Techknowgreen Solutions Limited, an environmental consulting firm, initiated its Initial Public Offering (IPO) on September 18, with the goal of raising ₹16.72 crore. The subscription period for the IPO is from September 18 to September 21, with the share price set at ₹86 each.
Details of the IPO include a Market and Trading lot of 1,600 Equity Shares, as per information available on the Bombay Stock Exchange website. The funds generated from the IPO will be allocated towards research and development ventures, expanding infrastructure, recruitment and resourcing, repaying a bank loan, and general corporate purposes.
Indorient Financial Services Limited is the Lead Manager, and Bigshare Services Private Limited is the Registrar to the Issue.
Dr. Ajay Ojha, Managing Director of Technowgreen Solutions Limited, stated, “With over two decades of experience, we are well-equipped to offer environmental consultancy services in areas such as regulatory framework, sustainability, technology, and engineering. The IPO funding will bolster our capacity to extend our services to clients across various industries. Investments in research and development, human resources, and infrastructure will fortify our ability to execute comprehensive projects and maintain a competitive edge.”
In the grey market, Techknowgreen Solutions Limited shares are presently trading at ₹25, as reported by Mint.
Vaibhav Kaushik, Research Analyst at GCL Broking, commented, “Before the IPO opened, Techknowgreen Solutions shares were traded in the grey market with a Grey Market Premium status of ₹0 at topsharebrokers.com. Through this public issue, the company aims to raise ₹16.72 crores.”
He further added, “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 anticipated listing date for Techknowgreen Solutions’ IPO is September 29, 2023, and it is expected to debut on Dalal Street.”
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