Technofab Engineering IPO subscribed 12.2 times

Gets bids for 3.64 crore shares

The initial public offer (IPO) of Technofab Engineering has received strong investor response. The issue was subscribed 12.2 times. The IPO got bids for 3.64 crore shares, compared with 29.9 lakh shares on offer.



Technofab Engineering (TEL) had set Rs 230-240 per share price band for an initial public offer (IPO). Fitch Ratings India had assigned an IPO grade 3 to the IPO.

TEL provides engineering, procurement and construction (EPC) services, and executes a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis.

The company had unexecuted order book of Rs 533.74 crore at end March 2010, which is about 2.7 times its revenue of Rs 200.37 crore for the year ended March 2010 (FY 2010), providing strong revenue visibility.