Technocrats Plasma Systems IPO
Technocrats Plasma Systems LtdSME
This IPO has listed.
- Open date
- 14 Aug 2026
- Close date
- 18 Aug 2026
- Min. Investment
- ₹2,64,000
- Lot Size
- -
- Fresh Issue
- ₹60.98 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers169.54x
- Non-Institutional Investors231.35x
- Retail-Individual Investors176.05x
- Total189.22x
Schedule
- Completed: IPO open date14 Aug 2026
- Completed: IPO close date18 Aug 2026
- Completed: Allotment date19 Aug 2026
- Completed: Funds unblock or debit20 Aug 2026
- Completed: Tentative listing date21 Aug 2026
About
Promoter shareholding in Technocrats Plasma Systems Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Arun Kumar | 75,91,430 | 58.94% | 75,91,430 | 43.38% |
| Vandana Sharma | 36,08,570 | 28.02% | 36,08,570 | 20.62% |
Technocrats Plasma Systems IPO Strengths & Risks
- Design and development capabilities.
- In-house manufacturing facility with integrated testing capabilities.
- Recognition from customers.
- Experienced Promoters with strong management team having domain knowledge
- Risks Relating to the Business: Substantial portion of the company's revenue from operations is from its top 10 customers (which accounted for 62.61%, 83.89% and 55.70% of the company's total revenue from operations for the Fiscal Year ended March 31, 2026, March 31, 2025 and March 31, 2024). Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on the company's business and results of operation.
- Risks Relating to the Business: The company is dependent upon few suppliers for the material requirements of its business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- Risks Relating to the Business: Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procures, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The company's revenue is significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
- Risks Relating to the Business: The company's success is dependent on its relationship with the company's customers, and its does not, generally enter into long term purchase contracts. This exposes it to risk emanating from the inability to retain the company's established customers as its clients.
- Risks Relating to the Business: If the company is unable to effectively manage or expand its sales and service network or pursue the company's growth strategy, its business prospects, financial condition, and results of operations may be adversely affected.
- Risks Relating to the Business: The company requires certain approvals, licenses and permits for its operations, and failure to obtain or renew them in a timely manner may adversely affect the company's business.
- Risks Relating to the Business: The company's manufacturing operations is concentrated in Maharashtra, exposing it to regional and local risks. Any significant disruption in this region could materially and adversely affect the company's manufacturing operations, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's Statutory Auditor has included certain qualifications in the Annexure to the Auditor's Report for financial statements pertaining to F.Y. 2022-23.
- Risks Relating to the Business: The company's net cash flows has been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- Risks Relating to the Business: Exposure to technological obsolescence in a rapidly evolving manufacturing and fabrication landscape. Continued exposure to such risks of technological obsolescence could materially and adversely impact the company's competitive positioning, revenue growth, and long-term sustainability.
- Risks Relating to the Business: The company has certain outstanding litigation against its Company, Directors and Promoters an adverse outcome of which may adversely affect the company's business, reputation and results of operations.
- Risks Relating to the Business: There have been certain instances of delays in payment of certain statutory dues by it. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: Certain discrepancies in the company's statutory filings made with the Registrar of Companies and the unavailability of certain historical records including bank statements relating to past allotments may affect the accuracy of its corporate records and expose it to potential regulatory or compliance actions.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Risks Relating to the Business: There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC) in accordance with the Companies Act, 2013.
- Risks Relating to the Business: The Company relies on a higher proportion of contract labour compared to permanent employees and has transitioned to an on-site manufacturing model, which may expose it to operational and regulatory risks.
- Risks Relating to the Business: The company is dependent on its Promoters and Directors, the company other key managerial personnel, senior management personnel and employees (including qualified and skilled personnel with technical expertise) for the continued success of its business through their continuing services and strategic guidance and support and if the company is unable to recruit and retain such personnel, its business, results of operations, financial condition and cash flows may be adversely affected.
- Risks Relating to the Business: The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.
- Risks Relating to the Business: The company's business is dependent on the growth and performance of the fabrication, metalworking, and allied industrial sectors, and any slowdown or adverse developments in these industries may adversely affect its business, financial condition, and results of operations.
- Risks Relating to the Business: Sustaining the company's historical growth rates may be challenging, and any inability to effectively manage expansion could adversely impact its business and financial performance.
- Risks Relating to the Business: The company faces intense competition from international players with larger R&D budgets, which may adversely affect its market share, pricing, and growth prospects.
- Risks Relating to the Business: The company's dependence on electronic components and semiconductors, which is subject to global shortages and volatility, may adversely affect its manufacturing operations and delivery schedules.
- Risks Relating to the Business: Any defect or quality issue in the company's products may adversely impact its reputation, customer trust, and financial performance.
- Risks Relating to the Business: Given the long production cycles and specialized nature of the company's products, effective inventory management is crucial to avoid overstocking or stockouts, and any failures may adversely impact its business, financial condition, and results of operations.
- Risks Relating to the Business: Any cybersecurity breach or IT system failures could adversely impact the company's operations, reputation, and financial performance.
- Risks Relating to the Business: The company relies on third-party service providers for warehousing operations in Mumbai and any disruption, inefficiency, or service lapse at these facilities may adversely impact its supply chain, operations, and financial performance.
- Risks Relating to the Business: The company's ability to incur and service indebtedness depends on its financial condition and cash flows, and any increase in the company's indebtedness may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's business requires substantial working capital, and any inadequacy or disruption in availability of working capital may adversely affect its operations, financial condition and results of operations.
- Risks Relating to the Business: The company has certain amount of outstanding debts, which requires significant cash flows to service and is subject to certain conditions and restrictions in terms of the company's financing arrangements, which restricts its ability to conduct its business and operations in the manner the company desires. Any failures to comply with financial and other restrictive covenants imposed on it under the company's financing agreements may affect its operational flexibility, business, results of operations and prospects.
- Risks Relating to the Business: Loans availed by the Company has been secured on personal guarantees of its Promoters. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by the company's Promoters.
- Risks Relating to the Business: Currency fluctuations between the Indian Rupee and foreign currencies like the Euro, USD or Chinese Yuan pose a financial risk by increasing the cost of imported products, creating uncertainty in pricing and margins, and potentially eroding profitability if not effectively managed.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all potential losses to which its may be subject and this may have a material effect on the company's business and financial condition.
- Risks Relating to the Business: Trade receivables form a major part of the company's current assets and net worth. Failures to manage its trade receivables could have an adverse effect on the company's net sales, profitability, cash flow and liquidity.
- Risks Relating to the Business: The company's manufacturing operations involve inherent risks, and any accident, disruption or failures in the company's facilities may adversely affect its business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The company has not taken any steps to order the new machinery/equipment required for the Existing Premises. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- Risks Relating to the Business: The company intends to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company has shortlisted vendors and obtained quotations from them, however, the company is yet to place orders or enter into definitive agreements with the vendors in relation to such capital expenditure requirements.
- Risks Relating to the Business: The company depends on third-party transportation providers for the supply and delivery of its products, and any disruption could adversely affect its business.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: Misconduct or errors by manpower engaged by the company could expose it to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
- Risks Relating to the Business: The company's Directors does not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company and in the event of any material noncompliance where its Directors are held liable and responsible, the company may has to appoint new directors.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
- Risks Relating to the Business: The company's Promoters hold Equity Shares in its Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's Promoters has given personal guarantees in relation to certain debt facilities provided to the Company by its lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoters ability to manage the affairs of the Company and consequently this may impact its business, prospects, financial condition and results of operations.
- Risks Relating to the Business: The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- Risks Relating to the Business: The company has not independently verified certain data in this Red Herring Prospectus.
- Risks Relating to the Business: The company has certain contingent liabilities that have been disclosed in its financial statements, which if they materialize, may adversely affect the company's results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has entered into and may enter into related party transactions in the future also.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
- Risks Relating to the Business: The company has not paid any dividends in the last three Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Risks Relating to the Business: The company's Promoters shareholding before and after the completion of the Issue, is substantial which will allow them to influence the outcome of matters submitted for approval of its shareholders.
- Risks Relating to the Business: The company's Equity Shares has never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Offer Price or at all.
- Risks Relating to the Business: A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.
- Risks Relating to the Business: The requirements of being a listed company may strain its resources and distract management.
- Risks Relating to the Business: The company may requires further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares.
- Risks Relating to the Business: The company may raise additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure.
- Risks Relating to the Business: The company's Directors and Promoters may enter into ventures which are in businesses similar to the company.
- Risks Relating to the Business: The sister of the company's Promoter, Arun Kumar, and sister-in-law of its Promoter Vandana Sharma who is deemed to be part of the Promoter Group under the SEBI ICDR Regulations, has not provided her consent to be identified as a member of the Promoter Group and has not furnished any information in respect of herself or her related entities. Consequently, the company cannot assure you that the disclosures relating to such members of its Promoter Group are complete or up to date.
- Risks Relating to the Business: If the company is unable to obtain, protect or use its intellectual property rights, the company's business may be adversely affected.
- Risks Relating to the Business: One of the company's Promoter Group Entity operates in similar or related lines of business, which may result in potential conflicts, overlap in offerings, or stakeholder confusion.
