NewsTechnocrats Plasma Systems IPO Day 3: Issue subscribed 195.28x so far. Check issue details and key datesTechnocrats Plasma Systems IPO Day 3: Issue subscribed 195.28x so far. Check issue details and key dates
Technocrats Plasma Systems IPO closed with a 195.28x subscription. QIBs subscribed 166.51x, while Retail booked 162.72x. The company reported ₹131.31 crore revenue in FY26. Allotment is expected on August 19, 2026, with listing on August 21, 2026.
*this image is generated using AI for illustrative purposes only.
Technocrats Plasma Systems Limited has concluded its initial public offering with a staggering total subscription of 195.28x. The issue witnessed an explosive surge in demand during the final trading day, particularly in the last hour, as Qualified Institutional Buyers (QIB) and Retail investors drove the momentum. By the close of bidding on August 18, 2026, the total subscription jumped significantly from earlier snapshots, with the QIB category jumping +2007.7% and Retail rising +595.7% on the final day alone.
Final Subscription Status
The subscription momentum picked up significantly in the latter half of the bidding window. By the end of Day 4 (the final trading day), the total subscription stood at 195.28x. The table below outlines the progression of subscriptions over the four days.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 13-08-2026 | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Day 2 | 14-08-2026 | 0.00x | 0.55x | 0.51x | 0.54x | 0.38x |
| Day 3 | 17-08-2026 | 0.89x | 5.57x | 5.90x | 8.21x | 5.60x |
| Day 4 | 18-08-2026 | 166.51x | 181.42x | 373.39x | 162.72x | 195.28x |
Intra-day timeline on 18-08-2026
The final hours saw a massive influx of bids, with the total subscription racing ahead from 19.50x to 195.28x between 05:45 and 10:45 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 7.90x | 18.05x | 23.39x | 19.50x |
| 06:45 | 9.99x | 33.85x | 37.67x | 33.38x |
| 07:45 | 25.38x | 60.21x | 59.50x | 59.02x |
| 08:45 | 44.73x | 95.44x | 87.69x | 93.92x |
| 09:45 | 98.65x | 140.10x | 128.50x | 145.41x |
| 10:45 | 166.51x | 181.42x | 162.72x | 195.28x |
| 11:45 | 166.51x | 181.42x | 162.72x | 195.28x |
Category-wise Breakdown
- Qualified Institutional Buyers (QIB): 166.51x
- Non-Institutional Buyers (bHNI): 181.42x
- Non-Institutional Buyers (sHNI): 373.39x
- Retail: 162.72x
- Employees: 0x
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. The management team includes MD Arun Kumar and CEO Amrisha Arun Kumar Sharma.
Financial Highlights
The company has shown significant revenue growth over the last three fiscal years. Total equity also increased substantially from ₹3.74 crores in FY24 to ₹39.01 crores in FY26.
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 6.06 | 49.36 | 131.31 |
| Profit After Tax (₹ crores) | 2.21 | 8.11 | 14.94 |
| Total Equity (₹ crores) | 3.74 | 14.24 | 39.01 |
Objects of the Issue
- Purchase and installation of plant and machinery for manufacturing plasma cutting machines and welding equipment: ₹8.78 crores
- Funding towards long term working capital requirements: ₹40 crores
- General corporate purposes: Balance proceeds
Risk Factors
- Customer Concentration Risk: Top 10 customers accounted for 62.61% of revenue in FY26.
- Supplier Dependency: Top 10 suppliers contributed 93.50% of purchases in FY26.
- Geographic Revenue Concentration: 75.91% of revenue derived from Maharashtra and Gujarat in FY26.
What's Next
- Allotment Date: 2026-08-19
- Listing Date: 2026-08-21
- Basis of Allotment: Pro-rata basis as per SEBI regulations due to oversubscription.
How might the extreme oversubscription of 195x impact the listing gains and initial trading volatility for Technocrats Plasma Systems?
Given the high customer concentration risk with top clients accounting for over 62% of revenue, how vulnerable is the company's future growth to potential churn in its key accounts?
Will the significant capital raised (₹40 crores for working capital) enable Technocrats Plasma to mitigate its heavy dependency on a small number of suppliers?
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