IPO Overview
Incorporated in 2010, Paluck Technologies initially provided diesel-generator services and has since evolved into a multi-service engineering and infrastructure-support company. Its operations now span construction-equipment rental, logistics and fleet management, telecom engineering, generator services, vehicle dealerships, and environmental solutions for diesel generators. The company runs a fleet of more than 190 specialised vehicles — including transit mixers, logistics trucks, and concrete pump units — serving infrastructure developers, EPC contractors, and cement makers across Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir. In telecom engineering, it has handled operations and maintenance across more than 7,500 telecom sites in India.
The company is now launching its SME IPO on the BSE SME platform, aiming to raise approximately ₹33 crore through a fresh issue of equity shares. The price band is ₹46–₹48 per share. The IPO opens on 28 August 2026 and closes on 1 September 2026, with listing expected on 4 September 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 27 August 2026 |
| IPO Open Date | 28 August 2026 |
| IPO Close Date | 01 September 2026 |
| Allotment Date | 02 September 2026 (Expected) |
| Credit to Demat | 03 September 2026 |
| Listing Date | 04 September 2026 (Tentative) |
| Price Band | ₹46 – ₹48 per share |
| Face Value | ₹10 per share |
| Lot Size | 3,000 shares |
| Minimum Investment (Retail) | ₹2,88,000 (2 lots = 6,000 shares) |
| Issue Size | ₹33 crore |
| Fresh Issue | 68,76,000 shares (₹33 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) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 3,45,000 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The proposed utilisation of IPO proceeds is business-oriented — investment in new Ready-Mix Concrete machinery and DG sets should expand the company’s equipment-rental capacity and support future revenue growth. Repayment of borrowings could reduce finance costs and further improve the debt-equity ratio. Additional working capital should help Paluck Technologies manage fuel, maintenance, employee, and operating expenses associated with its expanding fleet.
- Capital expenditure for purchase of new Ready-Mix Concrete (RMC) machinery and DG sets
- Repayment / prepayment of existing borrowings — ₹6.25 crore
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Horizon Management Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Navin Katiyar, Praveen Kumar, Sarika Katiyar, and Sumit Kumar Bajaj. Post-IPO, promoter holding will fall from 86.55% to 57.97% after the issue.
Total employee strength as of February 28, 2026: 192 employees.
Company Details
Paluck Technologies Limited has developed from a diesel-generator services provider into a diversified engineering, infrastructure-support, and fleet-management company. Its operations cover construction-equipment rental, logistics, telecom engineering, generator services, vehicle dealerships, and environmental solutions for diesel generators.
Sectors Served:
- Infrastructure & Construction
- Cement & EPC Contractors
- Telecom Engineering
- Logistics & Fleet Management
- Diesel Generator Services & Dealerships
Key Business Divisions:
- Construction Equipment Rental: The fleet includes 122 transit mixers, 13 concrete pumps, and 55 trucks, with operations across Delhi NCR, Rajasthan, Gujarat, and other regions.
- Logistics & Fleet Management: Fleet of 190+ specialised vehicles tracked through a digital monitoring system linked to ERP, SAP, and GPS.
- Telecom Engineering: Installed and maintained more than 7,500 telecom sites, with experience handling operations and maintenance across more than 10,000 sites.
- Generator Services & Dealerships: Authorised service centre for diesel and gas generator servicing, dual fuel conversion kits, and RECD solutions.
Registered Office: 192/6, Nitin Vihar, Opp. Indian Oil Petrol Pump, Near Hero Honda Chowk, Gurgaon – 122001
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹101.74 | ₹3.43 | ₹13.27 |
| FY25 | ₹102.90 | ₹9.63 | ₹18.99 |
| 11M FY26 (Feb 2026) | ₹105.09 | ₹13.84 | ₹23.93 |
Key Financial Metrics
Profit has grown strongly, from ₹3.43 crore in FY24 to ₹9.63 crore in FY25 and ₹13.84 crore for the period ended February 28, 2026. EBITDA has improved steadily, from ₹13.27 crore in FY24 to ₹18.99 crore in FY25 and ₹23.93 crore in the latest period. The company has cut its debt sharply while growing — borrowings down from ₹30.05 crore in FY24 to ₹17.49 crore in FY25 and ₹13.17 crore in the latest period. Net worth has grown from ₹18.48 crore in FY24 to ₹45.66 crore in the latest period.
- As of February 28, 2026, outstanding financial indebtedness stands at ₹9.13 crore.
- PAT Margin (8M FY26): ~13.05%
- Consistent debt reduction while simultaneously growing revenues
Company Strengths
- Diversified business model across construction equipment rental, logistics, telecom engineering, and generator services — reducing dependence on any single revenue stream.
- Long-standing telecom relationships and large specialized fleet are important competitive strengths, built over more than 15 years of operations.
- Strong and consistent PAT growth — nearly 3x jump from FY24 to FY25, with continued momentum in FY26
- Consistent debt reduction while growing revenues — improving financial health year on year
- Digital fleet monitoring through ERP, SAP, and GPS systems — enabling operational efficiency and real-time tracking across 190+ vehicles.
- Entire IPO is a fresh issue — all funds directed towards capacity expansion and business growth
Key Risks & Challenges
- Equipment rental is a capital-heavy business — a fleet of transit mixers and concrete pumps wears out and needs regular replacement, which keeps absorbing cash.
- Rental demand depends on construction and infrastructure activity — if projects slow down, vehicles sit idle while ownership costs continue.
- Telecom operations and maintenance work is contract-based with a few large operators who have strong bargaining power on rates at every renewal.
- A part of the business involves diesel generator servicing and dual fuel conversion — emission and environmental regulations in this area keep changing, which can help or hurt depending on how they move.
- Promoter holding falls sharply from 86.55% to 57.97% post-issue — a significant reduction that may raise concerns about promoter commitment.
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.
