NewsTechnocrats Plasma Systems IPO Day 1: Subscription status, review — here's what you need to knowTechnocrats Plasma Systems IPO Day 1: Subscription status, review — here's what you need to know
Technocrats Plasma Systems IPO opens with a price band of ₹125-132. Day 1 subscription is at 0x. The company aims to raise up to ₹290.14 crore for capacity expansion and working capital. Key risks include customer concentration and negative cash flows.
*this image is generated using AI for illustrative purposes only.
Technocrats Plasma Systems Limited (CIN: U28299MH1994PLC082603) has opened its Initial Public Offering (IPO) on the SME platform today. The Vasai-based manufacturer of plasma cutting machines and welding equipment has set the price band between ₹125.00 and ₹132.00 per share. As of the latest snapshot, the issue is subscribed 0x across all categories, including QIBs, NIIs, and Retail investors.
Subscription Status
The IPO opened on 13-Aug-2026. Initial subscription activity remains flat with no bids recorded in the early hours.
| Category | Subscription Multiple |
|---|---|
| QIB | 0.00x |
| NII (bHNI) | 0.00x |
| NII (sHNI) | 0.00x |
| Retail | 0.00x |
| Total | 0.00x |
Intra-day timeline on 13-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 09:45 | 0.00x | 0.00x | 0.00x | 0.00x |
Offer Details
The issue is structured as a fresh issue with no Offer for Sale (OFS). The minimum bid quantity is 2,000 shares.
| Parameter | Details |
|---|---|
| Price Band | ₹125.00 - ₹132.00 |
| Issue Size | ₹2.50 Lakh - ₹290.14 Crore |
| Min Bid Qty | 2,000 Shares |
| Open Date | 14-Aug-2026 |
| Close Date | 18-Aug-2026 |
| Listing Exchange | SME Platform |
About the Company
Technocrats Plasma Systems Limited, incorporated in 1994, is an engineering-led manufacturer headquartered in Vasai East, Maharashtra. The company specializes in plasma cutting machines, welding equipment, and customized automation systems for metal fabrication. It serves over 2,500 clients across sectors such as automotive, construction, shipbuilding, and defense. Promoters bring over 50 years of industry experience, leveraging indigenous design capabilities.
Financial Highlights
The company has reported significant revenue growth over the last three fiscal years. Revenue from operations increased from ₹6.06 Crore in FY2024 to ₹131.31 Crore in FY2026.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | ₹6.06 Cr | ₹49.36 Cr | ₹131.31 Cr |
| Total Profit (PAT) (₹ Cr) | ₹2.21 Cr | ₹8.11 Cr | ₹14.94 Cr |
| PBT Margin | 12.76% | 15.70% | 18.98% |
Despite strong profit growth, the company reported negative operating cash flows in FY2026 (-₹11.66 Cr) and FY2025 (-₹5.05 Cr).
Objects of the Issue
- Plant & Machinery: Purchase and installation of plant and machinery for manufacturing at existing premises — ₹8.78 Crore.
- Working Capital: Funding towards long-term working capital requirements for Fiscal 2027 and Fiscal 2028 — ₹40.00 Crore.
- General Corporate Purposes: Balance proceeds.
Risk Factors
- Customer Concentration: Top 10 customers accounted for 62.61% of total revenue in FY2026.
- Negative Operating Cash Flows: Net cash flows from operating activities were negative in FY2026 (-₹11.66 Cr).
- Supplier Dependency: Top 10 suppliers contributed 93.50% of purchases in FY2026.
Key Dates
- IPO Opens: 14-Aug-2026
- IPO Closes: 18-Aug-2026
- Allotment Date: 19-Aug-2026
- Listing Date: 21-Aug-2026
How might Technocrats Plasma's negative operating cash flows in FY2025 and FY2026 impact investor sentiment despite the company's rapid revenue growth?
Given that the top 10 customers account for over 62% of revenue, what are the potential risks to stability if key clients in the automotive or defense sectors reduce orders?
Will the SME platform listing provide sufficient liquidity for a company with a high minimum bid quantity of 2,000 shares, or could this deter retail participation?
18
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
