Teamtech Formwork Solutions IPO: The (IPO) of Teamtech Formwork Solutions kicked off for bidding on Tuesday, 19 May, and will remain available till Thursday, 21 May. The offer received a decent response from investors on the first day of the bidding process, crossing the halfway mark.
Teamtech Formwork Solutions operates on a business-to-business (B2B) model, manufacturing, refurbishing, and renting modular T-formwork and customised formwork systems for the construction industry.
Headquartered in Hyderabad, the company’s products include modular T-formwork systems, customised panels and supporting components used for vertical concrete structures such as walls, bridges, tanks, foundations and shafts. It also provides modular T-formwork systems with customised design, engineering, technical support, refurbishment, and rental solutions for vertical concrete structures.
Teamtech Formwork Solutions IPO Details
The ₹50.15-crore is entirely a fresh issue of 0.80 crore shares sold in the price band of ₹61 to ₹63 per share. Since the offer has no OFS component, all proceeds will be received by the company.
Teamtech Formwork Solutions plans to use the funds from the share sale for funding capital expenditure towards the purchase of machinery and plants for a new manufacturing unit, repayment of certain borrowings availed by the company, meeting working capital needs and for general corporate purposes.
In the offer, at least 50% is reserved for institutional investors, 15% for non-institutional investors and 35% for retail investors.
Teamtech Formwork Solutions IPO allotment is likely to be finalised on 22 May, and the listing is slated to take place next week on 26 May.
Teamtech Formwork Solutions IPO subscription
Teamtech Formwork Solutions IPO was subscribed 0.53 times as of 4.45 pm, according to data from Chittorgarh.
The qualified institutional buyer (QIB) quota was booked 0.66 times, while the NII segment received 0.79 times, and the retail investor portion received 0.34 times. The offer received bids for 27,96,000 shares as against 52,94,000 shares on offer.
Teamtech Formwork Solutions IPO GMP
Teamtech Formwork Solutions IPO’s (GMP) was nil. This means that shares of Teamtech Formwork Solutions are trading at par with the offer price in the unofficial market.
At the prevailing GMP, Teamtech Formwork Solutions IPO listing could occur at neither a premium nor a discount.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.