Teamtech Formwork Solutions Ltd IPO
Status: Closed
Overview
IPO date
19 May 2026 to 21 May 2026
Face value
₹ 0 per share
Price
₹ 61 to ₹63 per share
Issue Size
7,960,000 shares
(aggregating up to ₹ 50.15 Cr)
(aggregating up to ₹ 50.15 Cr)
Allotment Date
22 May 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering
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T&C*
Strengths vs Risks of Teamtech Formwork Solutions Ltd
Know the pros & cons
Strengths
- Experienced Management.
- Integrated business model.
- Strong Engineering and Technical Capabilities.
- Established Manufacturing and Refurbishment Infrastructure.
- System-Driven and Quality-Focused Operations.
- Pan-India and International Market Presence.
- Diversified Revenue Streams.
Risks
- The company business is dependent on the sale of its services to certain key Industries and certain customers including the company Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The Company may experience the effects of seasonality which may result in operating results fluctuating significantly.
- The company Promoter Group entity operates in the same line of business as that of its Company.
- The company does not own the premises in which its registered office is located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- Majority portion of the company sales is generated from its Standard Panel.
- The company has had negative cash flows from operating, investing and financing activities in the past in some of the recent years.
- The company business heavily relies on the expertise and guidance of its Directors and Key Managerial Personnel to ensure sustained success. The loss of any of them could have a significant impact on the company.
- Th company financial statements for the financial year ended March 31, 2025 were originally audited by an auditor that is not peer reviewed, and although such financial statements have subsequently been re-audited and restated by a peer-reviewed auditor, this may adversely affect investor perception.
- The company inability to collect receivables and defaults in payment from its customers could result in the reduction of the company profits and affect its cash flows.
- The company depends on third parties to acquire raw material to manufacture the goods. Further, market instability, including changes in costs may adversely impact the company's operations and financial performance. Subsequently, its inability to effectively manage inventory levels and fluctuations in prices of key components used in the process may increase the company operational costs and adversely impact its business, profitability and cash flows.
- The company has in past entered into related party transactions and its may continue to does so in the future.
- The company business is working capital intensive, and any shortfall in meeting its working capital requirements may adversely impact the company operations, growth plans, and financial condition.
- Potential conflict of interest of the promoters or directors of the issuer if involved with one or more ventures which are in the same line of activity or business as that of the issuer.
- The company may incur penalties or liabilities for non-compliance or delay in compliance with certain provisions of GST Act, Income Tax Act, Companies Act, ESIC, Provident fund, Professional tax and other applicable laws in the previous years.
- The Company and its Promoters are parties to certain legal proceedings. Any adverse decision in such proceedings may have a adverse effect on its business, results of operations and financial condition.
- Interests of the promoters, directors, key managerial personnel of the issuer, other than reimbursement of expenses incurred or normal remuneration or benefits.
- The company inability to predict accurately the demand for its products and to manage the company production and inventory levels could materially and adversely affect its business, financial condition, results of operations and prospects.
- The company Promoters/ Directors/ Promoter Group have given personal guarantees and properties in relation to certain debt facilities provided to its Company by the company lender. In event of default of the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoter's ability to manage the affairs of the Company and its Company's profitability and consequently this may impact the company business, prospects, financial condition and results of operations.
- Dependence upon transportation services for supply and transportation of the company products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- The company insurance coverage may not be adequate to protect its against all potential losses and the company does not maintain burglary and fire insurance coverage for certain of the company premises, which may adversely affect its business, financial condition and results of operations.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the Proposed Manufacturing Unit. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- The company has incurred indebtedness which exposes its to various risks which may have an adverse effect on the company business and results of operations.
- Actual or alleged claims relating to defective or low-quality products could materially and adversely affect its business, financial condition, results of operations, reputation and prospects.
- Non-availability of ESIC registration certificates with the Company may be viewed as a regulatory compliance gap.
- Some of the statutory approvals by the Company is required to be transferred in the name of "Teamtech Formwork Solutions Limited" from "Teamtech Formwork Solutions Private Limited", pursuant to conversion from private limited to public limited company. Any failure to obtain and renew them or failure to transfer them in name of "Teamtech Formwork Solutions Limited" in a timely manner may affect its business operations.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for its product, which may adversely affect the company business operation and financial condition.
- The company continued operations is critical to its business and are subject to operating risks such as breakdown or failure of machinery, disruption to power sources or any temporary shutdown of the company processing facility, in the event of which, its business, results of operations, financial condition and cash flows can be adversely affected.
- Changes in technology may render the company current technologies obsolete or require its to make substantial investments.
- The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue Price.
- Failure to effectively manage labour/ staff or failure to ensure availability of sufficient labour/ staff could affect the business operations of the Company.
- The Promoters (including family Member of Promoters) and Directors hold majority of the Equity Shares of Our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.
- We have not identified any alternate source of funding and hence any failure or delay on our part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The objects of the Issue have not been appraised by any bank, financial institution or independent agency, and the deployment of the Net Proceeds is based on management estimates and at the discretion of our Board of Directors. Any inability to vary the utilization of the Net Proceeds in accordance with applicable law may adversely affect our business, financial condition and results of operations.
- Our ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- We may require further equity issuance, which will lead to dilution of equity and may affect the market price of our Equity Shares or additional funds through incurring debt to satisfy our capital needs, which we may not be able to procure and any future equity offerings by us.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- We may not be able to sustain effective implementation of our business and growth strategies.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect our revenues and results of operations.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- The determination of the Price Band and Issue Price is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue. Further, the current market price of some securities listed pursuant to certain previous issues managed by the BRLMs is below the respective issue price.
- Inability to obtain or protect our intellectual property rights may adversely affect our business.
- Health, safety and environmental matters, including compliance with environmental laws and remediation of contamination, could result in substantially increased capital requirements and operating costs.
- The company may enter into hedging transactions in respect of our foreign currency exposure and are subject to risks resulting from foreign exchange rate fluctuations. Any losses, on account of foreign currency exchange rate fluctuations, may adversely affect our business, results of operations and financial condition.
- Our import and export operations expose us to risks arising from changing global economic conditions and geopolitical developments, which could adversely affect our business, results of operations, financial condition, and cash flows.
- The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.
- The Equity Shares issued pursuant to the Issue may not be listed on the Stock Exchange(s) in a timely manner, or at all, and any trading closures at the Stock Exchange(s) may adversely affect the trading price of our Equity Shares.
- Any further issuance of Equity Shares by our Company or sales of Equity Shares by any significant shareholders may adversely affect the trading price of the Equity Shares.
- There is no existing market for our Equity Shares, and we do not know if one will develop. Our stock price may be highly volatile after the Issue and, as a result, you could lose a significant portion or all of your investment.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, the Equity Shares at a particular point in time.
- Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
How to check the allotment status of Teamtech Formwork Solutions Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 19 May 2026 & closes on 21 May 2026.
Teamtech Formwork Solutions Limited was originally incorporated as Teamtech Formwork Solutions Private Limited on November 12, 2018 under the Companies Act, 2013 vide certificate of incorporation issued by the Registrar of Companies/ Central Processing Centre. Subsequently, the name of the company was changed from 'Teamtech Formwork Solutions Private Limited' to 'Teamtech Formwork Solutions Limited' under The Companies Act, 2013 pursuant to a special resolution passed by our shareholders at the Extra-Ordinary General Meeting held on 12.12.2025 and had obtained fresh certificate of incorporation dated December 30, 2025 issued by Central Processing Centre (CPC).
Presently, Company manufacture the vertical modular T formwork systems, suitable for a wide range of vertical concrete structures. These systems are used for foundations, walls, shafts, tanks, bridges, circular walls and various other structural elements. With a balanced and versatile range of panels, the formwork has easy access to diverse project layouts, configurations and cross-sections, supporting faster and more efficient construction execution. These comprise of customised design, and technical support for projects.
In addition to manufacturing new formwork systems, it undertake refurbishment and reconditioning of used formwork, activities enabling customers to extend product life. Company uses software to support design activities its routine operational activities. Among these, a formwork planning software help to assess the panels required based on the layout /design plan provided by corporate client. This technology give the exact estimation of project, long gestation periods and preparation of reliable quotation, through proper feasibility studies.
Company has launched the Initial Public Offering by issuing 79,60,000 Equity Shares having face value Rs 5 each by raising Rs 50.14 crore through fresh issue on May 21, 2026.
Teamtech Formwork Solutions Ltd IPO will close on 21 May 2026.
- Experienced Management.
- Integrated business model.
- Strong Engineering and Technical Capabilities.
- Established Manufacturing and Refurbishment Infrastructure.
- System-Driven and Quality-Focused Operations.
- Pan-India and International Market Presence.
- Diversified Revenue Streams.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Eldo Varghese | 7568000 | 34.38 | 7568000 | 25.25 |
| 2 | Chaitanya Prakash Kotagiri | 2407140 | 10.93 | 2407140 | 8.03 |
| 3 | Salinraj Kunnummal | 7568000 | 34.38 | 7568000 | 25.25 |
| 4 | Meena P P | 172000 | 0.78 | 172000 | 0.57 |
| 5 | Reena Varghese | 172000 | 0.78 | 172000 | 0.57 |
| 6 | Aswani Lemati | 860 | --- | 860 | --- |
- The company business is dependent on the sale of its services to certain key Industries and certain customers including the company Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The Company may experience the effects of seasonality which may result in operating results fluctuating significantly.
- The company Promoter Group entity operates in the same line of business as that of its Company.
- The company does not own the premises in which its registered office is located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- Majority portion of the company sales is generated from its Standard Panel.
- The company has had negative cash flows from operating, investing and financing activities in the past in some of the recent years.
- The company business heavily relies on the expertise and guidance of its Directors and Key Managerial Personnel to ensure sustained success. The loss of any of them could have a significant impact on the company.
- Th company financial statements for the financial year ended March 31, 2025 were originally audited by an auditor that is not peer reviewed, and although such financial statements have subsequently been re-audited and restated by a peer-reviewed auditor, this may adversely affect investor perception.
- The company inability to collect receivables and defaults in payment from its customers could result in the reduction of the company profits and affect its cash flows.
- The company depends on third parties to acquire raw material to manufacture the goods. Further, market instability, including changes in costs may adversely impact the company's operations and financial performance. Subsequently, its inability to effectively manage inventory levels and fluctuations in prices of key components used in the process may increase the company operational costs and adversely impact its business, profitability and cash flows.
- The company has in past entered into related party transactions and its may continue to does so in the future.
- The company business is working capital intensive, and any shortfall in meeting its working capital requirements may adversely impact the company operations, growth plans, and financial condition.
- Potential conflict of interest of the promoters or directors of the issuer if involved with one or more ventures which are in the same line of activity or business as that of the issuer.
- The company may incur penalties or liabilities for non-compliance or delay in compliance with certain provisions of GST Act, Income Tax Act, Companies Act, ESIC, Provident fund, Professional tax and other applicable laws in the previous years.
- The Company and its Promoters are parties to certain legal proceedings. Any adverse decision in such proceedings may have a adverse effect on its business, results of operations and financial condition.
- Interests of the promoters, directors, key managerial personnel of the issuer, other than reimbursement of expenses incurred or normal remuneration or benefits.
- The company inability to predict accurately the demand for its products and to manage the company production and inventory levels could materially and adversely affect its business, financial condition, results of operations and prospects.
- The company Promoters/ Directors/ Promoter Group have given personal guarantees and properties in relation to certain debt facilities provided to its Company by the company lender. In event of default of the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoter's ability to manage the affairs of the Company and its Company's profitability and consequently this may impact the company business, prospects, financial condition and results of operations.
- Dependence upon transportation services for supply and transportation of the company products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- The company insurance coverage may not be adequate to protect its against all potential losses and the company does not maintain burglary and fire insurance coverage for certain of the company premises, which may adversely affect its business, financial condition and results of operations.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the Proposed Manufacturing Unit. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- The company has incurred indebtedness which exposes its to various risks which may have an adverse effect on the company business and results of operations.
- Actual or alleged claims relating to defective or low-quality products could materially and adversely affect its business, financial condition, results of operations, reputation and prospects.
- Non-availability of ESIC registration certificates with the Company may be viewed as a regulatory compliance gap.
- Some of the statutory approvals by the Company is required to be transferred in the name of "Teamtech Formwork Solutions Limited" from "Teamtech Formwork Solutions Private Limited", pursuant to conversion from private limited to public limited company. Any failure to obtain and renew them or failure to transfer them in name of "Teamtech Formwork Solutions Limited" in a timely manner may affect its business operations.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for its product, which may adversely affect the company business operation and financial condition.
- The company continued operations is critical to its business and are subject to operating risks such as breakdown or failure of machinery, disruption to power sources or any temporary shutdown of the company processing facility, in the event of which, its business, results of operations, financial condition and cash flows can be adversely affected.
- Changes in technology may render the company current technologies obsolete or require its to make substantial investments.
- The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue Price.
- Failure to effectively manage labour/ staff or failure to ensure availability of sufficient labour/ staff could affect the business operations of the Company.
- The Promoters (including family Member of Promoters) and Directors hold majority of the Equity Shares of Our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.
- We have not identified any alternate source of funding and hence any failure or delay on our part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The objects of the Issue have not been appraised by any bank, financial institution or independent agency, and the deployment of the Net Proceeds is based on management estimates and at the discretion of our Board of Directors. Any inability to vary the utilization of the Net Proceeds in accordance with applicable law may adversely affect our business, financial condition and results of operations.
- Our ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- We may require further equity issuance, which will lead to dilution of equity and may affect the market price of our Equity Shares or additional funds through incurring debt to satisfy our capital needs, which we may not be able to procure and any future equity offerings by us.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- We may not be able to sustain effective implementation of our business and growth strategies.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect our revenues and results of operations.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- The determination of the Price Band and Issue Price is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue. Further, the current market price of some securities listed pursuant to certain previous issues managed by the BRLMs is below the respective issue price.
- Inability to obtain or protect our intellectual property rights may adversely affect our business.
- Health, safety and environmental matters, including compliance with environmental laws and remediation of contamination, could result in substantially increased capital requirements and operating costs.
- The company may enter into hedging transactions in respect of our foreign currency exposure and are subject to risks resulting from foreign exchange rate fluctuations. Any losses, on account of foreign currency exchange rate fluctuations, may adversely affect our business, results of operations and financial condition.
- Our import and export operations expose us to risks arising from changing global economic conditions and geopolitical developments, which could adversely affect our business, results of operations, financial condition, and cash flows.
- The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.
- The Equity Shares issued pursuant to the Issue may not be listed on the Stock Exchange(s) in a timely manner, or at all, and any trading closures at the Stock Exchange(s) may adversely affect the trading price of our Equity Shares.
- Any further issuance of Equity Shares by our Company or sales of Equity Shares by any significant shareholders may adversely affect the trading price of the Equity Shares.
- There is no existing market for our Equity Shares, and we do not know if one will develop. Our stock price may be highly volatile after the Issue and, as a result, you could lose a significant portion or all of your investment.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, the Equity Shares at a particular point in time.
- Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
The Issue type of Teamtech Formwork Solutions Ltd is Book Building - SME.
The minimum application for shares of Teamtech Formwork Solutions Ltd is 4000.
The total shares issue of Teamtech Formwork Solutions Ltd is 7960000.
Initial public issue of up to 79,60,000 equity shares of face value of Rs. 5/- each of Teamtech Formwork Solutions Limited (the"Company" or the "Issuer") for cash at a price of Rs. 63 per equity share including a share premium of Rs. 58 per equity share ("Issue Price") aggregating to Rs. 50.15 Crores ("The Issue"), of which 4,00,000 equity shares at a price of Rs. 63 per equity share including premium aggregating to Rs. 2.52 Crores will be reserved for subscription by market maker to the issue ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Net issue of 75,60,000 equity shares of face value of Rs. 5/- each at a price of Rs. 63 per equity share including premium aggregating to Rs. 47.63 Crores is herein after referred to as "Net Issue". The issue and the net issue will constitute 26.55% and 25.22%, respectively, of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 5/- each.
Price Band Rs. 63.00 per equity share of face value of Rs. 5.00/- each.
The floor price is 12.6 times the face value of the equity shares.
Bids can be made for a minimum size of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.