Technocraft Ventures IPO is performing strongly so far on its third day. According to reports, until Tuesday afternoon, it’s been subscribed 7.71 times. Investors had placed bids for 6.41 crore shares against 83.17 lakh shares on offer. The Non-Institutional Investor (NII) portion led the race with 12.52 times subscription. The retail portion was subscribed 7.49 times, while Qualified Institutional Buyers (QIBs) subscribed 4.50 times.
The IPO includes a fresh issue worth Rs. 201.51 crore and an offer for sale of Rs. 50.37 crore. Technocraft Ventures plans to use Rs. 150 crore from the fresh issue for working capital. The remaining money will be used for general business needs and issue expenses.
Technocraft Ventures works in the engineering and construction space. Its projects include roads, highways, water projects, urban infrastructure, and power transmission. The IPO allotment is expected on August 12. Investors can check their allotment status through the NSE website or Bigshare Services. The shares are expected to list on both NSE and BSE on August 14.
The strong NII response has been one of the biggest highlights of the IPO. Retail investors have also shown healthy interest. Still, a high subscription does not guarantee strong listing gains. Market conditions and the company'sperformance will also play a role.