251.88 crore.

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.

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