Technocrats Plasma IPO
ListedSMECapital Goods-Non Electrical Equipment
203.36×
Subscribed
Price band
₹132 – ₹132
Lot size
1,000
1 lot = ₹1,32,000
Issue size
₹60.98 Cr
Open – close
14 Aug 2026
to 18 Aug 2026
Listing
21 Aug 2026
Listing gain
+74.24%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength73/100
- Priced above its peers11.3× earnings against a peer median of 10.0×
- Out-earns its peersReturn on net worth of 56.1% against a peer median of 15.8%
- Institutions bid heavilyQIB portion subscribed 169.54×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens14 Aug 2026
- Closes18 Aug 2026
- Allotment19 Aug 2026
- Listing21 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB169.54x
Non-institutionalNII / HNI311.97x
Big NIIabove ₹10L374.59x
Small NII₹2L – ₹10L186.74x
Retail individualRII176.05x
1,69,233 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 18 Aug 2026.
Chance of allotment
Retail176.05× subscribed
~1 in 176.1
Minimum 2 lots · 2,000 shares · ₹2,64,000 blocked
Retail is 176.05× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 176.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII311.97× subscribed
~1 in 312
Minimum 1 lot · 1,000 shares · ₹1,32,000 blocked
HNI is 311.97× subscribed. This category is allotted proportionately, so a bid receives roughly 1/312 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹132 – ₹132
Face value₹10
Lot size1,000shares
Minimum application₹1,32,000at cut-off
Total issue size₹60.98 Cr
Listing atSME platform
Company & valuation
P/E at upper band11.35×
EPS₹8.65pre-issue
ROE56.10%
ROCE48.55%
Debt/Equity0.38
RoNW56.10%
PAT Margin11.37%
EBITDA Margin20.02%
NAV30.28
Price to Book Value1.52
ISININE19QK01022
RegistrarMaashitla Securities Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 21,91,000 | 47.42% |
| Anchor Investor | 13,14,000 | 28.44% |
| QIB (Ex. Anchor) | 8,77,000 | 18.98% |
| NII (HNI) | 6,60,000 | 14.29% |
| bNII > ₹10L | 4,40,000 | 9.52% |
| sNII < ₹10L | 2,20,000 | 4.76% |
| Retail | 15,38,000 | 33.29% |
| Market Maker | 2,31,000 | 5.00% |
Total issue 46,20,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,64,0002 lots · 2,000 sh
Individual investors (IND) (Max)₹2,64,0002 lots · 2,000 sh
S-HNI (Min)₹3,96,0003 lots · 3,000 sh
S-HNI (Max)₹9,24,0007 lots · 7,000 sh
B-HNI (Min)₹10,56,0008 lots · 8,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted13,14,000
Anchor portion₹17.34 Cr
Bid date13 Aug 2026
Lock-in ends (50%)18 Sept 2026
Lock-in ends (rest)17 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Purchase and installation of plant and machinery for manufacturing of plasma cutting machines, welding equipment and customised automation systems at the Existing Premisesnot stated
- 02Funding towards long term working capital requirementsnot stated
- 03General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Ador Welding Limited | 47.11 | 10.00 | 318.60 | 14.79% |
| ESAB India Limited | 134.30 | 10.00 | 278.94 | 48.14% |
| Patil Automation Ltd | 8.65 | 10.00 | 63.49 | 13.77% |
| Jyoti CNC Automation Ltd | 14.78 | 2.00 | 88.00 | 16.79% |
| Technocrats Plasma Systems Limitedthis issue | 11.63 | 11.35 | 30.28 | 56.10% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumLoss of any of our top 10 customers, which accounted for 62.61%, 83.89% and 55.70% of total revenue from operations for the Fiscal Years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively, will have a significant adverse impact on our business and results of operations.
mediumWe are dependent on external suppliers for raw material requirements and do not have long-term supply agreements or commitments with most of our suppliers. Our top 10 suppliers contributed around 93.50%, 93.12% and 43.63% of our purchases for the Fiscal Years ended March 31, 2026, March 31, 2025 and
mediumWe do not have long-term contracts with any of our raw material suppliers at fixed prices, exposing us to volatility in raw material prices. Our cost of raw material consumed was 85.82%, 89.97% and 38.19% of our revenues from operations for the Fiscal Years 2026, 2025 and 2024 respectively.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Technocrats Plasma
Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment, and customised automation systems used in metal fabrication and related industries. Its products are used across sectors such as automotive, construction, shipbuilding, heavy engineering, and general manufacturing. The company’s portfolio includes standalone plasma-cutting and welding machines, CNC-controlled plate and pipe-cutting systems, laser-cutting and welding systems, and automated cutting and welding solutions. It also undertakes customisation and retrofitting of machines and provides services including installation and commissioning, preventive maintenance, annual maintenance contracts (AMCs), training, technical consultancy, and supply of spares and consumables. Technocrats Plasma Systems operates two manufacturing facilities in Vasai, Maharashtra, with an aggregate built-up area of 20,000 square feet. These facilities are used for fabrication, machining, assembly, surface preparation, testing, and benchmarking of its cutting, welding, and automation equipment before dispatch.
Founded 1994MD Mr. Arun KumarSector Capital Goods-Non Electrical Equipment
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Technocrats Plasma IPO subscribed?
Technocrats Plasma is subscribed 203.36× overall (QIB 169.54×, NII 311.97×, retail 176.05×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Pvt Ltd.
What is the minimum investment in the Technocrats Plasma IPO?
One lot is 1,000 shares, so a retail application at the ₹132 cut-off price blocks ₹1,32,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Technocrats Plasma IPO?
The retail portion is subscribed 176.05×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 176. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Technocrats Plasma IPO allotment date?
Allotment is scheduled for 2026-08-19, with listing on 2026-08-21. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Maashitla Securities Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.