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Technocraft Ventures shares open 34% higher in strong NSE debut
The IPO was subscribed 38.69 times overall, with non-institutional investors bidding 65.06 times, and the estimated grey-market listing price was ₹254.
Technocraft Ventures shares made a strong debut on Indian exchanges on Friday, 14 August, opening at ₹284 apiece on the NSE, which is 33.96% above the issue price of ₹212. On the BSE, the stock opened at ₹285, up 34.43% from the offer price.
According to NSE data cited by LiveMint Markets, the IPO was subscribed 38.69 times on the final day of bidding on Tuesday. The non-institutional investor portion was subscribed 65.06 times, while the qualified institutional buyers quota was subscribed 42.26 times and the retail portion was subscribed 25.35 times.
LiveMint Markets said the ₹251.88 crore IPO received bids for 32,17,81,040 equity shares against 83,17,190 shares on offer. The IPO price band was set at ₹200 to ₹212, and the estimated listing price based on the upper end of the band and the grey-market premium was ₹254, about 19.81% above ₹212.
The IPO consists of 1.18 crore equity shares, including a fresh issue of 95.05 lakh shares and an offer for sale of 23.76 lakh shares, the report said. LiveMint Markets added that the promoter entity Kartikey Constructions will offload the 23.76 lakh shares, and the company plans to use ₹150 crore of net proceeds from the fresh issue for working capital, with the remainder for general corporate purposes.