Technocrats Plasma Systems IPO
LISTEDSMETECHNOCRATListing Performance
▲ 74.24%
Issue Price
₹132
Listing Price
₹230
Listed On
21 Aug 2026
- Price Band
- ₹125 – ₹132
- Lot Size
- 1,000
- Lot Value
- ₹1,32,000
- Open Date
- 14 Aug14 Aug 2026
- Close Date
- 18 Aug18 Aug 2026
- Min Investment
- ₹1,32,000
About Technocrats Plasma Systems
Technocrats Plasma Systems Limited is an engineering-led manufacturer of plasma cutting machines, welding equipment, and customised automation systems for metal fabrication in India. Headquartered in Maharashtra with manufacturing facilities in Vasai East, the company designs, manufactures, supplies, installs, and commissions cutting and welding solutions. Its product portfolio comprises plasma cutting machines, CNC gas and plasma profile cutting machines, CNC pipe profile systems, fibre laser cutting machines, laser welding systems, and conventional and inverter-based welding equipment. The company also offers integrated Fibre Laser + Plasma + Oxy-Fuel cutting systems. It generates revenue primarily through the sale of manufactured machinery, spare parts, and execution of turnkey projects. Additionally, the company provides technical consultancy, layout planning, on-site commissioning, operator training, lifecycle support, and retrofit services, serving public and private enterprises across the automotive, construction, heavy engineering, oil and gas, and railway sectors.
Manufactures and sells plasma cutting machines, welding equipment, and automation solutions to the fabrication and metalworking industries.
Use of IPO Proceeds
Total allocation: ₹52.86 Cr (excludes issue expenses)
Promoters
Arun Kumar
Promoter, Chairman and Managing Director · age 68
Over 29 years of experience in the plasma and technology industry.
Diploma in Systems Management from the University of Bombay (1987) and Bachelor of Science (Engineering) in Electrical Engineering from Regional Institute of Technology, Jamshedpur (1980), with special technical training in plasma and laser technology from Lambda Physik, Germany.
Vandana Sharma
Promoter
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: BSE SME
Strengths (5)
- •Over 30 years of track record in manufacturing plasma cutting and welding equipment.
- •In-house design capabilities for indigenous development of CNC and laser systems.
- •Wide product portfolio including CNC profile cutters, fibre lasers, and welding units.
- •End-to-end service offering covering consultancy, installation, training, and retrofits.
- •Strong return metrics with ROCE at 62.85% and RoNW at 124.79%
Risk Factors (5)
- •Heavy reliance on raw material supply chains and volatile specialty steel prices.
- •High capital and R&D requirements needed to keep pace with rapid technological changes.
- •Risk of operational strain and quality control issues while scaling up manufacturing.
- •Limited brand recognition in international markets compared to global competitors.
- •Financial risk from leverage, with a Debt-to-Equity ratio standing at 1.10 times
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 189.17x (QIB 169.54x, NII 231.35x, Retail 175.94x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,32,000 |
| Retail (max) | 1 | 1,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,56,000 |
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | — | — | 0.89x | 169.54x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 0.59x | — | 8.41x | 175.94x |
| Total | 0.39x | — | 5.36x | 189.17x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
175.94x
Allotment Ratio
1 lot per 176 applicants
Allotment Probability
~0.6%
Non-Institutional Investors (NII / HNI)
Subscription
231.35x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
169.54x
Allotment Type
Discretionary allotment
Total Subscription
189.17x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
14 Aug 2026 · Fri
Issue Closes
18 Aug 2026 · Tue
UPI Deadline
18 Aug 2026 · Tue
Allotment
19 Aug 2026 · Wed
Refund
20 Aug 2026 · Thu
Share Credit
20 Aug 2026 · Thu
Listing
21 Aug 2026 · Fri
Issue Opens
14 Aug 2026 · Fri
Issue Closes
18 Aug 2026 · Tue
UPI Deadline
18 Aug 2026 · Tue
Allotment
19 Aug 2026 · Wed
Refund
20 Aug 2026 · Thu
Share Credit
20 Aug 2026 · Thu
Listing
21 Aug 2026 · Fri
IPO Details
| Registrar | Maashitla Securities Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹61.00 Cr |
| Fresh Issue | — |
| OFS Size | ₹0.00 Cr |
| Lead Managers | RAREVER FINANCIAL ADVISORS PRIVATE LIMITED |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 4.94 | 0.81 | 49.52 | — | 56.93% |
| FY24 | 0.61 | 0.22 | — | — | — |
| FY23 | 0.45 | 0.15 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | — | 0.64 | 4.94 |
| EBITDA | 0.08 | 0.13 | 0.86 |
| Net Worth | 0.15 | 0.37 | 1.42 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
2.7x
Price ÷ EPS
EPS (FY25)
₹50
Earnings per share
RoNW
56.93%
Return on net worth
ROCE
34.60%
as reported in filing
EBITDA margin
17.4%
EBITDA ÷ revenue
Price/NAV
1.52x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹12.88 Cr |
| Equity Shares (Pre-Issue) | 1,70,00,000 |
| Equity Shares (Post-Issue) | — |
Source: Technocrats Plasma Systems offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Technocrats Plasma Systems's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Technocrats Plasma Systems's filing.
Source: Technocrats Plasma Systems offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Technocrats Plasma Systems offer document (DRHP/RHP).
Board & Management
Board of Directors (4)
- Arun Kumar₹0.30 Cr p.a.
Chairman and Managing Director
Director since incorporation (November 1, 1994); appointed Managing Director for 5 years w.e.f. July 25, 2025
- Amrisha Arun Kumar Sharma
Executive Director and Chief Executive Officer
- Apeksha Sharma
Non-Executive Director
- Vijoy Kumar
Non-Executive Independent Director
Key Managerial Personnel (2)
- Vandana Sharma
Chief Financial Officer
Postgraduate Diploma in Social Service with specialization in Personnel Management and Industrial Relations (1987); Bachelor's degree in Science (Zoology - Honours) from St. Xavier's College, Ranchi (1984)
More than 28 years of experience; BHEL (1989-1996); Technocrats Plasma Systems Limited (since 2004); Aquaplasma Solutions Private Limited (2021-2024)
- Prashant Prakash Lathi
Company Secretary and Compliance Officer
Associate Member of the Institute of Company Secretaries of India (2016); Bachelor of Commerce from Lala Lajpat Rai College of Commerce and Economics, Mumbai (2005)
3 years post qualification; Keemtee Financial Services Limited (October 2023 to May 25, 2024); New Markets Advisory Limited (September 24, 2024 to September 15, 2025)
Source: Technocrats Plasma Systems offer document (DRHP/RHP).
Industry & Market
Per Infomerics Analytics and Research Report, December 2025, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Technocrats Plasma Systems Limited | — | — | 124.79 | — |
| Ador Welding Limited | — | — | 24.17 | — |
| ESAB India Limited | — | — | 101.03 | — |
| Jyoti CNC Automation Limited | — | — | 38.2 | — |
Material Litigation
One criminal proceeding under Section 138 of the Negotiable Instruments Act against promoter-director Arun Kumar for a dishonored cheque of ₹5.00 lakh dated December 20, 2021, with next hearing on January 14, 2026. Additionally, the company has 8 tax proceedings against it with aggregate amount involved of ₹179.75 lakh, and one civil litigation by a promoter with unspecified amount.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Maashitla Securities Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Technocrats Plasma Systems IPO opening?
The Technocrats Plasma Systems IPO opens on 14 Aug 2026 and closes on 18 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Technocrats Plasma Systems IPO?
The price band for the Technocrats Plasma Systems IPO is ₹125 to ₹132. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Technocrats Plasma Systems IPO?
The minimum lot size is 1000 shares with a minimum investment of ₹1,32,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Technocrats Plasma Systems IPO today?
The latest Grey Market Premium for Technocrats Plasma Systems is ₹43 (+32.58%). GMP is unofficial data and is not a guarantee of listing price.
When will the Technocrats Plasma Systems IPO list on NSE and BSE?
The Technocrats Plasma Systems IPO is expected to list on 21 Aug 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Technocrats Plasma Systems IPO allotment status?
The registrar for this IPO is Maashitla Securities Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Technocrats Plasma Systems IPO a mainboard or SME issue?
Technocrats Plasma Systems is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Technocrats Plasma Systems IPO?
You can apply for the Technocrats Plasma Systems IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Technocrats Plasma Systems IPO?
The GMP-implied price (unofficial, not a forecast) is ₹175: the upper price band of ₹132 plus the latest grey market premium of ₹43, as of 28 Sep 2026, 01:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Technocrats Plasma Systems IPO?
Based on the retail subscription of 175.94x, the estimated allotment ratio is 1 lot per 176 applicants (approximately 0.6% chance of allotment). This is an estimate and actual allotment may vary.
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