The IPO allotment for the Teamtech Formwork Solutions is expected to be finalized on May 22, on the back of robust investor participation during the three-day bidding period. The SME IPO valued at Rs. 50.15 crore witnessed healthy demand in retail, non-institutional and qualified institutional investor (QIB) segments.
The stock is expected to list on the NSE SME platform on May 26 at 10 am.
Based on exchange subscription statistics, the Teamtech Formwork Solutions IPO was subscribed 6.27 times on the last day of bidding.
The Non-Institutional Investor (NII) segment had the highest subscription demand of 12.05 times, followed by the Retail investors segment with the subscription of 5.33 times. Subscription was 3.58 times for the Qualified Institutional Buyers (QIB) segment.
There was no Offer for Sale (OFS) in the IPO; it was all a fresh issue of 79.60 lakh equity shares.
The company set the price band for the IPO at Rs. 61 and Rs. 63 per share. Investors had to apply for a minimum of two lots or 4,000 shares worth approximately Rs. 2.52 lakh at the upper price band.
Visit the official website: https://ipostatus.kfintech.com/
In the ‘Select IPO’ list, pick ‘Teamtech Formwork Solutions Ltd’
Add your IPO application number, PAN or Demat account number
Click on ‘Submit’
Open this on the browser: https://www.nseindia.co/invest/check-trades-bids-verify-ipo-bids
Choose ‘Equity & SME IPO bid details’
Select ‘Teamtech Formwork Solutions’ under the symbol ‘TEAMTECH’
Add your application number and PAN card number
Press the 'Submit' button
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Teamtech Formwork Solutions was established in 2018 and has a business-to-business (B2B) model with a focus on construction equipment. It produces, refurbishes and rents T-formwork systems in modules and custom-made formwork products for projects in concrete construction.
It is applied in foundations, walls, shafts, bridges, tanks and on circular concrete constructions. The company also refrains from using formwork systems to increase the lifespan and provides formwork rental services to lower the capital expense for construction companies.
The money raised from this IPO would be used initially for plant and machinery, repayment of debt obligations, working capital needs and general corporate purposes, the company said in its red herring prospectus (RHP).
The company further stated that the listing will enable it to achieve brand visibility and boost corporate credibility.