Technocrats Plasma Systems IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 169.54x |
| NII | 311.97x |
| sNII (₹2L–₹10L) | 186.74x |
| bNII (above ₹10L) | 374.59x |
| Retail (RII) | 176.05x |
| Total | 203.36x |
Bidding day 5 · final figures at close of bidding: 21 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 14 Aug 2026
- Close Date
- 18 Aug 2026
- Listing Date
- 21 Aug 2026
- Face Value
- ₹10
- Fresh Issue
- ₹57.93 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- Maashitla Securities
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,64,000 |
| HNI (Min) | 3 | 3,000 | ₹3,96,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 13,14,000 | 29.94% |
| QIB (ex-anchor) | 8,77,000 | 19.98% |
| NII | 6,60,000 | 15.04% |
| — sNII (< ₹10L) | 2,20,000 | 5.01% |
| — bNII (> ₹10L) | 4,40,000 | 10.03% |
| Retail | 15,38,000 | 35.04% |
| Total | 43,89,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 6.35 | 2.21 | 1.3 | 3.74 | 13.55 | 6.66 | — |
| FY 2025 | 49.44 | 8.11 | 8.59 | 14.24 | 36.72 | 10.24 | — |
| FY 2026 | 131.41 | 14.94 | 26.29 | 39.01 | 72.06 | 14.73 | 11.6 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.38x
- P/E (post-issue)
- 15.47x
- RoNW
- 56.1%
- RoE
- 56.1%
- RoCE
- 48.55%
- Debt / Equity
- 0.38
- EPS (pre-issue)
- ₹11.6
- EPS (post-issue)
- ₹8.53
- EBITDA Margin
- 20.02%
- PAT Margin
- 11.37%
- P/BV
- 1.52x
- NAV / share
- ₹30.28
- Market Cap
- ₹231 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premises | ₹8.79 Cr |
| Funding towards long-term working capital requirements | ₹40 Cr |
| General Corporate Purposes | ₹5.5 Cr |
| Issue Expenses | ₹6.7 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees | ₹0.3 Cr |
| Fees payable to Regulatory, Advertising and Marketing Expense | ₹0.05 Cr |
| Other Expense (including Legal Advisors and Processing Fees | ₹0.24 Cr |
| Payment for Printing & distribution Expenses etc. | ₹0.01 Cr |
| Underwriting Fees | ₹6.1 Cr |
Promoters & Shareholding
Promoters: <p>Arun Kumar, Vandana Sharma</p>
- Holding (pre-issue)
- 86.96%
- Holding (post-issue)
- 64%
- Dilution
- 22.96%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| FORTUNE HANDS GROWTH FUND-FORTUNE HANDS GROWTH FUND SCHEME I | Other | 2,28,000 | ₹132 | 3.01 | 17.35% |
| PI SQUARE INDIA EMERGING BUSINESS INVESTMENT FUND | Other | 2,02,000 | ₹132 | 2.67 | 15.37% |
| M7 GLOBAL FUND PCC-CELL DEWCAP FUND | FII/FPI | 2,01,000 | ₹132 | 2.65 | 15.3% |
| PESB ALPHA FUND | Other | 1,52,000 | ₹132 | 2.01 | 11.57% |
| VBCUBE VENTURES FUND II | Other | 1,33,000 | ₹132 | 1.76 | 10.12% |
| KHANDELWAL FINANCE PVT.LTD. | Other | 1,25,000 | ₹132 | 1.65 | 9.51% |
| VBCUBE VENTURES FUND | Other | 1,21,000 | ₹132 | 1.6 | 9.21% |
| EVERGROW CAPITAL OPPORTUNITIES FUND | Other | 76,000 | ₹132 | 1 | 5.78% |
| ARNESTA GLOBAL OPPORTUNITIES FUND PCC-ARNESTA GLOBAL FUND 1 | FII/FPI | 76,000 | ₹132 | 1 | 5.78% |
Anchor bidding took place on 13 Aug 2026. Anchor lock-in: 50% of shares unlock on 18 Sept 2026, the remainder on 17 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Technocrats Plasma Systems | 11.63 | 30.28 | — | 56.1% | — |
| Ador Welding Ltd | 47.11 | 318.6 | 31.55x | 14.79% | 4.67x |
| Esab India Ltd | 134.3 | 278.94 | 41.88x | 48.14% | 20.23x |
| Jyoti Cnc Automation Ltd | 14.78 | 88 | 58.51x | 16.79% | 9.83x |
| Patil Automation Limited | 8.65 | 63.49 | 23.21x | 13.77% | 3.17x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Technocrats Plasma Systems IPO
The Technocrats Plasma Systems SME IPO is open between 14 Aug 2026 and 18 Aug 2026, offered at a price band of ₹125–132 per share, and is set to list on BSE. The IPO seeks to raise ₹60.98 crore. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,64,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹57.93 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding towards long-term working capital requirements (₹40 crore), alongside purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the existing premises (₹8.79 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Technocrats Plasma Systems reported revenue of ₹131.41 crore and a net profit of ₹14.94 crore. Revenue grew from ₹6.35 crore in FY2024 to ₹131.41 crore in FY2026 (+1969.0%). Net worth stood at ₹39.01 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.47× post-issue earnings and 1.52× book value, against a return on net worth of 56.1% and a debt-to-equity ratio of 0.38. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Ador Welding Ltd and Esab India Ltd, with a median peer P/E of about 36.7×. The issue's own post-issue P/E works out to 15.47×.
Promoters
The promoters of the company are <p>Arun Kumar, Vandana Sharma</p>. Promoter holding stands at 86.96% before the issue and comes down to 64% after listing.
Grey market premium (GMP)
In the unofficial grey market, Technocrats Plasma Systems shares are quoted at a premium of ₹70 implying an expected listing around ₹202, about +53.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Technocrats Plasma Systems IPO was subscribed 203.36 times overall. The strongest demand came from non-institutional investors (NII) at 311.97 times, with qualified institutional buyers (QIB) at 169.54× and retail investors at 176.05×.
Listing performance
Technocrats Plasma Systems listed on 21 Aug 2026 at ₹230, a premium of +74.2% over the issue price of ₹132.
What to weigh
When evaluating the Technocrats Plasma Systems IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Technocrats Plasma Systems
Technocrats Plasma Systems Ltd. is an engineering-focused company engaged in providing plasma-based surface treatment and coating solutions for industrial applications. The company designs, develops, and installs plasma systems used for surface cleaning, activation, coating, and modification across diverse manufacturing sectors. Its services include system customization, installation, commissioning, maintenance support, and technical consulting, helping clients improve product performance, durability, and process efficiency. Product and Service Verticals: Machines (without automation) Machines (with automation) Customisation and Retrofit Services Competitive Strengths: Experience across industries, installed base and diversified customer base Indigenous design and in-house fabrication with cost and schedule control Product and solution range with customisation and lifecycle service Operations, quality assurance and employee training Experienced leadership and technical teams
Technocrats Plasma Systems — Contact Details
- Registered office
- Gala No. 6, 7, 8, 105, 106, 107, 108,, Nirav-2, Gaon Devi Industrial Estate,, Sativali, Vasai East, Dist., Palghar, Maharashtra, 401208
- Phone
- 78880 99611
- Website
- www.technocratplasma.com/
- Registrar (IPO queries)
- ipo@maashitla.com
Frequently asked questions
- What is the Technocrats Plasma Systems IPO price band?
- The Technocrats Plasma Systems IPO price band is ₹125 to ₹132 per share, with a lot size of 1000 shares.
- What was the Technocrats Plasma Systems IPO GMP before listing?
- The final grey market premium recorded before the Technocrats Plasma Systems IPO listed was ₹70. The IPO listed on 21 Aug 2026 at ₹230, +74.2% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Technocrats Plasma Systems IPO open and close?
- The Technocrats Plasma Systems IPO opens on 14 Aug 2026 and closes on 18 Aug 2026.
- When is the Technocrats Plasma Systems IPO allotment and listing date?
- Allotment is expected on 19 Aug 2026. The shares are scheduled to list on 21 Aug 2026 on BSE.
- How many times was the Technocrats Plasma Systems IPO subscribed?
- The Technocrats Plasma Systems IPO was subscribed 203.36 times in total across all investor categories.
- What is the reservation split in the Technocrats Plasma Systems IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.98% (plus 29.94% anchor), non-institutional investors 15.04%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Technocrats Plasma Systems and what is their holding?
- The promoters are <p>Arun Kumar, Vandana Sharma</p>. Promoter holding is 86.96% before the issue and 64% after listing.
- What is the P/E ratio of the Technocrats Plasma Systems IPO?
- At the upper price band, the Technocrats Plasma Systems IPO is valued at 11.38× pre-issue earnings and 15.47× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Technocrats Plasma Systems IPO?
- The net proceeds go primarily toward funding towards long-term working capital requirements, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Technocrats Plasma Systems IPO?
- The book-running lead manager is Rarever Financial Advisors Pvt.Ltd.. Maashitla Securities is the registrar to the issue.
- Is Technocrats Plasma Systems a Mainboard or SME IPO?
- Technocrats Plasma Systems is an SME IPO, listing on BSE (SME platform).