Teamtech Formwork Solutions IPO
smelistedAbout the company
Teamtech Formwork solution operates on business-to-business (B2B) model and is engaged in the manufacturing, refurbishing and renting of modular T formwork and customised formwork system used in the construction industry. Formwork systems serve as temporary moulds that support and shape concrete which is poured into it until it attains the desired structural form (It provides support until the concrete gains enough strength to sustain its own weight and any imposed loads), making them an essential component of modern construction activities. The company provides modular T formwork systems, including customised design, and technical support for projects. In addition to manufacturing new formwork systems, the company also undertakes refurbishment and reconditioning of used formwork, activities enabling customers to extend product life. It also offers a rental model, allowing customers to access formwork solutions without capital expenditure. The product portfolio broadly comprises standard panels, customised panels, formwork accessories and supporting components. These products collectively make a complete modular formwork system, enabling contractors and infrastructure developers to set up formwork assemblies suited to different structural requirements and project specifications. Total state-wise revenue rose from ₹30.30 crore in FY24 to ₹53.66 crore in FY26. The business was completely domestic till FY24, but the company has established exports from FY26, mainly to the UAE, which contributed ₹13.4 crore in FY26, a 25.15% share of the total revenue. In the country, the company has a varied presence throughout India, with Karnataka made up of 17.26%, Telangana at 16.81%, and Odisha at 10.65% being the highest performing states in the latest fiscal year. The company’s business model is mainly performing by its manufacturing capabilities, enhanced by a good rental division. The "Manufactured Goods" segment is the main segment of its operations, resulting in 75.7% of total segment revenue (₹40.6 crore) in FY26, a constant rise from its 68.1% share in FY25. The rental business delivers a secondary revenue flow, bringing in ₹12.18 crore (22.71%) in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 02 Sep | ₹0 | ₹63 | -5 |
| 26 May | ₹5 | ₹68 | 0 |
| 25 May | ₹5 | ₹68 | 0 |
| 24 May | ₹5 | ₹68 | 0 |
| 23 May | ₹5 | ₹68 | 0 |
| 22 May | ₹5 | ₹68 | +3 |
| 21 May | ₹2 | ₹65 | +2 |
| 20 May | ₹0 | ₹63 | 0 |
Strengths
- Strong revenue and profit growth in recent financials
- Benefits from India’s infrastructure and construction growth cycle
- IPO proceeds planned for expansion, machinery, debt repayment, and working capital
- Moderate debt levels compared to many SME companies
- Operates in specialized modular formwork solutions segment
- Growing demand potential from infrastructure and real-estate projects
Risks
- SME IPOs carry very high volatility and liquidity risk
- Large minimum investment amount increases concentration risk
- Business highly dependent on construction and real-estate demand
- Limited listed-company track record and scalability visibility
- Possible customer concentration and project dependency risk
- Grey market premium currently weak/uncertain
- Not ideal for conservative or first-time IPO investors
- High-risk SME exposure despite growth potential
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed19 May 2026Bidding starts for all investor categories
IPO Closes
Completed21 May 2026Last day to place your bid
Basis of Allotment
Completed22 May 2026Share allotment finalised
Refund Initiation
Completed25 May 2026Refunds credited for non-allottees
Credit to Demat
Completed25 May 2026Allotted shares credited to demat account
Listing on Exchange
Completed26 May 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹126,000 | 1 | ₹126,000 | 1 lot only |
| HNI | 2 | 4000 | ₹252,000 | 2 | ₹252,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 4,032,258 | 25 | 0 | 0.00x | 100% |
| NII | 15% | 1,209,677 | 7.5 | 0 | 0.00x | 100% |
| Retail | 35% | 2,822,581 | 17.5 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
