TechEra Engineering IPO booked nearly 70 times on Day 3: Check subscription, price band, and other details

TechEra Engineering IPO subscription closed on Friday, September 27, with strong demand as the issue was booked nearly 70 times.

The NSE SME issue received bids for more than 20.34 crore shares compared to 29.12 lakh shares on offer, leading to an overall subscription of 69.87 times.

The Non-Institutional Investors (NIIs) subscribed their portion 129.22 times, with bids for 8.06 crore shares compared to 6.24 lakh shares reserved for the segment.

Retail investors submitted bids for 9.68 crore shares against their quota of 14.56 lakh shares. The retail portion was booked 66.51 times. Qualified Institutional Buyers (QIBs) with bids for 2.59 crore shares against 8.32 lakh shares available, resulting in a subscription of 31.21 times.

TechEra Engineering IPO details

TechEra Engineering IPO was a book-built issue worth ₹35.9 crore. The public offer comprised a fresh issue of 43.78 lakh shares.

The IPO price band was set between ₹75 and ₹82 per share.

The minimum lot size for applications was 1,600 shares, requiring an investment of ₹1,31,200 for retail investors and for high net worth individuals (HNIs) the application size was at least 2 lots (3,200 shares), aggregating to ₹2,62,400.

TechEra Engineering IPO dates

The IPO opened for subscription on September 25 and closed on September 27. The IPO share allotment status is expected to be finalised on Monday, September 30.

Refunds for unsuccessful bidders will be initiated on October 1 and successful bidders will receive shares of the company in their Demat accounts the same day.

Shares of the company are scheduled to be listed on the NSE SME platform on Thursday, October 3.

TechEra Engineering IPO Registrar

Kfin Technologies Limited acts as the registrar for the IPO, while SKI Capital Services Limited is the book-running lead manager.

SKI Capital Services Limited and Acme Capital Market Limited serve as the market makers for the offering.

TechEra Engineering IPO objective

The company intends to use the funds raised from the public issue for capital expenditures to acquire new machinery, working capital requirements and prepaying or repaying a portion of certain outstanding borrowings.

Additionally, a portion of the funds will be allocated for general corporate purposes and to cover the expenses associated with the issuance.

About TechEra Engineering Limited

TechEra Engineering Limited specialises in precise tooling and components for the aerospace and defence industries. It also provides automation system solutions.

The company, founded in 2018, produces a range of products, including assembly tools and precision machined components, leveraging advanced manufacturing technologies like 5-axis machining and 3D modelling.