TechEra Engineering IPO subscribed 32 times so far on last day, retail investors top bidders

The initial public offering (IPO) of TechEra Engineering Ltd. was subscribed 32 times so far on Friday, its final day of bidding. The IPO was subscribed 8.34 times on Thursday and 2.10 times on Wednesday. The share sale was subscribed 41.13 times in the retail category, 18.91 times in QIB category and 27.59 times in the NII category. 

TechEra Engineering IPO is a fresh issue of 43.78 lakh shares aggregating to Rs 35.90 crore. The price for TechEra Engineering IPO has been fixed in the range of Rs 75 to Rs 82 per share. 

Retail investors can place their bids in the issue with a minimum lot size of 1600 shares, for which they will have to spend Rs 1,31,200. 

Kfin Technologies Ltd. is the registrar to the IPO. TechEra Engineering has appointed SKI Capital Services Ltd. as the book-running lead manager for the IPO.

The company will finalise the allotment of shares on September 30. 

Shares of TechEra Engineering shares are likely to list on the NSE SME platform, Emerge, tentatively on October 3.

The company's promoters are Nimesh Rameshchandra Desai, Meet Nimesh Desai, and Kalpana Nimesh Desai. They held 57.48% stake in the firm before the issue. 

TechEra Engineering Ltd is engaged in the design, manufacturing and supply of precise tooling and components for aerospace and defence industries. The company's product portfolio includes assembly tools, jigs, fixtures, maintenance and repair tools, and other such components. The company, incorporated in 2018, employed 177 full-time qualified professionals as of September 2024.