Technocraft Ventures Ltd IPO
Infrastructure Developers & Operators
Price Band
₹200 – ₹212
Lot Size
70
Minimum Bid Quantity
70
Minimum Investment
₹14840
Issue Size
₹251.88Cr
Opens
2026-08-07
Closes
2026-08-11
Listing
14-08-2026
Subscription Status
Qualified Institutional Buyers
42.26 x
Non-Institutional Investor
64.97 x
Retail Individual Investor
24.79 x
Total
38.39 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1D0W01018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Technocraft Ventures Limited is a public infrastructure development company engaged in executing turnkey engineering, procurement, and construction (EPC) contracts. The company undertakes projects across water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities. Its water and wastewater projects include water supply schemes, sewerage networks, sewage treatment plants, wastewater treatment plants, transmission mains, reservoirs, and trenchless and micro-tunnelling works. Its urban infrastructure activities include sector-level planning and execution of residential building projects. The company also provides operations and maintenance (O&M) services for wastewater treatment plants, sewage treatment plants, and road projects. Incorporated in 1998, the company began operations in Uttar Pradesh with residential and road construction projects. It primarily executes projects for state governments, public works departments, urban local bodies, and other government agencies. Its projects are mainly located across northern and central India, including Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi, with operations also expanded to Madhya Pradesh, Bihar, and Odisha.
Pros
- • The company has a diversified presence across water and wastewater infrastructure, roads and highways, electrical transmission, and urban infrastructure. As of July 15, 2026, it had laid over 1,200 km of sewer pipelines, of which approximately 750 km had been commissioned. It has also completed STP projects in Ghaziabad, Pilkhuwa, and Shahjahanpur.
- • The company has experience executing government and multilateral infrastructure projects. It has executed an ADB-funded sewerage network project in Udaipur, Rajasthan, valued at Rs 82.81 crore, involving design, construction, and commissioning along with a 10-year O&M obligation. As of the date of the Red Herring Prospectus, it was executing 14 government projects and five government O&M projects.
- • The company claims to have an in-house engineering team of 78 professionals covering civil, mechanical, electrical, instrumentation, and environmental disciplines. It also claims to use micro-tunnelling and trenchless pipeline installation technologies in projects across Delhi, Rajasthan, and Uttar Pradesh, among other locations.
Cons
- • The company is significantly dependent on contracts awarded by central and state governments, local authorities, and government-led schemes such as AMRUT, JJM, Namami Gange, and PMGSY. Any reduction in government infrastructure spending, delay in tendering, changes in pre-qualification requirements or cancellation of projects could reduce the company’s project pipeline and adversely affect its business.
- • The company’s trade receivables consist only of amounts due from government authorities, exposing it to delays in certification and collection of project payments. Trade receivables stood at Rs 117.98 crore, Rs 58.18 crore and Rs 100.18 crore in FY26, FY25 and FY24, respectively, representing 34.20%, 20.81% and 44.31% of revenue from operations. Any prolonged delay in receiving payments from government authorities could increase working capital requirements and costs and adversely affect the company’s liquidity and cash flows.
- • The company’s order book depends on its ability to qualify for and win government tenders, and its bid conversion has varied across periods. For solo bids, it submitted 56 bids from FY24 till July 15, 2026, of which 36 were net bids, and 13 were awarded, resulting in a conversion rate of 36.11%. As lead partner, it submitted nine bids, of which six were awarded, resulting in a conversion rate of 75%. However, its joint venture bids had a 0% conversion rate during this period. Any failure to qualify for or win tenders, particularly for large or technically complex projects, could adversely affect its order book and financial performance.
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