Technocraft Ventures sets Rs 200-212 band for Rs 252 crore IPO

The Development

Technocraft Ventures Limited, a Delhi-based engineering, procurement and construction (EPC) contractor, has fixed the price band for its initial public offering at Rs 200 to Rs 212 per equity share of face value Rs 10, according to the company's red herring prospectus dated 30 July 2026 and filed with the Registrar of Companies at Delhi. The offer document is available on SEBI's website under its public-issue filings, and the band and dates were reported by Mint.

Per the RHP, the offer combines a fresh issue of up to 9,505,000 equity shares with an offer for sale of up to 2,376,000 shares by a promoter selling shareholder, totalling 11,881,000 shares, or roughly 1.19 crore. At the upper end of the band, the offer aggregates to about Rs 252 crore, of which the fresh component is about Rs 202 crore and the offer for sale about Rs 50 crore, based on the share counts in the RHP.

The anchor investor bidding date is 6 August 2026, with the public subscription window open from 7 August to 11 August 2026, per the bid programme set out in the RHP. The shares are proposed to be listed on the BSE and the NSE, with the BSE as the designated stock exchange.

The Company

Technocraft Ventures describes itself in the RHP as "a multidisciplinary public infrastructure development company" that executes turnkey EPC contracts, primarily government-awarded projects secured through competitive tendering. The company discloses that it has evolved from road and residential construction into water and wastewater treatment, urban infrastructure, electrical transmission and operations-and-maintenance work, operating across Uttar Pradesh, Rajasthan, Uttarakhand, Madhya Pradesh and the NCT of Delhi.

Water and wastewater infrastructure was the largest revenue segment, contributing 85.44% of revenue from operations in the financial year ended 31 March 2026, per the RHP. The company discloses an order book of 18 projects valued at Rs 1,235.9 crore as of that date, up from Rs 752.9 crore two years earlier.

On financials, the company discloses restated revenue from operations of Rs 344.99 crore for FY2026, up from Rs 279.56 crore in FY2025 and Rs 226.10 crore in FY2024. Profit after tax was Rs 43.32 crore in FY2026, against Rs 28.20 crore and Rs 19.05 crore in the two preceding years. The RHP reports EBITDA of Rs 72.18 crore, net worth of Rs 163.38 crore and a return on equity of 26.51% for FY2026. The promoters, per the offer document, are Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, Kartikey Constructions (a partnership firm) and Sanjay Tyagi HUF.

The Offer Structure

The fresh issue is up to 9,505,000 shares and the offer for sale up to 2,376,000 shares, the latter entirely by Kartikey Constructions (Partnership Firm) as the promoter selling shareholder, per the RHP. The company will not receive any proceeds from the offer for sale. The lot size is 70 shares, so a retail application at the Rs 212 cap price works out to Rs 14,840 for a single lot. The offer reserves 50% for qualified institutional buyers, 15% for non-institutional bidders and 35% for retail individual bidders.

The RHP states that the net proceeds of the fresh issue are to be applied towards funding the working capital requirements of the company, budgeted at Rs 150 crore, with the balance for general corporate purposes, which will not exceed 25% of the gross fresh proceeds. Khambatta Securities Limited is the book-running lead manager and Bigshare Services Private Limited is the registrar to the offer. Readers working through the arithmetic of a possible allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out a summary of the ten most material risks the company is required to disclose. Among them, the company discloses a high dependency on government projects, noting that a substantial portion of its revenue comes from contracts under schemes such as AMRUT, the Jal Jeevan Mission and PMGSY, leaving it exposed to changes in public spending and policy priorities.

The RHP also lists risks around competitive bidding, where tender cancellations, changed qualification benchmarks or legal challenges by unsuccessful bidders could affect the order book, alongside a high geographical revenue concentration in Uttar Pradesh and Rajasthan. Among the risk factors the company discloses are outstanding litigation involving the company, its directors, promoters and key personnel, and a working-capital-intensive operating model whose requirements are estimated to rise further.

The company additionally discloses that it has not fulfilled its corporate social responsibility spending obligations across financial years, and that it has been unable to trace certain corporate records and RoC filings. These are disclosures the company itself was required to make and are reproduced here as risk factors, not as an assessment.

What Happens Next

From here the process follows the standard mainboard timetable set out in the RHP. Anchor investors are due to bid on 6 August 2026, ahead of the public subscription window that opens on 7 August and closes on 11 August, with the UPI mandate cut-off at 5:00 pm on the closing day. Bids are collected category-wise across the qualified institutional, non-institutional and retail portions, and the exchange platforms publish subscription figures through the window.

After the issue closes, the basis of allotment is finalised in consultation with the designated stock exchange, followed by refunds or the unblocking of blocked application amounts and the credit of shares to successful applicants' demat accounts. A listing date on the BSE and the NSE follows once those steps are complete. The RHP notes that SEBI has neither recommended nor approved the shares and does not guarantee the accuracy of the offer document.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and lot size?

The price band is Rs 200 to Rs 212 per share of face value Rs 10, and the lot size is 70 shares, per the RHP. At the Rs 212 cap price, one lot of 70 shares amounts to Rs 14,840. The offer reserves 50% for qualified institutional buyers, 15% for non-institutional bidders and 35% for retail bidders.

When does the issue open and close?

Per the bid programme in the RHP, anchor bidding is scheduled for 6 August 2026, and the public subscription window is open from 7 August to 11 August 2026, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date.

How large is the issue?

The offer is up to 11,881,000 shares, combining a fresh issue of up to 9,505,000 shares and an offer for sale of up to 2,376,000 shares by the promoter selling shareholder. At the upper end of the band this aggregates to about Rs 252 crore, based on the share counts in the RHP.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website under public-issue filings, and on the BSE and NSE websites. The company's financials, objects of the offer and full risk-factors section are set out there in detail.

This report is based on the red herring prospectus filed with SEBI. It was surfaced via coverage in Mint.