Techknowgreen Solutions gains 5% over IPO price post listing on BSE SME

Techknowgreen Solutions’ Rs 16.72 crore IPO was subscribed over 12 times.

Techknowgreen Solutions shares made a lacklustre debut on September 27, listing at a 1.1% premium on the BSE SME platform. The stock opened at Rs 87 against the IPO price of Rs 86; but soon after the listing, the stock jumped 6.22% over the IPO price, hitting the upper circuit at Rs 91.35. Techknowgreen Solutions' grey market premium (GMP) was Rs 5, implying a listing price of Rs 91. The stock will be available for trading in the trade-for-trade segment, for 10 trading days.

Techknowgreen Solutions’ Rs 16.72-crore IPO was subscribed over 12 times. The IPO was entirely a fresh issue and there was no offer-for-sale component. The offer opened for subscription on September 18 and closed on September 21.

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Promoters Ajay Ramakant Ojha and Prasad Rangrao Pawar’s holding pre-issue was 89.02% and post issue it went down to 65.58%. The lead manager for the issue is Indorient Financial Services and the registrar is Bigshare Services. Alacrity Securities is the market maker for the IPO.

Proceeds uses

The company will use the proceeds to invest in research and development (R&D) initiatives, including hiring experienced R&D resources and purchasing equipment to support R&D initiatives, investments in office space, including the renovation of new office space and the purchase of office equipment, and the expansion of its execution and support service teams, including the hiring of resources with expertise in environmental protection, and general corporate purposes.

Techknowgreen Solutions, earlier known as Techno Green Environmental Solutions, provides environmental consulting services. The company has three verticals: Consulting, Infor Tech, and Research Policy & Engineering.

The company is one of the first companies in the country to provide environmental IT solutions through software applications and compliance solutions.