Paluck Technologies IPO: Check Price Band, Timeline & Key Details
- Paluck Technologies Limited has filed its DRHP for an SME IPO opening 28-Aug-2026 and listing on 04-Sep-2026; the issue is a pure fresh issue with no OFS component.
- The company identified ₹23.10 crore in proceeds for capex (₹10.00 crore for RMC machinery and DG sets), debt repayment (₹3.10 crore), and working capital (₹10.00 crore), plus general corporate purposes.
- PAT surged from ₹3.43 crore in FY2024 to ₹13.84 crore in 11M FY2026, with PAT margin expanding from 3.37% to 13.17% and debt-to-equity improving from 1.90x to 0.52x.
- Key risks include customer concentration (top 10 customers = 44.73% of revenue in 11M FY2026), past loan repayment delays of ₹101.05 lakhs with Equitas Small Finance Bank in 2025-2026, and a working capital-intensive business model.
- Price band, lot size, and total issue size are not yet disclosed; valuation multiples and peer comparison cannot be assessed until the price band is announced.
*this image is generated using AI for illustrative purposes only.
Paluck Technologies IPO closed with a massive 261.82x subscription, driven by a late-day surge in QIB and Retail categories. The issue saw total subscription jump from 73.92x to 261.82x in the final hours, with Retail leading at 354.43x.
Final Subscription Status
The IPO concluded with intense activity in the final hour, particularly from retail and high-net-worth individual investors. The total subscription more than doubled from the morning snapshot, crossing the 200x mark.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-08-2026 | 10.49x | 2.77x | 1.49x | 5.56x | 6.19x |
| Day 2 | 31-08-2026 | 10.51x | 21.21x | 20.40x | 31.80x | 23.33x |
| Day 3 | 01-09-2026 | 83.28x | 277.02x | 287.55x | 354.43x | 261.82x |
Category-wise Breakdown
Retail investors were the clear leaders, subscribing 354.43x of the offer. The NII category also saw robust demand, with bHNI at 277.02x and sHNI at 287.55x. QIBs subscribed 83.28x of the institutional portion, showing significant late-day interest.
Intra-day Momentum on Day 3
The final day witnessed a dramatic surge in bidding activity:
- QIB jumped +684.2% today (from 10.62x to 83.28x)
- NII (bHNI) jumped +307.6% today (from 67.96x to 277.02x)
- Retail jumped +212.0% today (from 113.59x to 354.43x)
- Total jumped +254.2% today (from 73.92x to 261.82x)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 10.62x | 67.96x | 113.59x | 73.92x |
| 12:15 | 10.62x | 89.97x | 154.26x | 98.47x |
| 13:15 | 10.88x | 127.81x | 203.27x | 132.54x |
| 14:15 | 10.89x | 169.32x | 251.00x | 166.90x |
| 15:15 | 44.27x | 217.36x | 305.01x | 213.21x |
| 16:15 | 83.28x | 277.02x | 354.43x | 261.82x |
About the Company
Paluck Technologies Limited is a diversified engineering services and infrastructure support organization operating across Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering segments. Founded in 2010, it operates one of the largest construction equipment rental fleets in North India, including 92 transit mixers, 13 concrete pumps, and 23 logistics trucks. The company also provides telecom engineering services to major OEMs, managing over 7,500 telecom sites across India. Key management includes MD Navin Katiyar and CEO Sumit Kumar Bajaj.
Financial Highlights
Paluck Technologies reported steady revenue growth over the last three years, with profits improving significantly in FY26.
| Particulars | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 100.74 | 102.81 | 105.02 |
| Total Profit (PAT) | 3.43 | 9.63 | 13.84 |
| Total Equity | 18.48 | 31.82 | 45.66 |
Revenue grew from ₹100.74 crores in FY24 to ₹105.02 crores in FY26. Profit after tax improved sharply from ₹3.43 crores in FY24 to ₹13.84 crores in FY26.
Objects of the Issue
- Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets: ₹10.00 crores
- Pre-payment/re-payment of certain outstanding borrowings: ₹3.10 crores
- Funding the Working Capital requirement: ₹10.00 crores
- General Corporate Purpose: Balance proceeds
Risk Factors
- Heavy Dependence on Limited Number of Customers: Top 10 customers accounted for 44.73% of revenue in February 2026.
- Past Loan Repayment Delays and Credit Profile Impact: Delays in repayment of loans totaling ₹101.05 lakhs in 2025-2026.
- Cyclical Nature of Infrastructure and Construction Sectors: Revenues are tied to cyclical infrastructure demand.
What's Next
Allotment for the Paluck Technologies IPO is scheduled for September 2, 2026. The shares are expected to list on September 4, 2026. Investors can check the allotment status on the exchange websites or through their broker platforms after the allotment date.
How will the undisclosed price band impact Paluck Technologies' valuation relative to peers in the construction equipment rental and telecom engineering sectors once revealed?
Given the history of loan repayment delays with Equitas Small Finance Bank, how might this affect the company's future cost of capital and access to institutional credit post-IPO?
What specific strategies will management employ to mitigate revenue volatility stemming from the high concentration of top 10 customers, which accounted for nearly 45% of recent revenue?
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