NewsTechnocrats Plasma Systems IPO Day 2: Subscription status, review — here's what you need to knowTechnocrats Plasma Systems IPO Day 2: Subscription status, review — here's what you need to know
Technocrats Plasma Systems IPO is subscribed 0.07x on Day 2. Retail leads with 0.12x, while QIB is at 0x. The company reported ₹131.31 crore revenue in FY26. The issue size is up to ₹500,000 with a price band of ₹125-132.
*this image is generated using AI for illustrative purposes only.
Technocrats Plasma Systems IPO opened for subscription on August 14, 2026, and saw a modest response on Day 2. As of the latest update on August 14, the total subscription stood at 0.07x. While Qualified Institutional Buyers (QIB) have not yet entered the book, retail investors have shown early interest with a 0.12x subscription.
Subscription Status
The IPO is in its early stages with limited participation so far. Retail investors are currently leading the subscription, followed by Non-Institutional Buyers (NII). QIBs remain unbooked.
| Category | Subscription Multiple |
|---|---|
| QIB | 0.00x |
| NII (bHNI) | 0.09x |
| NII (sHNI) | 0.05x |
| Retail | 0.12x |
| Total | 0.07x |
Intra-day Timeline (14-08-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 0.00x | 0.09x | 0.12x | 0.07x |
About the Company
Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment, and customised automation systems for metal fabrication. Founded in 1994, the company serves over 2,500 clients across India and abroad in sectors such as automotive, construction, shipbuilding, and heavy engineering. It operates two manufacturing facilities in Vasai, Maharashtra.
Financial Highlights
The company has seen significant revenue growth in recent years. Standalone revenue from operations jumped from ₹6.06 crore in FY24 to ₹131.31 crore in FY26. Profit after tax also increased from ₹2.21 crore to ₹14.94 crore over the same period.
| Particulars | FY24 (₹ crores) | FY25 (₹ crores) | FY26 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 6.06 | 49.36 | 131.31 |
| Profit After Tax | 2.21 | 8.11 | 14.94 |
| Total Equity | 3.74 | 14.24 | 39.01 |
Objects of the Issue
- Purchase and installation of plant and machinery: ₹8.78 crore
- Funding towards long term working capital requirements: ₹40 crore
- General corporate purposes: Balance proceeds
Risk Factors
- Customer Concentration: Top 10 customers accounted for 62.61% of revenue in FY26.
- Supplier Dependency: Top 10 suppliers contributed 93.50% of purchases in FY26.
- Geographic Concentration: 75.91% of revenue came from Maharashtra and Gujarat in FY26.
Offer Details
- Price Band: ₹125.00 - ₹132.00
- Issue Size: ₹250,000 - ₹500,000
- Lot Size: 2,000 shares
- IPO Open Date: 14-08-2026
- IPO Close Date: 18-08-2026
Given the significant customer and supplier concentration risks, how might the company mitigate dependency on its top 10 clients and vendors post-IPO?
With QIBs yet to enter the book on Day 2, what factors could influence institutional appetite in the remaining days of the subscription window?
How does the proposed price band of ₹125-₹132 compare to valuation multiples of similar listed engineering and automation peers in the current market climate?
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