IPO Overview
Teamtech Formwork Solutions Limited, incorporated in November 2018, operates in the modular construction engineering segment through manufacturing, refurbishing, and rental of modular T-formwork systems used in infrastructure and construction projects. The company provides customised formwork systems, engineering support, and refurbishment services for concrete structures including walls, tanks, bridges, and foundations. Teamtech operates a 20,000 sq. ft. manufacturing and refurbishment facility in Bollaram, Telangana, equipped with laser cutting and plywood cutting machinery. The company also utilises specialised formwork planning software for engineering design, project estimation, and operational execution.
The company is now launching its SME IPO on the NSE SME platform. The IPO is a 100% book-built issue of 79.60 lakh equity shares worth up to ₹50.15 crore, entirely a fresh issue of shares with a face value of ₹5 per share. The price band is fixed at ₹61 to ₹63 per share and the lot size is 2,000 shares. The IPO opens on 19 May 2026 and closes on 21 May 2026, with listing expected on 26 May 2026 on the NSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 19 May 2026 |
| IPO Close Date | 21 May 2026 |
| Allotment Date | 22 May 2026 (Expected) |
| Refund Initiation | 25 May 2026 |
| Credit to Demat | 25 May 2026 |
| Listing Date | 26 May 2026 (Tentative) |
| Price Band | ₹61 – ₹63 per share |
| Face Value | ₹5 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,52,000 (2 lots = 4,000 shares) |
| Minimum Investment (HNI) | ₹3,78,000 (3 lots = 6,000 shares) |
| Issue Size | ₹50.15 crore |
| Fresh Issue | 79,60,000 shares (₹50.15 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 37,78,000 shares (~50%) |
| Non-Institutional Investors (NII/HNI) | 11,34,000 shares (~15%) |
| Retail Individual Investors (RII) | 26,48,000 shares (~35%) |
| Market Maker | 4,00,000 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will flow directly into the company for business growth and expansion.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net IPO proceeds as follows: ₹11.81 crore for funding capital expenditure towards the purchase of plant and machinery for a new manufacturing unit, and ₹15.50 crore for repayment or prepayment of existing borrowings. The remaining proceeds will be used for working capital requirements and general corporate purposes.
- Capital expenditure — purchase of plant & machinery for new manufacturing unit: ₹11.81 crore
- Repayment / prepayment of existing borrowings: ₹15.50 crore
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: GetFive Advisors Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
- Email: [email protected]
- Allotment Check: https://ipostatus.kfintech.com/
- Market Maker: SMC Global Securities Ltd.
Promoters & Management
The promoters of the company are Mr. Eldo Varghese (Chairman & Managing Director), Mr. Chaitanya Prakash Kotagiri (Whole-Time Director), and Mr. Salinraj Kunnummal. Before the IPO, the promoters held 1.75 crore shares representing a 79.69% stake, and the promoter group held 3.44 lakh shares (1.56% stake), together holding 81.25% of the company.
Independent Directors: Ms. Swati Adlakha and Mr. Kanak Singh Choudhary ensure good governance oversight on the board.
Company Details
Teamtech Formwork Solutions is a B2B engineering company engaged in the manufacturing, refurbishment, and rental of modular formwork systems used in the construction industry. Formwork acts as a temporary mould that supports and shapes concrete structures until they gain sufficient strength, making it a critical component in modern infrastructure development. The company primarily focuses on vertical modular T-formwork systems, which are widely used in applications such as foundations, walls, shafts, bridges, tanks, and other structural elements.
Sectors Served:
- Infrastructure & Roads
- Real Estate & Residential Construction
- Bridges & Flyovers
- Industrial & Commercial Projects
Key Products & Services:
- Standard Modular T-Formwork Panels
- Customised Formwork Solutions
- Formwork Accessories & Supporting Components
- Refurbishment Services (to extend product lifecycle)
- Rental Model (for contractors preferring flexible, capex-light access)
Key Capabilities:
- In-house design, engineering, and production capabilities supported by specialised machinery and formwork planning software for project estimation and operational execution.
- Diversified revenue model across three streams: sale of new manufactured formwork systems, refurbishment services, and rental of formwork equipment — catering to both large-scale developers preferring ownership and smaller contractors requiring flexible rental-based solutions.
Manufacturing Facility:
- 20,000 sq. ft. facility at Bollaram, Telangana — equipped with laser cutting and plywood cutting machinery
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹30.31 | ₹7.69 |
| FY25 | ₹32.98 | ₹7.84 |
| FY26 | ~₹54.08 (est.) | ~₹11.60 (est.) |
| Q3 FY26 | ₹31.74 | ₹7.32 |
Key Financial Metrics
- Revenue grew by 64% and PAT rose by 48% between FY25 and FY26, demonstrating strong scaling alongside India’s construction sector growth.
- For Q3 FY26, net profit before tax was ₹9.15 crore and EBITDA stood at ₹10.70 crore — reflecting healthy operating margins.
- Entire issue is fresh — full IPO proceeds go to the company
- No listed peer comparable in India in the modular formwork segment
Company Strengths
- The rental model drives recurring revenue — allowing construction companies to access formwork without capital expenditure, creating a loyal recurring client base and predictable revenue for Teamtech.
- Integrated business model covering manufacturing, refurbishment, rental, and engineering support creates diversified revenue streams and operational scalability.
- Strong FY26 growth — 64% revenue growth and 48% PAT growth demonstrates the business is scaling effectively with the construction sector boom.
- In-house design, engineering, and formwork planning software provides a technical moat and increases switching costs for construction company clients.
- Direct beneficiary of India’s infrastructure push — government investment in roads, bridges, housing, and industrial parks directly drives formwork demand
- Entire IPO is a fresh issue — no promoter exit, signalling confidence in future growth
Key Risks & Challenges
- Single location manufacturing risk — the entire manufacturing and refurbishment facility is in Bollaram, Telangana. Any disruption at this single site would immediately impact production capacity and customer commitments.
- Construction sector cyclicality — formwork demand is directly tied to construction activity. Any slowdown in infrastructure spending or real estate development would compress order books.
- Client concentration risk — B2B construction sector clients can be concentrated; loss of a large client mid-project could create revenue volatility.
- Working capital intensity — construction industry clients typically have extended payment cycles, keeping working capital needs elevated with high receivables and inventory requirements.
- Aggressively priced based on recent financial data — bumper FY26 top and bottom lines raise concerns over the sustainability of such high margins going forward.
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform; current GMP is near flat at ₹1, signalling neutral short-term listing sentiment.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
