Technocraft Ventures shares jump over 34 per cent in market debut trade

Representational Image. File pic.

Shares of infrastructure company Technocraft Ventures Ltd on Friday listed with a premium of over 34 per cent against the issue price of Rs 212.

The stock started trading at Rs 285, up 34.43 per cent from the issue price on the BSE. It further jumped 57.83 per cent to Rs 334.60.

At the NSE, the stock made its market debut at Rs 284, registering a jump of 33.96 per cent.

The company's market valuation stood at Rs 1,243.83 crore.

The initial public offering of Technocraft Ventures Ltd received 38.69 times subscription on the final day of bidding on Tuesday.

The company's Rs 251.88-crore IPO had a price band of Rs 200-212 per share.

The IPO had a fresh issue of up to 95.05 lakh equity shares and an offer for sale (OFS) of up to 23.76 lakh shares by promoter Kartikey Constructions.

Of the fresh issue proceeds, Rs 150 crore will be used to fund the company's working capital requirements, while the remaining amount will be utilised for general corporate purposes and offer-related expenses.

Incorporated in 1998, Technocraft Ventures is an engineering, procurement and construction (EPC) company engaged in public infrastructure projects.

Its operations span water and wastewater infrastructure, roads and highways, electrical transmission, urban infrastructure, and operation and maintenance of public utilities.

The company primarily executes projects for state governments and government agencies across Uttar Pradesh, Uttarakhand, Rajasthan, and Delhi, and has expanded its presence to Madhya Pradesh, Bihar, and Odisha.