Technocraft Ventures Limited IPO — the disclosed details
Closed
The publicly disclosed details of the Technocraft Ventures Limited mainboard IPO — dates, price band, issue structure, stated objects, filed financials and the company's own risk factors. Nothing more.
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.
Technocraft Ventures Limited, an infrastructure EPC company incorporated in Delhi in 1998, is running a mainboard IPO with listing proposed on both BSE and NSE. This page restates what the offer documents disclose — the red herring prospectus dated July 30, 2026, the abridged prospectus, and the price band advertisement dated August 1, 2026 — and stops there. It is a different company from Technocraft Industries (India) Limited, which is already listed under a similar name. 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
The figures below are the company’s own disclosures from the “Basis for Offer Price” chapter of the Red Herring Prospectus dated July 30, 2026 (printed pages 150–159), restated here exactly as filed — this is not a valuation, and no view is offered on any of them.
| Ratio, as filed | Value |
|---|---|
| Basic / Diluted EPS (₹) | FY2026: 14.39 / 14.39 · FY2025: 9.37 / 9.37 · FY2024: 6.33 / 6.33 · Weighted average: 11.37 |
| P/E at the Floor Price | Printed as “[●]” — “To be updated at the Prospectus stage” |
| P/E at the Cap Price | Printed as “[●]” — “To be updated at the Prospectus stage” |
| Industry peer P/E — highest | 31.96 (V A Tech Wabag Limited) |
| Industry peer P/E — lowest | 14.81 (Denta Water and Infra Solutions Limited) |
| Industry peer P/E — average | 22.96 (stated by the RHP as the arithmetic average of its four-peer set) |
| Return on Net Worth (%) | FY2026: 26.51 · FY2025: 23.51 · FY2024: 20.76 · Weighted average: 24.55 |
| NAV per equity share (₹, consolidated) | FY2026: 54.28 · FY2025: 39.86 · FY2024: 30.49 · After the Offer (at Floor / Cap / Offer Price): each printed as “[●]” |
| KPI, as filed | Value |
|---|---|
| Revenue from operations (₹ mn) | FY2026: 3,449.96 · FY2025: 2,795.64 · FY2024: 2,261.02 |
| EBITDA (₹ mn) | FY2026: 721.75 · FY2025: 496.27 · FY2024: 350.25 |
| EBITDA margin (%) | FY2026: 20.92 · FY2025: 17.75 · FY2024: 15.49 |
| PAT (₹ mn) | FY2026: 433.15 · FY2025: 282.04 · FY2024: 190.54 |
| PAT margin (%) | FY2026: 12.56 · FY2025: 10.09 · FY2024: 8.43 |
| Net worth / Net debt (₹ mn) | FY2026: 1,633.76 / 766.64 |
| Debt-equity ratio (times) | FY2026: 0.55 |
| Return on equity / Return on capital employed (%) | FY2026: 26.51 / 27.72 |
| Order book (FY2026) | 18 projects, ₹ 12,358.97 mn in value |
| Tender participation and success ratio (FY2026) | 36.36% |
| Government projects completed (FY2026) | 6 |
| Listed peer | Face value (₹) | Closing price (₹) | Revenue FY2026 (₹ mn) | EPS basic / diluted (₹) | NAV (₹/share) | P/E | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Technocraft Ventures Limited (issuer’s own row, as filed) | 10 | [●] | 3,449.96 | 14.39 / 14.39 | 54.28 | [●] | 26.51 |
| EMS Limited | 10 | 396.10 | 7,327.47 | 16.30 / 16.30 | 190.57 | 24.30 | 8.62 |
| V A Tech Wabag Limited | 2 | 1,876.70 | 39,442.00 | 59.51 / 58.72 | 415.11 | 31.96 | 14.37 |
| Enviro Infra Engineers Limited | 10 | 216.07 | 11,455.96 | 10.42 / 10.41 | 7.05 | 20.76 | 15.22 |
| Denta Water and Infra Solutions Limited | 10 | 337.75 | 2,503.79 | 22.81 / 22.81 | 171.91 | 14.81 | 13.27 |
Per the RHP’s own footnotes: peer figures are consolidated, sourced from annual results submitted to the stock exchanges, and peer P/E is computed on the closing price as at July 29, 2026 over diluted EPS as on March 31, 2026; Enviro Infra Engineers’ NAV appears as 7.05 in the filed table and is reproduced as printed.
The RHP states no EV/EBITDA and no price-to-revenue multiple anywhere in this section, and no numeric P/E at the floor or cap price or post-offer NAV for the company itself — those cells are printed as “[●]”, to be updated at the Prospectus stage — and nothing here is computed by this site.
What the company does
The company describes itself in the offer documents as a multidisciplinary public infrastructure development company. It executes turnkey engineering, procurement and construction (EPC) contracts, mostly government-awarded projects won through a tender-based model, across northern India — Uttar Pradesh, Rajasthan, Uttarakhand, Madhya Pradesh and the NCT of Delhi.
Its segments: water and wastewater infrastructure (water supply schemes, sewerage networks, sewage and wastewater treatment plants, transmission mains, reservoirs, trenchless and micro-tunnelling works), roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities. Revenue sits mostly in one segment: water and wastewater work contributed 85.44% of FY2026 revenue from operations. The order book stood at Rs 12,358.97 million across 18 projects as of March 31, 2026.
The company was incorporated on 21 October 1998 as Technocraft Construction Private Limited, renamed Technocraft Ventures Private Limited in February 2024, and converted to a public limited company in June 2024.
What the money is for
The offer is up to 11,881,000 equity shares, split two ways. The fresh issue — up to 9,505,000 shares, Rs 1,901.00 million at the floor price and Rs 2,015.06 million at the cap — is new money into the company. The offer for sale — up to 2,376,000 shares, Rs 475.20 million at the floor and Rs 503.71 million at the cap — is Kartikey Constructions, a partnership firm and the promoter selling shareholder, selling shares it already owns; that money goes to the selling shareholder, not the company, and the documents state the company will not receive any proceeds from the offer for sale.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Working capital requirements | Rs 1,500.00 million from the net proceeds |
| General corporate purposes | To be determined on finalisation of the offer price; capped at 25% of the gross proceeds of the fresh issue |
Kartikey Constructions’ disclosed weighted average cost of acquisition is Rs 2.50 per equity share, as certified by Rishi Kapoor & Company, Chartered Accountants.
The promoters are Sanjay Tyagi (Managing Director), Rekha Tyagi (Executive Director), Kartikey Tyagi (Whole-time Director and Chief Financial Officer), Kartikey Constructions and Sanjay Tyagi HUF. Before the offer, Kartikey Constructions holds 83.02% of the company — 24,990,000 of 30,101,200 shares.
What the RHP flags as risks
Every offer document carries a risk-factors section — the company’s own list of what could hurt it. These are from Technocraft Ventures’ filings, paraphrased:
- Government dependency. A substantial portion of revenue comes from government-awarded contracts under schemes such as AMRUT, JJM and PMGSY. Changes in public spending, policy priorities and tender delays affect the business directly.
- Competitive bidding. Projects are secured through competitive government tendering. Tender cancellations, changes in qualification benchmarks, delays in project awards and legal challenges by unsuccessful bidders could affect the order book and financial performance.
- Unmet CSR obligations. The company has not fulfilled its CSR expenditure obligations across financial years, primarily due to delays in opening the designated unspent-CSR account. This may attract regulatory penalties and reputational risk.
- Outstanding litigation. The company, its directors, promoters, key managerial personnel and senior management personnel have legal proceedings pending at various levels of adjudication. An adverse judgment could materially affect the business, financial condition and results of operations.
- Concentration. Revenue is largely concentrated in Uttar Pradesh and Rajasthan, and 85.44% of FY2026 revenue from operations came from water and wastewater infrastructure work. The offer documents number these as two separate risk factors — geographic concentration and segment concentration.
- Working capital intensity. Operations are working-capital intensive, with requirements estimated to rise further. Inefficiency in the working capital cycle or adverse credit conditions could lead to execution delays, higher borrowing costs and an adverse impact on financial performance.
These six are paraphrases; the full risk-factor section in the RHP is longer.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Up to 11,881,000 equity shares — Rs 2,376.20 million at the floor price, Rs 2,518.77 million (about Rs 251.88 crore) at the cap |
| Fresh issue | Up to 9,505,000 shares — Rs 1,901.00 million at the floor, Rs 2,015.06 million at the cap |
| Offer for sale | Up to 2,376,000 shares — Rs 475.20 million at the floor, Rs 503.71 million at the cap |
| Price band | Rs 200 to Rs 212 per share — 20 times face value at the floor, 21.20 times at the cap |
| Face value | Rs 10 each |
| Lot size | 70 shares, and in multiples of 70 thereafter |
| Minimum investment | Rs 14,000 at the floor, Rs 14,840 at the cap, for one lot |
The minimum investment is arithmetic from the lot and the band, not a separately printed number.
From the summary of restated consolidated financial information in the abridged prospectus (Rs in million):
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Revenue from operations | 2,261.02 | 2,795.64 | 3,449.96 |
| EBITDA | 350.25 | 496.27 | 721.75 |
| Profit after tax | 190.54 | 282.04 | 433.15 |
| Net worth | 917.78 | 1,199.83 | 1,633.76 |
Total borrowings stood at Rs 897.64 million in FY2026. Basic and diluted EPS for FY2026: Rs 14.39.
Who can actually sell on listing day
On listing day, most of Technocraft Ventures’ 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 RHP (printed pp.127–129) sets out the locks:
| Who | Locked for, per this RHP |
|---|---|
| Promoter minimum contribution — at least 20% of the fully diluted post-offer capital, 7,921,240 shares on the post-offer count of 39,606,200 | 18 months from allotment |
| Promoter holding above that 20% | 6 months from allotment |
| Other pre-IPO holders | 6 months from allotment — but there are none here |
| Anchor investors — half of the anchor shares allotted on August 6 at Rs 212 | 90 days from allotment |
| Anchor investors — the other half | 30 days from allotment |
The count at the Rs 212 cap:
| Step | Shares | % of post-issue capital |
|---|---|---|
| Fresh issue | 9,505,000 | 24.00% |
| Offer for Sale | 2,376,000 | 6.00% |
| Total offer | 11,881,000 | 30.00% |
| Less: anchor allotment, locked 30/90 days | −3,563,810 | −9.00% |
| = Sellable on listing day | 8,317,190 | 21.00% |
| Locked or not offered — the rest of the register | 31,289,010 | 79.00% |
| Post-issue capital | 39,606,200 | 100.00% |
| Memo: of that locked block, pre-IPO shares under the promoter locks | 27,725,200 | 70.00% |
Promoters and the promoter group hold 100% of the pre-offer capital, and public pre-IPO holding is nil — which is why the locked block is almost entirely promoter shares. The sellable line is held by non-anchor QIB, NII and retail allottees. Each lock runs on its own clock from the allotment date: anchor halves at 30 and 90 days, promoter excess at 6 months, minimum promoter contribution at 18 months.
These figures come from the RHP’s capital-structure and lock-in disclosures (RHP dated July 30, 2026) and the company’s anchor-allocation intimation of August 6, 2026, as of 12 August 2026.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor investor bidding | Thursday, August 6, 2026 |
| Offer opens | Friday, August 7, 2026 |
| Offer closes | Tuesday, August 11, 2026 — UPI mandates end at 5:00 pm on the closing date |
| Basis of allotment | On or about Wednesday, August 12, 2026 |
| Demat credit and refunds/unblocking | On or about Thursday, August 13, 2026 |
| Listing | On or about Friday, August 14, 2026 |
The timetable is indicative, not final.
The offer is made through the book-building process under Regulation 6(1) of the SEBI ICDR Regulations, 2018, with allocation split as:
| Bucket | Share of the offer |
|---|---|
| QIBs | Not more than 50% |
| Non-institutional investors | Not less than 15% |
| Retail | Not less than 35% |
BSE is the designated stock exchange; in-principle approvals from BSE and NSE are each dated October 10, 2025.
Khambatta Securities Limited is the sole book running lead manager. Bigshare Services Private Limited is the registrar.
Information as of 10 Aug 2026, with the anchor and float figures updated 12 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
- SEBI filing page — Technocraft Ventures Limited RHP (Red Herring Documents filed with ROC; filing date July 31, 2026) — fetched and verified this session →
- Abridged Prospectus (SEBI-hosted PDF; salient features of the RHP dated July 30, 2026) — downloaded and full text extracted locally this session (15 pages) →
- Price Band Advertisement dated August 01, 2026 (hosted on the company's website) — downloaded and full text extracted locally this session (5 pages) →
- Company investor page — Technocraft Ventures Limited — fetched this session →
- Red Herring Prospectus PDF on the company website — existence verified this session via HTTP HEAD (200, application/pdf, ~8.6 MB); not parsed in full — all facts above are cited to the AP and price band advertisement, both of which restate the RHP →
- BRLM offer-documents section — Khambatta Securities Limited — fetched this session; hosts DRHP, DRHP addendum, RHP, abridged prospectus, price band advertisement and basis-for-offer-price documents for Technocraft Ventures →
- SEBI filing page — Technocraft Ventures Limited DRHP (filing date August 13, 2025) — fetched this session →
- BSE-hosted DRHP PDF (BSE corporates download, IPO Prior section; DRHP dated August 08, 2025) — existence verified this session via HTTP HEAD (200, application/pdf, ~11.5 MB) →
- Company anchor-allocation intimation letter to BSE/NSE dated Aug 6, 2026 (mirror-hosted copy; embedded digital signature verified) →
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.
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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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