Teamtech Formwork Solutions IPO Day 3: Here's GMP, subscription status & other details

Teamtech Formwork Solutions IPO, which opened for subscription on 19 May, has been subscribed 3.71 times so far. The SME IPO will close for bidding later today, 21 May.

Teamtech Formwork Solutions follows a business-to-business (B2B) model, focusing on the manufacturing, refurbishment, and leasing of modular T-formwork and customised formwork solutions for the construction sector.

Based in Hyderabad, the company offers products such as modular T-formwork systems, customised panels, and support components designed for vertical concrete structures, including walls, bridges, tanks, foundations, and shafts. In addition, it provides customised design and engineering services, technical assistance, refurbishment services, and rental solutions for modular T-formwork systems used in vertical concrete construction.

Teamtech Formwork Solutions IPO subscription status

TeamTech Formwork Solutions IPO has been subscribed 3.17 times so far on the last day of bidding, as of 2:30 pm, according to data available on Chittorgarh.

The qualified institutional buyers (QIB) segment was subscribed 2.36 times, while the non-institutional investors (NII) category saw 5.29 times subscription. The retail investor portion was booked 2.71 times. Overall, the issue received around 1,67,58,000 share bids against the 52.94 lakh shares on offer.

Teamtech Formwork Solutions IPO GMP today

The grey market premium (GMP) of the Teamtech Formwork Solutions IPO stood at zero, indicating that the company’s shares were trading at the issue price in the unofficial market.

Based on the current GMP trend, the Teamtech Formwork Solutions IPO is expected to list at par, with no anticipated premium or discount.

Teamtech Formwork Solutions IPO details

The ₹50.15-crore SME IPO is a complete fresh issue of 0.80 crore shares. The price band for the SME IPO has been fixed between ₹61 and ₹63 apiece. As the offering does not include an OFS (Offer for Sale) component, the entire proceeds will go directly to the company.

Teamtech Formwork Solutions intends to utilise the IPO proceeds to finance capital expenditure for acquiring machinery and equipment for a new manufacturing facility, repay certain outstanding borrowings, meet working capital requirements, and support general corporate purposes.

Under the issue structure, a minimum of 50% of the offer is allocated to institutional investors, 15% to non-institutional investors, and 35% to retail investors.

The IPO allotment for Teamtech Formwork Solutions is expected to be finalised on May 22, while the company is scheduled to list on the NSE SME platform on 26 May.

GetFive Advisors is the book running lead manager, and Kfin Technologies is the registrar of the issue.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.