Hy-Tech Engineers Limited IPO — the disclosed details
Closed
Hy-Tech Engineers Limited's IPO opens August 24 and closes August 27, 2026, with a price band of Rs 50–53 and an offer of up to Rs 135.73 crore at the cap price.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
Hy-Tech Engineers Limited is running a mainboard IPO, to be listed on both NSE and BSE. This page restates what the company has filed and advertised — in the Red Herring Prospectus dated August 17, 2026 and the price-band advertisement dated August 19, 2026 — and stops there. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What institutional desks read first — the filed ratios
Everything below is restated from the company’s own “Basis for Offer Price” figures printed in the price-band advertisement dated August 19, 2026 — it is a restatement of the filing, not a valuation, and no view is offered on any of it.
| Ratio, as filed | Value |
|---|---|
| Diluted P/E for Fiscal 2026, at the Cap Price (Rs 53) | 19.63x |
| Diluted P/E for Fiscal 2026, at the Floor Price (Rs 50) | 18.52x |
| Average industry peer P/E | 135.56x |
| Weighted average Return on Net Worth (RoNW), last three fiscals | 19.77% |
The source reviewed for this page does not print EPS, NAV per share, an EV/EBITDA multiple, or a company-by-company peer list alongside these figures. Nothing here is computed by this site — these four figures are restated exactly as filed.
What the company does
Hy-Tech Engineers Limited was incorporated in 1978 (certificate of incorporation dated December 18, 1978) and is headquartered in Thane, Maharashtra. It is an engineering company that designs, manufactures and supplies hydraulic fittings — including DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings, conversion fittings and customer-specific fittings — with more than four decades of operating history in the hydraulics industry. The company runs six manufacturing facilities: four in Maharashtra (Thane, Shirwal, Kavathe and Nashik) and two in Madhya Pradesh (Pithampur Unit-I and Unit-II), serving construction-machinery, farming and automotive customers. A significant share of revenue comes from exports — 29.37% of Fiscal 2026 revenue from operations — with the United States as the largest external market at 21.42% of Fiscal 2026 revenue, routed in part through promoter-group entity Hy-Tech USA Inc.
What the money is for
The Fresh Issue raises money for the company itself, for the three objects set out below. The Offer for Sale is a different transaction — those shares already exist, and that money goes to the two promoter selling shareholders, not to the company.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Capital expenditure — machinery and equipment for the Kavathe Unit, Shirwal Unit and Pithampur Unit-I facilities | Rs 299.66 million |
| Prepayment or repayment of outstanding borrowings | Rs 160.00 million |
| General corporate purposes | Amount not fixed in the RHP; capped at not more than 25% of the Gross Proceeds of the Fresh Issue |
The Offer for Sale of 14,289,450 Equity Shares is split between two Promoter Selling Shareholders: Hemant Tukaram Mondkar (up to 8,980,961 Equity Shares, weighted-average cost of acquisition Rs 0.22 per share) and Surekha Hemant Mondkar, jointly with Hemant Tukaram Mondkar (up to 5,308,489 Equity Shares, weighted-average cost of acquisition Rs 0.12 per share). The third promoter, Ashwin Hemant Mondkar, is not a selling shareholder in this Offer.
What the RHP flags as risks
These are the company’s own risk factors, restated from the Red Herring Prospectus and the price-band advertisement’s Risk-to-Investors table — not this site’s assessment:
- Customer concentration. The top 10 customers accounted for 45.32% of revenue from operations in Fiscal 2026 (42.02% in Fiscal 2025, 48.72% in Fiscal 2024), and the company does not have long-term arrangements with its customers.
- Export and geography dependency. The United States market — routed substantially through promoter-group entity Hy-Tech USA Inc. — contributed 21.42% of Fiscal 2026 revenue from operations (22.85% in Fiscal 2025, 24.56% in Fiscal 2024); total exports were 29.37% of Fiscal 2026 revenue (28.30% in Fiscal 2025, 33.14% in Fiscal 2024).
- Growth risk. Profit after tax fell 35.59% year-on-year in Fiscal 2024 before recovering — up 69.19% in Fiscal 2025 and 15.16% in Fiscal 2026 — and the RHP cautions that the company may be unable to manage growth or execute its business plan within budget or timeline.
- Geographical concentration of manufacturing. Four of the six manufacturing facilities are in Maharashtra, which contributed 77.64%, 77.27% and 77.43% of revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively.
- Capacity under-utilisation. Certified capacity utilisation varies widely by facility and year — for example, the Kavathe Unit ran at 60.42% in Fiscal 2026 versus 55.00% in Fiscal 2025 and 75.00% in Fiscal 2024, and the Pithampur Unit-I ran at 84.62% in Fiscal 2026 versus 68.75% in Fiscal 2025 and 91.67% in Fiscal 2024 — which the RHP flags as a risk to future financial performance.
- Historical record-keeping. The company cannot trace some historical records and regulatory filings — specifically, share transfer forms for transfers dated June 27, 1996 and April 7, 2004 — and has identified inadvertent errors and inaccuracies in past RoC filings, which the RHP flags as a risk of future regulatory action (Risk Factor 19, page 30).
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | At the cap price, up to 25,610,204 Equity Shares aggregating up to Rs 1,357.34 million (about Rs 135.73 crore); at the floor price, up to 26,289,450 Equity Shares aggregating up to Rs 1,314.47 million (about Rs 131.45 crore) |
| Fresh issue | Up to Rs 600.00 million — 11,320,754 Equity Shares at the cap price, 12,000,000 Equity Shares at the floor price |
| Offer for sale | 14,289,450 Equity Shares — Rs 757.34 million at the cap price, Rs 714.47 million at the floor price |
| Price band | Rs 50 (floor) to Rs 53 (cap) per Equity Share — 10.00 times face value at the floor, 10.60 times at the cap |
| Face value | Rs 5 per Equity Share |
| Lot size | 283 Equity Shares, and in multiples of 283 Equity Shares thereafter |
| Minimum investment | Rs 14,150 for one lot at the floor price; Rs 14,999 at the cap price |
The one-lot minimum investment is arithmetic from the confirmed lot size and price band. A secondary tracker (ipocentral.in) states a conflicting Rs 15,005 minimum investment; that figure does not match the lot-size-times-price arithmetic above and is not used on this page.
Financials, from the Restated Consolidated financial statements (fiscal years end March 31, so Fiscal 2026 is the year ended March 31, 2026), in Rs million:
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Revenue from operations | 1,377.08 | 1,613.82 | 1,894.04 |
| Total income | 1,411.73 | 1,667.07 | 1,934.35 |
| Profit for the year | 115.96 | 196.19 | 225.92 |
Who can actually sell on listing day
On listing day, most of Hy-Tech Engineers’ share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
The Red Herring Prospectus sets out the locks:
| Who | Locked for, per this RHP |
|---|---|
| Minimum promoter contribution — 20% of the post-Offer capital, drawn from the three individual promoters (Hemant Tukaram Mondkar, Surekha Hemant Mondkar and Ashwin Hemant Mondkar). The RHP applies the longer lock here because the majority of the Net Proceeds funds capital expenditure (SEBI ICDR Regulations 14 and 16) | 3 years from Allotment |
| Promoter holdings above that 20% | 1 year from Allotment |
| Rest of the pre-Offer capital — the “Additional top 10 shareholders” bucket of 1,680,000 Equity Shares — under Regulation 17. Venture capital funds, AIF Category I or II, and foreign venture capital investor holders are exempt from this lock but must instead lock for at least 6 months from their own date of purchase | 6 months from Allotment |
| Anchor Investor allotment | 50% for 30 days from Allotment, the remaining 50% for 90 days |
The anchor book was allocated at Rs 53.00 per share to 8 anchor investors, finalized by the company’s Board of Directors on 21 August 2026 and disclosed in its intimation letter filed with NSE and BSE.
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 11,320,754 | 11.94% |
| Offer for Sale | 14,289,450 | 15.06% |
| Total offer | 25,610,204 | 27.00% |
| Less: anchor allotment, locked 30/90 days | −7,683,060 | −8.10% |
| = Sellable on listing day | 17,927,144 | 18.90% |
| Locked or not offered — the rest of the register | 76,925,450 | 81.10% |
| Post-issue capital | 94,852,594 | 100.00% |
Figures are from the RHP’s capital-structure disclosures and the price-band advertisement, as of 30 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor Bidding Date | Friday, August 21, 2026 |
| Bid/Offer Opening Date | Monday, August 24, 2026 |
| Bid/Offer Closing Date | Thursday, August 27, 2026 |
| Finalisation of Basis of Allotment (on or about) | Friday, August 28, 2026 |
| Credit of Equity Shares to demat accounts (on or about) | Monday, August 31, 2026 |
| Commencement of trading on the Stock Exchanges (on or about) | Tuesday, September 1, 2026 |
This is a 100% book-built offer under Regulation 6(1) of the SEBI ICDR Regulations, mainboard-listed on NSE and BSE.
| Bucket | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| — of which, Anchor Investor Portion (at the company’s discretion) | Up to 60% of the QIB Portion |
| — of which, reserved for domestic Mutual Funds, within the Anchor Portion | 33.33% |
| — of which, reserved for Life Insurance Companies and Pension Funds, within the Anchor Portion | 6.67% |
| Non-Institutional Investors (NII) | Not less than 15% (1/3rd for bids of Rs 2–10 lakh, 2/3rd for bids above Rs 10 lakh) |
| Retail Individual Investors | Not less than 35% |
Book Running Lead Manager: New Berry Capitals Private Limited (SEBI Reg. No. INM000012999). Registrar to the Offer: Bigshare Services Private Limited (SEBI Reg. No. INR000001385).
Information as of 23 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus, dated August 17, 2026 (company-hosted) -- RE-FETCHED and re-verified this session (WebFetch mis-flagged it as unreadable binary; direct curl + pdftotext extraction succeeded and matched all cited figures exactly) →
- Red Herring Prospectus, identical copy mirrored on BRLM (New Berry Capitals) site -- RE-FETCHED this session →
- Price Band Advertisement, Business Standard (Mumbai edition), 19 August 2026 -- hosted by BRLM. RE-FETCHED this session via direct download (11.7MB, exceeds WebFetch's 10MB cap) and re-read via PyMuPDF page-image renders at 150-600dpi, visually verified page by page →
- URL previously cited as "Corrigendum to the Red Herring Prospectus... 20 August 2026" -- RE-FETCHED this session; FOUND TO BE A DIFFERENT, UNRELATED DOCUMENT (see notes) →
- DRHP filed with SEBI (NSE archive mirror) -- RE-FETCHED this session, used only to identify and flag stale, superseded figures →
- IPO Central -- anchor investor book article (secondary, 'as reported') -- RE-FETCHED this session (403'd to WebFetch; direct curl succeeded); found to be internally self-contradictory (see notes) →
- Chittorgarh IPO tracker -- RE-FETCHED this session (403'd to WebFetch previously; direct curl succeeded, unlike the prior pass which never actually fetched it) →
- Company's own IPO Documents listing page -- fetched this session →
- BRLM (New Berry Capitals) Offer Documents listing page -- fetched this session →
- BSE intimation letter — Anchor Investor allocation (primary/exchange filing) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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