In stock market news, Techknowgreen Solutions Limited's Initial Public Offering (IPO) commenced its subscription journey on Monday, September 18, and the window of opportunity is set to close its doors today, Thursday, September 21. Techknowgreen has pegged the IPO price band at Rs.86 per equity share, with a face value of Rs.10 each. Interested investors should take note that the lot size for Techknowgreen IPO stands at 1,600 equity shares, with multiples available in increments of 1,600 equity shares.
This IPO from Techknowgreen is a pure fresh issue, with no Offer for Sale (OFS) component in the mix. The company has big plans for the capital it aims to raise through this IPO, including strategic investments in research and development (R&D) endeavors. This will involve recruiting top-notch R&D talent and acquiring cutting-edge equipment to bolster their innovation initiatives. Additionally, they have earmarked funds for expanding their office infrastructure, with renovations and the purchase of office equipment on the agenda. Furthermore, Techknowgreen intends to strengthen its execution and support service teams, focusing on environmental protection expertise, and allocate funds for general corporate purposes.
The driving forces behind Techknowgreen Solutions Limited are its promoters, Ajay Ramakant Ojha and Prasad Rangrao Pawar. Pre-IPO, their combined shareholding in the company stands at a significant 89.02 percent. However, after the public listing, this ownership will undergo a reduction, settling at 65.58 percent.
In the intricate orchestration of Techknowgreen Solutions IPO, the book-running lead manager is Indorient Financial Services Ltd, while Bigshare Services Pvt Ltd has taken on the role of registrar. Alacrity Securities is positioned as the market maker for this IPO, facilitating trading and liquidity.
Now, let's delve into the subscription status of Techknowgreen Solutions IPO. As of the third day, the subscription status stands at an impressive 6.95 times oversubscribed. Retail investors have demonstrated strong interest, oversubscribing their portion by a remarkable 10.41 times. Meanwhile, non-institutional buyers have also shown a substantial appetite, oversubscribing their allocation by 3.49 times, as per reports.
The numbers paint a vivid picture of investor enthusiasm, with a total of 1,28,36,800 bids received against the 1,944,000 shares on offer, as of 14:03 IST. This fervor surrounding Techknowgreen Solutions IPO highlights the market's keen interest in this promising venture.