Teamtech Formwork Solutions IPO Enters Day 3: Update on GMP, Subscription Status and Key Details

Teamtech Formwork Solutions IPO Sees Strong Subscription

The initial public offering (IPO) of Teamtech Formwork Solutions, which opened for subscription on 19 May, has seen a robust response from investors. As of 21 May, the SME IPO has been subscribed 3.71 times, with the bidding set to close later today.

Teamtech Formwork Solutions operates in the construction sector, following a business-to-business (B2B) model. The company is based in Hyderabad and offers a range of products, including modular T-formwork systems, customised panels, and support components designed for vertical concrete structures such as walls, bridges, tanks, foundations, and shafts. In addition to its products, Teamtech Formwork Solutions provides customised design and engineering services, technical assistance, refurbishment services, and rental solutions for modular T-formwork systems used in vertical concrete construction.

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The IPO has received a significant number of bids, with around 1,67,58,000 shares being subscribed against the 52.94 lakh shares on offer. The grey market premium (GMP) of the Teamtech Formwork Solutions IPO stands at zero, indicating that the company's shares are trading at the issue price in the unofficial market. Based on the current GMP trend, the IPO is expected to list at par, with no anticipated premium or discount.

The ₹50.15-crore SME IPO is a complete fresh issue of 0.80 crore shares, with the price band fixed between ₹61 and ₹63 apiece. The entire proceeds from the IPO will go directly to the company, which intends to utilise the funds to finance capital expenditure for acquiring machinery and equipment for a new manufacturing facility, repay certain outstanding borrowings, meet working capital requirements, and support general corporate purposes.

The IPO allotment for Teamtech Formwork Solutions is expected to be finalised on 22 May, with the company scheduled to list on the NSE SME platform on 26 May. GetFive Advisors is the book running lead manager, and Kfin Technologies is the registrar of the issue.