TechEra Engineering IPO Subscribed Over 68 Times So Far On Day Three; Check Latest GMP Here

The initial public offering of TechEra Engineering Ltd. has been subscribed over 25 times so far on Friday, its final day of bidding. The IPO was subscribed 8.34 times on Thursday and 2.10 times on Wednesday.

TechEra Engineering IPO is an entirely fresh issue of 43.78 lakh shares aggregating to Rs 35.90 crore. TechEra Engineering IPO price band has been fixed in the range of Rs 75 to Rs 82 per share. Retail investors can place bids in the issue with a minimum lot size of 1600 shares, totalling an investment of Rs 1,31,200.

Kfin Technologies Ltd. is the registrar for the issue. TechEra Engineering has appointed SKI Capital Services Ltd. as the book-running lead manager for the IPO.

The company will finalise the allotment of shares on September 30. This will be followed by the initiation of refunds and credit of shares into the demat account of non-allottees on October 1

TechEra Engineering shares are set to list on the NSE SME platform, Emerge, tentatively on October 3.

The IPO has been subscribed 68.79 times as of 4:30 p.m. on Friday.

• Qualified institutional buyers: 31.22 times.

• Non-institutional investors: 128.80 times.

• Retail investors: 64.54 times.

The grey market premium of TechEra Engineering was Rs 25 as of 3:57 p.m., implying a 30.49% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 107 per share.

GMP is not an official price quote for the stock and is based on speculation.

TechEra Engineering Ltd is engaged in the design, manufacturing and supply of precise tooling and components for aerospace and defence industries. The company's product portfolio includes assembly tools, jigs, fixtures, maintenance and repair tools, and other such components. The company, incorporated in 2018, employed 177 full-time qualified professionals as of September 2024.

TechEra Engineering plans to use the proceeds from the issue to purchase new machinery and for the working capital requirements. Additionally, the proceeds will be used to pay off outstanding borrowings. The funds will further be used for general corporate purposes and issue-related expenses.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.