TechEra Engineering IPO Allotment Finalised: Latest GMP, How to Check Allotment Status Online
TechEra Engineering IPO allotment finalised on September 30. Check how to view the status online. Learn about the latest GMP and the company's listing date on NSE SME.
New Delhi, September 30, 2024 – The allotment for TechEra Engineering IPO has been finalised today, after receiving overwhelming interest and robust subscription numbers. The SME IPO, valued at ₹35.9 crore, opened for bidding on September 25 and closed on September 27, with the price band set between ₹75 and ₹82 per share.
This IPO saw immense demand, with investors now eagerly awaiting their allotment status. Those who were successful in the bidding process will have the equity shares credited to their Demat accounts on October 1, 2024. The IPO is expected to be listed on NSE SME on Thursday, October 3, 2024.
TechEra Engineering IPO Allotment: How to Check Status Online
If you’ve applied for TechEra Engineering’s IPO, here’s a simple step-by-step guide to check your allotment status online through the official registrar, Kfin Technologies Ltd:
- Visit the Registrar’s Website: Go to the IPO registrar’s portal, Kfin Technologies Ltd.
- Select IPO: From the selection menu, choose TechEra Engineering IPO.
- Choose Identification Mode: Select the identification mode—PAN, Demat account number, or application number.
- Enter Details: Enter your relevant details, such as PAN number, Demat account number, or the application number.
- Captcha Verification: Fill in the ‘captcha’ code to confirm you’re not a robot.
- Submit: Click the ‘submit’ button, and your allotment status will appear.
TechEra Engineering IPO: Key Details
| IPO Opening Date | September 25, 2024 |
|---|---|
| IPO Closing Date | September 27, 2024 |
| Allotment Date | September 30, 2024 |
| Shares Credited to Demat | October 1, 2024 |
| IPO Listing Date | October 3, 2024 |
| Price Band | ₹75-82 per share |
| IPO Size | ₹35.9 crore |
| Minimum Investment | ₹1.31 lakh (for 1600 shares) |
| Registrar | Kfin Technologies Ltd |
TechEra Engineering IPO Performance and Subscription
The TechEra Engineering IPO attracted massive interest, with a subscription of 69.80 times the offer size over the three-day bidding window. Here’s a breakdown of the subscription details:
| Category | Subscription Times |
|---|---|
| Retail Investors | 66.52 times |
| Non-Institutional Investors (NII) | 128.88 times |
| Qualified Institutional Buyers (QIB) | 31.22 times |
A total of 20.32 crore shares were bid against the 31.31 lakh shares offered in this IPO, underlining the strong demand from all investor categories.
Grey Market Premium (GMP) Update
The grey market premium (GMP) for TechEra Engineering’s IPO has remained stable at ₹22 per share today, September 30. This implies an expected listing price of ₹104, a 26.83% premium over the upper end of the IPO issue price of ₹82. The GMP has remained constant for the last two sessions but has dropped slightly from ₹25 on September 27.
Purpose of the IPO
TechEra Engineering plans to utilise the net proceeds from this IPO for several purposes:
- Capital Expenditure: Purchasing new machinery to scale up operations.
- Working Capital: Addressing its ongoing working capital needs.
- Debt Repayment: Repaying or prepaying a portion of certain outstanding borrowings.
- General Corporate Purposes: This includes covering issue-related expenses and other business expenses.
About TechEra Engineering
TechEra Engineering (India) Limited was established in 2018 and is engaged in the design, manufacturing, and supply of precision tooling and components, primarily catering to the aerospace and defence sectors. The company’s product portfolio includes assembly tools, jigs, fixtures, maintenance and repair tools, ground support equipment, and precision machined components. The company is known for its use of advanced technologies such as 5-axis machining and 3D modelling.
TechEra has shown strong growth over the past financial year. Between FY23 and FY24, the company’s revenue surged by 47%, and its profit after tax (PAT) soared by 270%. The firm is certified under ISO 9001:2015 and ISO 14001:2018 for its quality management systems.
Expert Opinion on TechEra Engineering IPO
Market experts have mixed views on the TechEra Engineering IPO. Dilip Davda from Chittorgarh.com gave the IPO a ‘may apply’ rating, citing the company’s strong position in the aerospace and defence sectors and its MRO (Maintenance, Repair, and Overhaul) capabilities. However, some anomalies in the offer document and the fully priced nature of the issue have raised concerns.
Davda commented, “The company is engaged in manufacturing critical components and tools for the aerospace and defence sector. While the company’s financials have shown improvement, the IPO appears fully priced based on FY24 earnings. Well-informed investors may consider parking moderate funds for the medium term.”
Conclusion
The TechEra Engineering IPO has drawn significant attention from both retail and institutional investors. With the final allotment done and the shares expected to list on October 3, 2024, the IPO has already become a point of discussion in the grey market. Investors looking to check their allotment status can do so easily through the registrar’s website, while those awaiting the listing will be keeping an eye on the stock’s performance on NSE SME.
