Technocrats Plasma Systems IPO was a book-built SME public issue of Technocrats Plasma Systems Limited. The company offered 46,20,000 equity shares of face value ₹10 each at a price band of ₹125 to ₹132 per share. At the upper price of ₹132, the issue size aggregated to approximately ₹60.98 crore. The issue was entirely a fresh issue.
The IPO opened for subscription on August 14, 2026, and closed on August 18, 2026. The basis of allotment was finalised on August 19, refunds were initiated on August 20, and the shares were listed on the BSE SME platform on August 21, 2026.
Technocrats Plasma Systems is an engineering-focused company involved in the design, development and installation of plasma systems for surface cleaning, activation, coating and modification. Its business also includes plasma cutting machines, welding equipment, customised automation systems and related engineering services.
The company serves manufacturing and industrial applications and has expanded its product portfolio from plasma cutting equipment into welding machines, welding systems, plasma gasifiers and plasma furnaces for applications such as e-waste management and advanced material processing.
For FY2026, the company reported revenue of ₹131.41 crore and profit after tax of ₹14.94 crore, compared with revenue of ₹49.44 crore and PAT of ₹8.11 crore in FY2025.
Technocrats Plasma Systems IPO Details
| Information | Details |
|---|---|
| IPO Name | Technocrats Plasma Systems IPO |
| Company Name | Technocrats Plasma Systems Limited |
| IPO Type | Book Building Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹125 to ₹132 Per Share |
| Final Issue Price | ₹132 Per Share |
| Issue Size | Approx. ₹60.98 Crore |
| Fresh Issue | 46,20,000 Equity Shares |
| Offer for Sale | Nil |
| IPO Open Date | 14 August 2026 |
| IPO Close Date | 18 August 2026 |
| Basis of Allotment | 19 August 2026 |
| Refund Date | 20 August 2026 |
| Demat Credit | 20 August 2026 |
| Listing Date | 21 August 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Shares |
| Minimum Application | 2 Lots / 2,000 Shares |
| Minimum Investment | ₹2,64,000 |
| Registrar | Maashitla Securities Private Limited |
| Lead Manager | Rarever Financial Advisors Private Limited |
| Market Maker | Aftertrade Broking Private Limited |
The issue consisted of 46.20 lakh shares, including 2.31 lakh shares reserved for the market maker. The remaining 43.89 lakh shares constituted the net issue.
Technocrats Plasma Systems IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 13 August 2026 |
| IPO Opening Date | 14 August 2026 |
| IPO Closing Date | 18 August 2026 |
| Basis of Allotment | 19 August 2026 |
| Refund Initiation | 20 August 2026 |
| Shares Credited to Demat | 20 August 2026 |
| Listing Date | 21 August 2026 |
The anchor bidding was conducted on August 13, one day before the public issue opened.
Technocrats Plasma Systems IPO Reservation
The issue included allocations for QIBs, NIIs, retail investors and the market maker.
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| Anchor Investors | 13,14,000 | 28.44% |
| QIB – Excluding Anchor | 8,77,000 | 18.98% |
| Non-Institutional Investors | 6,60,000 | 14.29% |
| Retail Individual Investors | 15,38,000 | 33.29% |
| Market Maker | 2,31,000 | 5.00% |
| Total | 46,20,000 | 100% |
The QIB allocation including the anchor portion was 21.91 lakh shares.
Technocrats Plasma Systems IPO Lot Size
The IPO market lot was 1,000 shares. Because one lot at ₹132 represented ₹1,32,000, the minimum application for the retail category was two lots, or 2,000 shares, requiring ₹2,64,000 at the upper price band.
| Application | Lots | Shares | Amount at ₹132 |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,000 Shares | ₹2,64,000 |
| Retail Maximum | 2 Lots | 2,000 Shares | ₹2,64,000 |
| S-HNI Minimum | 3 Lots | 3,000 Shares | ₹3,96,000 |
| S-HNI Maximum | 7 Lots | 7,000 Shares | ₹9,24,000 |
| B-HNI Minimum | 8 Lots | 8,000 Shares | ₹10,56,000 |
Technocrats Plasma Systems IPO Anchor Investors
Technocrats Plasma Systems completed its anchor-investor bidding on August 13, 2026. The company allocated 13,14,000 shares to anchor investors at ₹132 per share, representing approximately ₹17.34 crore.
| Particular | Details |
|---|---|
| Anchor Bidding Date | 13 August 2026 |
| Anchor Shares | 13,14,000 Shares |
| Anchor Amount | Approx. ₹17.34 Crore |
| Anchor Price | ₹132 Per Share |
| 50% Lock-in End Date | 18 September 2026 |
| Remaining Lock-in End Date | 17 November 2026 |
About Technocrats Plasma Systems Limited
Technocrats Plasma Systems Limited was originally incorporated as Technocrat Plasma Systems Private Limited on November 1, 1994. The company has operated in engineering and plasma technology for several decades.
The company’s principal activities include designing, developing and installing plasma systems used for surface cleaning, activation, coating and modification across industrial applications.
Its product portfolio includes automated and non-automated machines, customised and retrofit solutions, installation and commissioning services, maintenance support and technical consultancy.
The company subsequently expanded into welding machines and welding systems. It has also developed plasma gasifiers and plasma furnaces intended for e-waste management and advanced material-processing applications.
Business Operations
Technocrats Plasma Systems operates across several engineering and industrial technology segments.
- Plasma Cutting Machines: Manufacturing of plasma-based cutting equipment.
- Welding Machines: Development and supply of welding machines and systems.
- Plasma Systems: Design and installation of systems for surface treatment.
- Automation Solutions: Development of customised automation systems.
- Customisation and Retrofit: Modification and upgrading of existing equipment.
- Installation Services: Installation of machines and systems at customer locations.
- Commissioning Services: Commissioning of installed equipment.
- Maintenance Support: Maintenance and technical support after installation.
- Technical Consultancy: Engineering and technical consulting services.
- Plasma Gasifiers: Solutions for applications including e-waste management.
- Plasma Furnaces: Systems for advanced material-processing applications.
The company’s integrated engineering capabilities allow it to provide equipment as well as associated services to industrial customers.
Industry Overview
Industrial automation, metal fabrication, welding and advanced manufacturing technologies are important components of India’s broader manufacturing ecosystem.
Manufacturers increasingly require automated equipment to improve productivity, consistency and process efficiency. Plasma cutting and welding technologies are used in applications involving metal processing and fabrication.
There is also increasing interest in specialised plasma technology for applications beyond conventional cutting, including surface treatment, waste management and advanced material processing.
The industry is competitive, however, and companies must maintain engineering expertise, product quality and after-sales service. Changes in manufacturing investment cycles can also affect demand for capital equipment.
The sector is additionally exposed to component costs, technology changes, project execution requirements and the availability of skilled technical personnel.
Business Strategy
Technocrats Plasma Systems intends to strengthen its manufacturing and operating capabilities through the IPO proceeds.
The company proposed to use ₹8.79 crore for the purchase and installation of plant and machinery for manufacturing plasma cutting machines, welding equipment and customised automation systems at its existing premises.
A major portion of the issue proceeds is intended for long-term working capital requirements. This is particularly relevant for an engineering business where procurement, manufacturing, project execution and customer receivables can require significant operating capital.
The company also plans to use funds for general corporate purposes.
Technocrats Plasma Systems IPO Financial Information
Technocrats Plasma Systems reported substantial growth in revenue and profitability between FY2024 and FY2026.
Revenue increased from ₹6.35 crore in FY2024 to ₹49.44 crore in FY2025 and ₹131.41 crore in FY2026.
Profit after tax increased from ₹2.21 crore in FY2024 to ₹8.11 crore in FY2025 and ₹14.94 crore in FY2026. Total assets increased from ₹13.55 crore to ₹72.06 crore over the same period.
Technocrats Plasma Systems Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue / Total Income | ₹6.35 Crore | ₹49.44 Crore | ₹131.41 Crore |
| Expenses | ₹5.55 Crore | ₹41.68 Crore | ₹106.47 Crore |
| EBITDA | ₹1.30 Crore | ₹8.59 Crore | ₹26.29 Crore |
| Profit After Tax | ₹2.21 Crore | ₹8.11 Crore | ₹14.94 Crore |
| Total Assets | ₹13.55 Crore | ₹36.72 Crore | ₹72.06 Crore |
| Net Worth | ₹3.74 Crore | ₹14.24 Crore | ₹39.01 Crore |
| Total Borrowings | ₹6.66 Crore | ₹10.24 Crore | ₹14.73 Crore |
The company’s financials show rapid revenue growth, accompanied by an expansion in its asset base, net worth and borrowings.
Technocrats Plasma Systems IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| Revenue | ₹131.41 Crore |
| EBITDA | ₹26.29 Crore |
| PAT | ₹14.94 Crore |
| Basic EPS | ₹11.63 |
| NAV | ₹30.28 |
| ROE | 56.10% |
| ROCE | 48.55% |
| RoNW | 56.10% |
| EBITDA Margin | 20.02% |
| PAT Margin | 11.37% |
| Debt-to-Equity | 0.38x |
The FY2026 figures indicate strong reported returns and an EBITDA margin of 20.02%. The debt-to-equity ratio was reported at 0.38x.
Technocrats Plasma Systems IPO Valuation
The IPO price band was ₹125 to ₹132 per share, with the issue price fixed at ₹132.
Based on FY2026 earnings, the reported pre-issue P/E was approximately 11.38x, while the post-issue P/E was approximately 15.47x. The issue was priced at around 4.34x the reported NAV of ₹30.38 per share according to the IPO review analysis.
| Particular | Details |
|---|---|
| Price Band | ₹125 – ₹132 |
| Final Issue Price | ₹132 |
| Face Value | ₹10 |
| FY2026 EPS | ₹11.63 |
| FY2026 NAV | ₹30.28 |
| Pre-Issue P/E | Approx. 11.38x |
| Post-Issue P/E | Approx. 15.47x |
| ROE / RoNW | 56.10% |
| ROCE | 48.55% |
| Debt-to-Equity | 0.38x |
Valuation should be considered alongside the company’s recent revenue growth, earnings sustainability, working-capital requirements, competitive environment and the risks associated with SME-listed companies.
Objects of the Technocrats Plasma Systems IPO
The company proposed to use the IPO proceeds for manufacturing expansion, long-term working capital and general corporate purposes.
| Purpose | Amount |
|---|---|
| Plant & Machinery for Plasma Cutting Machines, Welding Equipment & Customised Automation Systems | ₹8.79 Crore |
| Long-Term Working Capital Requirements | ₹44.07 Crore |
| General Corporate Purposes | As specified in the offer document |
| Total Issue | Approx. ₹60.98 Crore |
The plant-and-machinery expenditure is intended to strengthen manufacturing capabilities at the company’s existing premises, while the larger working-capital allocation is intended to support ongoing business requirements.
Technocrats Plasma Systems IPO GMP
Grey Market Premium is an unofficial market indicator and is not regulated by stock exchanges. It should not be treated as a guaranteed listing price.
Technocrats Plasma Systems IPO GMP was reported at ₹21 on August 14 and subsequently increased during the issue period. IPO Watch reported a GMP of ₹70 on August 21, equivalent to approximately 53.03% of the upper issue price.
| Date | GMP |
|---|---|
| 11 August 2026 | ₹26 |
| 12 August 2026 | ₹0 |
| 13 August 2026 | ₹21 |
| 14 August 2026 | ₹21 |
| 17 August 2026 | ₹32 |
| 18 August 2026 | ₹32 |
| 19 August 2026 | ₹43 |
| 20 August 2026 | ₹55 |
| 21 August 2026 | ₹70 |
The actual listing price was ₹230, significantly above the issue price of ₹132. This demonstrates that GMP should be treated only as an unofficial sentiment indicator and not as a guaranteed predictor.
Technocrats Plasma Systems IPO Subscription Status
Technocrats Plasma Systems IPO received exceptionally strong investor demand. The final subscription was reported at 203.36 times overall.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 169.54x |
| Non-Institutional Investors | 311.97x |
| Retail Individual Investors | 176.05x |
| Total Subscription | 203.36x |
The NII category recorded the highest subscription at 311.97x, followed by retail investors at 176.05x and QIBs at 169.54x.
Technocrats Plasma Systems IPO Day-Wise Subscription
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 1 | 0.00x | 0.45x | 0.59x | 0.42x |
| Day 2 | 0.00x | 0.45x | 0.59x | 0.42x |
| Day 3 | 0.00x | 0.45x | 0.59x | 0.42x |
| Day 4 | 0.89x | 5.76x | 8.44x | 5.71x |
| Day 5 | 169.54x | 311.97x | 176.05x | 203.36x |
The issue saw a dramatic increase in demand during the final bidding stages, taking the overall subscription from 5.71x to 203.36x.
Technocrats Plasma Systems IPO Listing Performance
Technocrats Plasma Systems shares were listed on the BSE SME platform on August 21, 2026.
The final issue price was ₹132 per share, while the shares opened at ₹230, representing a listing gain of ₹98 per share or approximately 74.24%.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 21 August 2026 |
| Issue Price | ₹132 Per Share |
| Listing Price | ₹230 Per Share |
| Listing Gain | ₹98 Per Share |
| Listing Gain (%) | Approx. 74.24% |
| Day-1 Closing Price | ₹242 |
The shares subsequently closed the first trading day at ₹242, according to reported exchange-price data.
Technocrats Plasma Systems IPO Review
Technocrats Plasma Systems operates in a specialised engineering segment covering plasma technology, cutting machines, welding systems and customised automation solutions.
The company’s product and service portfolio is broader than plasma cutting alone. It includes automated and non-automated machines, customised and retrofit solutions, installation, commissioning, maintenance support and technical consultancy. It has also expanded into plasma gasifiers and plasma furnaces.
The financial performance has shown considerable growth. Revenue increased from ₹6.35 crore in FY2024 to ₹49.44 crore in FY2025 and ₹131.41 crore in FY2026. PAT increased from ₹2.21 crore to ₹14.94 crore over the same period.
FY2026 EBITDA stood at ₹26.29 crore, while ROE and ROCE were reported at 56.10% and 48.55%, respectively. The debt-to-equity ratio stood at 0.38x.
The IPO’s largest use of funds is long-term working capital, with ₹44.07 crore allocated for this purpose. Another ₹8.79 crore is intended for plant and machinery to manufacture plasma cutting machines, welding equipment and customised automation systems.
However, the rapid increase in revenue and profit should be examined carefully for sustainability. The company’s business operates in competitive industrial markets, and the ability to maintain margins and convert earnings into cash will be important.
Working-capital requirements are also significant. Rising trade receivables were highlighted as a concern in an IPO review, making receivables management an important factor for investors to monitor.
The valuation also requires attention. At the upper band, the issue was valued at approximately 15.47x post-issue FY2026 earnings according to the offer-document-based analysis.
The IPO received extraordinary demand, with 203.36x overall subscription. The shares subsequently listed at ₹230 against the ₹132 issue price, delivering a strong 74.24% listing gain.
Overall, Technocrats Plasma Systems combines a long operating history with exposure to industrial equipment, plasma technology and customised automation. Its future performance will depend on sustaining its recent growth, managing working capital, executing manufacturing expansion and maintaining profitability in a competitive market.
Technocrats Plasma Systems IPO Strengths
- Long operating history in engineering and plasma technology.
- Established since 1994.
- Provides plasma-based industrial solutions.
- Manufactures plasma cutting machines.
- Expanded into welding machines and welding systems.
- Provides customised automation solutions.
- Offers installation, commissioning and maintenance services.
- Has developed plasma gasifiers and plasma furnaces.
- Serves applications across manufacturing and industrial sectors.
- Revenue increased substantially between FY2024 and FY2026.
- PAT increased from ₹2.21 crore in FY2024 to ₹14.94 crore in FY2026.
- FY2026 EBITDA reached ₹26.29 crore.
- FY2026 ROE stood at 56.10%.
- FY2026 ROCE stood at 48.55%.
- Debt-to-equity ratio was 0.38x.
- IPO proceeds are intended to expand manufacturing capacity and support working capital.
Technocrats Plasma Systems IPO Risk Factors
- Industrial equipment demand can be affected by capital-expenditure cycles.
- The company operates in a competitive and fragmented industry.
- Rapid recent revenue growth may not necessarily continue.
- Rising trade receivables can create working-capital pressure.
- The business requires substantial working capital.
- Manufacturing expansion requires successful execution.
- Component and raw-material costs can affect margins.
- Engineering businesses depend on skilled technical personnel.
- Technology changes can require continued investment.
- Project delays can affect revenue recognition and profitability.
- The company may face customer concentration or order-flow risks.
- Plasma and welding technology markets are competitive.
- SME-listed shares can experience significant price volatility and liquidity constraints.
- Investors should assess whether recent earnings levels are sustainable.
Technocrats Plasma Systems IPO Promoters
The promoters of Technocrats Plasma Systems Limited are Sandeep Aggarwal, Nikunj Aggarwal and Esha Gupta. Before the IPO, the promoter and promoter-group holding was 86.96%. Following the issue, the promoter holding was reported at approximately 64%.
| Promoter | Status |
|---|---|
| Sandeep Aggarwal | Promoter |
| Nikunj Aggarwal | Promoter |
| Esha Gupta | Promoter |
The reduction in promoter ownership reflects dilution following the fresh issue.
Technocrats Plasma Systems IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Rarever Financial Advisors Private Limited |
| Role | Book Running Lead Manager |
| Market Maker | Aftertrade Broking Private Limited |
| Listing Exchange | BSE SME |
Rarever Financial Advisors Private Limited acted as the book-running lead manager for the IPO.
Technocrats Plasma Systems IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar | Maashitla Securities Private Limited |
| Role | Registrar to the Issue |
| Phone | 011-45121795 |
| [email protected] | |
| Listing Platform | BSE SME |
Maashitla Securities Private Limited acted as the registrar to the issue.
Technocrats Plasma Systems Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Technocrats Plasma Systems Limited |
| Registered Office | Gala No. 6, 7, 8, 105, 106, 107, 108, Nirav-2, Gaon Devi Industrial Estate, Sativali, Vasai East, Palghar, Maharashtra – 401208 |
| Phone | +91 78880 99611 |
| [email protected] | |
| Website | www.technocratplasma.com |
The company is headquartered in the Vasai, Palghar region of Maharashtra.
How to Check Technocrats Plasma Systems IPO Allotment Status
Investors who applied for the Technocrats Plasma Systems IPO can check their allotment status through the registrar’s facility or the applicable exchange facility.
Through Maashitla Securities
- Open the IPO allotment facility.
- Select Technocrats Plasma Systems Limited.
- Choose PAN, application number or DP/Client ID as applicable.
- Enter the required details.
- Complete the verification process.
- Submit the information to view the allotment status.
Through BSE
Investors can also use the BSE application-status facility and enter the required IPO application details.
The basis of allotment was finalised on August 19, 2026, followed by refunds and demat credit on August 20. The shares were listed on August 21, 2026.
Technocrats Plasma Systems IPO Conclusion
Technocrats Plasma Systems IPO provided investors with exposure to an engineering company specialising in plasma technology, plasma cutting machines, welding equipment, customised automation systems and related industrial services.
The company has a long operating history and has expanded its product portfolio into several specialised applications, including plasma gasification and plasma furnaces.
Financial performance improved significantly during FY2024 to FY2026. Revenue increased from ₹6.35 crore to ₹131.41 crore, while PAT increased from ₹2.21 crore to ₹14.94 crore. FY2026 EBITDA stood at ₹26.29 crore.
The IPO proceeds are primarily intended for long-term working capital, while ₹8.79 crore is earmarked for plant and machinery used in manufacturing plasma cutting machines, welding equipment and customised automation systems.
The issue attracted exceptionally strong demand, with overall subscription of 203.36 times. QIBs subscribed 169.54x, NIIs 311.97x and retail investors 176.05x.
The shares listed at ₹230 against the issue price of ₹132, resulting in a listing gain of approximately 74.24%.
Despite the strong growth and listing performance, investors should assess the sustainability of recent earnings, working-capital requirements, receivables, competition, technology changes and the valuation at which the company trades after listing.
For long-term evaluation, revenue quality, cash flows, order visibility, margins, receivables, debt and manufacturing capacity utilisation will be important factors to monitor.
Technocrats Plasma Systems IPO FAQs
What is Technocrats Plasma Systems IPO?
Technocrats Plasma Systems IPO was a book-built SME public issue of Technocrats Plasma Systems Limited comprising 46,20,000 equity shares.
What was the Technocrats Plasma Systems IPO price?
The price band was ₹125 to ₹132 per share, with the final issue price fixed at ₹132 per share.
What was the Technocrats Plasma Systems IPO issue size?
The IPO issue size was approximately ₹60.98 crore through 46,20,000 equity shares.
What was the Technocrats Plasma Systems IPO lot size?
The lot size was 1,000 shares. The minimum application was two lots, or 2,000 shares, requiring ₹2,64,000 at the upper price band.
When was the Technocrats Plasma Systems IPO allotment date?
The basis of allotment was finalised on August 19, 2026.
When was the Technocrats Plasma Systems IPO listing date?
Technocrats Plasma Systems shares were listed on the BSE SME platform on August 21, 2026.
What was the Technocrats Plasma Systems IPO listing price?
The shares listed at ₹230 against the issue price of ₹132, giving a listing gain of approximately 74.24%.
What was the Technocrats Plasma Systems IPO subscription status?
The IPO was subscribed 203.36 times overall, with QIBs at 169.54x, NIIs at 311.97x and retail investors at 176.05x.
What was the Technocrats Plasma Systems IPO GMP?
The reported GMP reached ₹70 on August 21, 2026. GMP is unofficial and does not guarantee the actual listing or future market price.
What does Technocrats Plasma Systems Limited do?
Technocrats Plasma Systems designs, develops and installs plasma systems and manufactures plasma cutting machines, welding equipment and customised automation systems for industrial applications. It also provides installation, commissioning, maintenance and technical consultancy services.
