Technocraft Ventures achieved 7.13 times subscription on the final day of bidding, demonstrating robust investor confidence in the infrastructure development company. As of 10:49 AM on August 11, 2026, the retail investors bid 6.82 times, QIBs at 4.50 times, and NIIs at 11.35 times. This strong performance on the last day significantly outpaces LEAP India's subscription levels and reinforces the positive market sentiment for the ₹251.88 crore IPO. The issue, which opened for subscription on August 7 and closes today, is expected to finalize allotments on August 12 and list on BSE and NSE on August 14.
Technocraft Ventures' grey market premium has strengthened to ₹30, indicating a potential listing gain of approximately 14.15% over the upper issue price of ₹212. This represents an improvement from the previous GMP of ₹28, with the latest data showing LEAP India trading with a GMP of ₹8.5, signaling roughly a 5.35% potential listing gain over the ₹159 reference price. The enhanced GMP reflects growing investor confidence in Technocraft Ventures' prospects, though investors should note that grey market premiums are unofficial and can change before listing. The company's strong subscription performance across all categories, particularly the NIIs at 11.35 times, demonstrates broad-based investor interest.
LEAP India has set a price band of ₹151-159 per share with a fresh issue of ₹480 crore and an offer for sale of ₹2,000 crore. As reported by Business Standard, veteran market analyst Arun Kejriwal cited LEAP's near-monopoly position and differentiated business as key factors. Sunny Agrawal from SBI Securities noted that LEAP's asset-pooling business across pallets, containers and MHE is backed by a robust asset base, infrastructure and nationwide network, making it difficult to replicate. The company provides pallet pooling and reusable packaging solutions that help companies optimise logistics across FMCG, retail, automotive and e-commerce supply chains.
Technocraft Ventures is a ₹251.88 crore book-built issue comprising a fresh issue of ₹201.51 crore and an offer for sale of ₹50.37 crore, with a price band of ₹200-212 per share. Founded in 1998, Technocraft Ventures is an infrastructure development company executing turnkey EPC projects for government agencies across northern India. The company plans to use ₹150 crore from the fresh issue to meet working capital requirements. According to Nitant Darekar from Bonanza brokerage, Technocraft screens better on fundamentals at near 19 times FY26 earnings with a 24.55% average RoNW, while LEAP trades at roughly 112 times FY26 earnings with a 5.33% average RoNW. Anand Rathi Ventures has given a subscribe rating to the IPO, noting that at the upper price band, the company is valued at a P/E of 19.4x based on its FY26 annualized EPS of ₹14.39, implying a post-issue market capitalization of approximately ₹8,397 million.
According to the latest analysis, value-focused investors are better served by Technocraft Ventures due to its superior valuation metrics and fundamentals. Anand Rathi Ventures noted that while the IPO appears fairly valued relative to listed peers, the company's diversified order book, expanding geographical presence and integrated EPC capabilities provide visibility for long-term growth. However, the brokerage emphasized that considering the proposed valuation relative to listed peers, the IPO appears fairly valued. The latest subscription data supports this recommendation, as Technocraft's stronger demand across all categories and higher GMP of ₹30 suggest better risk-adjusted value for most investors, particularly given the current market dynamics and superior subscription performance on the final day.
