Paluck Technologies IPO Day 1: Subscription status, review — here's what you need to know
- Paluck Technologies IPO opened on August 28, 2026, with a total subscription of 1.16x.
- Retail investors led the demand with a 2x subscription, up 65.3% from morning levels.
- NII (bHNI) saw a 69.6% jump to 1.17x, while QIBs remained at 0.00x.
- The company reported PAT of ₹13.84 crore for the nine months ended February 2026.
- Key risks include customer concentration and past loan repayment delays.
*this image is generated using AI for illustrative purposes only.
Paluck Technologies IPO opened for subscription today, August 28, 2026. The issue crossed the fully subscribed mark, reaching 1.16x by day-end, driven by strong Retail demand at 2x.
Subscription Status
The IPO saw significant momentum in the afternoon session. While QIBs have not yet bid, Non-Institutional Investors (NII) and Retail investors picked up pace after 12:15 PM. Retail jumped +65.3% from morning levels, and NII (bHNI) surged +69.6%, pushing the total subscription above 1x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.69x | 1.21x | 0.71x |
| 12:15 | 0.00x | 1.17x | 2.00x | 1.16x |
About the Company
Paluck Technologies Limited is a diversified engineering services and infrastructure support organization founded in 2010. It operates across Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering segments. The company manages one of the largest construction equipment rental fleets in North India and provides telecom engineering services to major OEMs.
Financial Highlights
The company has shown consistent revenue growth over the last three years.
| Metric | FY 2024 | FY 2025 | Feb 2026 |
|---|---|---|---|
| Revenue (₹ crore) | 105.02 | 102.81 | 105.02 |
| PAT (₹ crore) | 3.43 | 9.63 | 13.84 |
| Total Equity (₹ crore) | 18.48 | 31.82 | 45.66 |
Revenue remained stable around ₹105 crore, while PAT improved significantly from ₹3.43 crore in FY 2024 to ₹13.84 crore in the nine months ended February 2026.
Objects of the Issue
- Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets: ₹10.00 crore
- Pre-payment/re-payment of certain outstanding borrowings: ₹3.10 crore
- Funding the Working Capital requirement: ₹10.00 crore
- General Corporate Purpose: Balance proceeds
Risk Factors
- Heavy dependence on a limited number of customers, with top 10 accounting for 44.73% of revenue in February 2026.
- Past loan repayment delays from Equitas Small Finance Bank totaling ₹101.05 lakhs in 2025-2026.
- Project execution risks due to land acquisition hurdles, statutory approvals, and adverse weather conditions.
Offer Details
- Price Band: ₹46.00000 - ₹48.00000
- Issue Size: 276000 - 500000
- Min Bid Qty: 6000
- Open Date: 2026-08-28
- Close Date: 2026-09-01
How might the lack of QIB participation by day-end impact the final subscription levels and potential listing gains for Paluck Technologies?
Given the heavy reliance on the top 10 customers for nearly 45% of revenue, what strategies does management have in place to diversify its client base post-IPO?
Will the allocation of ₹10 crore towards new RMC machinery and DG sets significantly boost the company's market share in the competitive North Indian construction equipment rental sector?
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