Techera Engineering Debuts On NSE SME Platform With 52% Premium

New Delhi, Oct 3 (KNN) TechEra Engineering made its stock market debut on October 3, listing at Rs 125 on the NSE SME platform. The opening price represented a premium of over 52 percent compared to the issue price of Rs 82, marking a solid start for the company's shares.

The initial public offering (IPO), which raised Rs 35.90 crore through a fresh issue of 43.78 lakh shares, garnered significant investor interest during its three-day subscription period.

The offer was oversubscribed by 70 times, with non-institutional investors leading the charge at 129 times their allotted portion. Retail investors and qualified institutional buyers (QIBs) also showed strong demand, subscribing 66 times and 31 times their respective quotas.

Despite the positive reception, the listing gains fell short of grey market expectations, where shares were trading at a premium of nearly 70 percent. The grey market, an unofficial trading platform operating before the official listing, often serves as an indicator of investor sentiment.

Incorporated in 2018, TechEra Engineering (India) Limited has established itself as a specialist in the design, manufacture, and supply of precision tooling and components for the aerospace and defense industries.

The company's product portfolio includes assembly tools, jigs, fixtures, maintenance and repair tools, ground support equipment, and precision machined components. TechEra leverages advanced technologies such as 5-axis machining and 3D modelling in its manufacturing processes.

The company intends to utilise the net proceeds from the IPO for various purposes, including capital expenditure on new machinery, funding working capital requirements, repaying or prepaying certain borrowings, and general corporate expenses. A portion of the funds will also be allocated to cover issue-related expenses.

(KNN Bureau)