Technocrats Plasma Systems IPO
Technocrats Plasma Systems IPO is an SME IPO raising ₹61 Cr at ₹125 – ₹132 a share. It listed on 21 Aug 2026 at ₹230, +74.2% against its issue price of ₹132, and trades at ₹395 today (+199.6% since issue). It was subscribed 189× in total.
189.2 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs132 + OFS by subtraction from exchange total Rs61 Cr. Checked: exchange issue size Rs61 Cr vs derived Rs61 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 69% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Ador Welding Limited | 31.55× | 14.79% | ₹47.06 |
| ESAB India Limited | 41.88× | 48.14% | ₹134.3 |
| Patil Automation Ltd | 23.21× | 13.77% | ₹8.65 |
| Jyoti CNC Automation Ltd | 58.51× | 16.79% | ₹14.78 |
| This issue | 11.3× | 56.1% | ₹11.63 |
derived: cut-off price Rs132 / stated EPS Rs11.63 (FY26 (year ended March 31, 2026) Basic & Diluted EPS, as per Restated Financial Statements (post-split and bonus adjustment)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.