Environment consulting firm Techknowgreen Solutions Limited’s initial public offering (IPO) opened for subscription from Monday, i.e September 18. The company is aiming to raise ₹16.72 crore via IPO.
The IPO is open for subscription on September 18 and will close on September 21. The price band has been fixed at ₹86 per equity share.
The Market lot and Trading lot for the Equity Share is 1,600, according to data available on the Bombay Stock Exchange website. The net proceeds from the IPO will be utilised to fund research and development initiatives, infrastructure expansion, hiring and resourcing, repayment of bank loan, and general corporate purpose.
The Lead Manager is Indorient Financial Services Limited and The Registrar to the Issue is Bigshare Services Private Limited.
Dr. Ajay Ojha, Managing Director, Technowgreen Solutions Limited said in a statement, “With over 20 years of experience we are well positioned to provide environmental consultancy services to various areas like regulatory framework, sustainability, technology and engineering. The IPO funding will enhance our capabilities to expand our reach to clients across different industries. Investment in R&D, human resources and infrastructure and will strengthen our capability to execute turnkey projects and stay ahead of competition.”
Grey Market Premium
The shares of Techknowgreen Solutions Limited are currently trading in the grey market at ₹25, Mint quoted market observers.
Vaibhav Kaushik, Research Analyst, GCL Broking, said,”Ahead of the IPO opening, Techknowgreen Solutions shares were traded in the grey market having GMP status ‘ ₹0’ at topsharebrokers.com and with the IPO the company is looking to raise a sum of Rs. 16.72 crores through this public issue”.
“The face value of an equity share is ₹10 each. The minimum bid lot size is 1,600 shares, i.e. a multiple of 1,600 shares thereof(one lot consists of 1,600 shares), amounting to ₹137000. Bigshare Services Pvt Ltd has been appointed as the registrar for this issue. The predicted date of listing Techknowgreen Solutions’ IPO is 29th September, 2023 and it is likely to debut on Dalal Street”, he added.