NewsTechnocrats Plasma Systems IPO Day 3: Issue subscribed 19.5x so far. Check issue details and key datesTechnocrats Plasma Systems IPO Day 3: Issue subscribed 19.5x so far. Check issue details and key dates
Technocrats Plasma Systems IPO closed with a 19.5x subscription. NII and Retail investors drove the demand with 29.78x and 23.39x subscriptions respectively. The company reported revenue of ₹131.31 crores in FY26. Allotment is on August 19, 2026, and listing on August 21, 2026.
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Technocrats Plasma Systems Limited has concluded its initial public offering with a total subscription of 19.5x. The issue witnessed robust participation across all investor categories, with Non-Institutional Buyers (NII) and Retail investors leading the demand at 29.78x and 23.39x respectively. Qualified Institutional Buyers (QIB) subscribed to the issue at 7.9x. The IPO closed on August 18, 2026, with allotment scheduled for August 19, 2026.
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 19.50x. 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 | 7.90x | 18.05x | 29.78x | 23.39x | 19.50x |
Intra-day timeline on 18-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 05:45 | 7.90x | 18.05x | 23.39x | 19.50x |
Category-wise Breakdown
- Qualified Institutional Buyers (QIB): 7.9x
- Non-Institutional Buyers (bHNI): 18.05x
- Non-Institutional Buyers (sHNI): 29.78x
- Retail: 23.39x
- 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 high retail and NII oversubscription (23x-30x) influence the listing price premium compared to the issue price?
Given the 62% revenue concentration in the top 10 customers, what is Technocrats' strategy to diversify its client base post-IPO to mitigate dependency risks?
Will the company utilize the ₹40 crore allocated for working capital to expand into new geographic markets beyond Maharashtra and Gujarat?
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