Paluck Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 59.11×
- Big non-institutionalbNII · above ₹10 lakh
- 251.90×
- Small non-institutionalsNII · ₹2–10 lakh
- 233.99×
- Retail individualRII · up to ₹2 lakh
- 315.80×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Sept 2026 | ₹9 | +18.75% | ₹20,500 | ₹57 | ₹27,000 |
| 03 Sept 2026 | ₹9 | +18.75% | ₹20,500 | ₹57 | ₹27,000 |
| 02 Sept 2026 | ₹10 | +20.83% | ₹22,800 | ₹58 | ₹30,000 |
| 01 Sept 2026 | ₹20 | +41.67% | ₹45,600 | ₹68 | ₹60,000 |
| 31 Aug 2026 | ₹30 | +62.50% | ₹68,400 | ₹78 | ₹90,000 |
| 30 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 29 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 28 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 27 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 26 Aug 2026 | ₹25 | +52.08% | ₹57,000 | ₹73 | ₹75,000 |
| 25 Aug 2026 | ₹18 | +37.50% | ₹41,000 | ₹66 | ₹54,000 |
| 24 Aug 2026 | ₹10 | +20.83% | ₹22,800 | ₹58 | ₹30,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 13,08,000 | 10,97,22,000 | ₹527 Cr | 83.89× |
| Non-institutional | 9,81,000 | 28,12,95,000 | ₹1,350 Cr | 286.74× |
| Big non-institutionalwithin NII | 6,57,000 | 18,94,98,000 | ₹910 Cr | 288.43× |
| Small non-institutionalwithin NII | 3,24,000 | 9,17,97,000 | ₹441 Cr | 283.32× |
| Retail individual | 22,86,000 | 85,19,16,000 | ₹4,089 Cr | 372.67× |
| Total | 45,75,000 | 1,24,29,33,000 | ₹5,966 Cr | 271.68× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 01 Sept, 06:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Aug 2026 – 01 Sept 2026
- Listing date
- 04 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹46 – ₹48
- Issue price
- ₹48 per share
- Lot size
- 3,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹33 Cr
- Fresh issue
- ₹31.35 Cr 65,31,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹99.95 Cr
- Promoter holding
- 86.55% → 57.97% pre-issue → post-issue
- ISIN
- INE0LHB01010
- CIN
- U74110HR2010PLC040347
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 192/6, Nitin Vihar, Opp. Indian Oil Petrol Pump Near Hero Honda Chowk, Gurgaon - 122 001, Haryana, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 13,08,000 | 28.59% | 26.59% |
| Anchor investor · within QIB | 19,56,000 | — | 39.76% |
| NII (HNI) | 9,81,000 | 21.44% | 19.94% |
| bNII > ₹10L · within NII | 6,57,000 | — | 13.35% |
| sNII < ₹10L · within NII | 3,24,000 | — | 6.59% |
| Retail (RII) | 22,86,000 | 49.97% | 46.46% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,45,000 | — | 7.01% |
| Total issue | 49,20,000 | — | 100.00% |
Net offer to the public of 45,75,000 shares, out of a total issue of 49,20,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 3,000 shares per lot, in multiples, at ₹48
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,44,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,88,000 |
| S-HNI (max) | 6 | 18,000 | ₹8,64,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹48 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.91 | 7.25 |
| P/E (×) | 6.95 | 6.62 |
| Price to book (×) | 0.46 | — |
| Market cap | — | ₹99.95 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 30.28%
- ROCE
- 37.09%
- Debt / equity
- 0.55
- PAT margin
- 9.37%
- EBITDA margin
- 18.48%
- NAV per share
- ₹104.07
- Price to book
- 0.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 105.09 | 102.9 | 101.74 |
| Revenue from operations | 105.02 | 102.81 | 100.74 |
| Other income | 0.08 | 0.09 | 1 |
| Total expenses | 86.61 | 90.05 | 96.81 |
| Operating profit | 18.48 | 12.85 | 4.93 |
| Operating margin | 17.58% | 12.49% | 4.85% |
| Profit before tax | 18.49 | 12.84 | 4.93 |
| Profit after tax | 13.84 | 9.63 | 3.43 |
| PAT margin | 13.17% | 9.36% | 3.37% |
| Balance sheet | |||
| Total assets | 69.62 | 66.98 | 53.53 |
| Current assets | 59.96 | 54.52 | 36.77 |
| Current liabilities | 19.17 | 28.12 | 20.43 |
| Total liabilities | 23.96 | 35.16 | 35.05 |
| Net worth | 45.66 | 31.82 | 18.48 |
| Current ratio | 3.13× | 1.94× | 1.80× |
| Return on equity | 30.31% | 30.26% | 18.56% |
| Cash flow | |||
| Operating cash flow | 6.9 | 10.85 | 11.9 |
| Investing cash flow | -0.01 | 0.02 | 0.87 |
| Financing cash flow | -7.01 | -10.73 | -12.8 |
| Net cash flow | -0.12 | 0.15 | -0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ₹10 Cr
The company proposes to purchase additional Ready-Mix Concrete machinery and DG sets to enhance execution capacity and optimize revenue streams. The equipment will primarily be deployed on a lease basis to clients, providing stable and recurring cash flows while ensuring compliance with prevailing environmental standards.
2 Pre-payment/re-payment of certain outstanding borrowings ₹3.1 Cr
The company proposes to utilize proceeds towards full or partial repayment or pre-payment of certain borrowings availed from lenders. This will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining a favorable debt to equity ratio and enable utilization of internal accruals for further business growth.
3 Funding the Working Capital requirement ₹10 Cr
The company proposes to utilize proceeds towards funding working capital requirements to support future growth. This includes strengthening presence across existing business segments, supporting outstanding order book execution, and capitalizing on growing demand from infrastructure development and telecom network expansion.
4 General Corporate Purpose —
The company intends to deploy the balance proceeds towards general corporate purposes including initial development costs for new products, meeting operating expenses, strengthening business development and marketing capabilities, and meeting exigencies. The amount shall not exceed fifteen percent of the Gross Proceeds or ten crores, whichever is lower.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Paluck Technologies
Paluck Technologies Limited, incorporated on April 8, 2010 and converted to a public company in 2021, operates diversified business segments including telecom engineering and rollout services for OEM networks, logistics and equipment rental services (transit mixers, trucks), dealership and service operations for power systems and automotive OEMs, and DG set-related services. The company generates revenue from multiple customer segments dependent on infrastructure and construction activity, with operations concentrated in North India. As of February 28, 2026, the company reported revenue from operations of ₹10,501.58 lakhs over an eleven-month period.
Management
Navin Katiyar
MD
Sumit Kumar Bajaj
CEO
Praveen Kumar
Director
Arun Kumar
Director
Strengths
As stated in the offer document
Deep Expertise of Environmental Product Solution (NGT Compliant DG Sets)
The company has specialized expertise in NGT compliant diesel generator sets and environmental product solutions, positioning it well for regulatory compliance requirements.
Telecom Contracts with big well known giants
The company has established contracts with major telecom OEMs and has managed over 7,500 telecom sites across India, demonstrating strong industry relationships.
One of the largest Fleet of Renting Construction Equipment's in North India
The company operates a substantial asset base comprising 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, making it one of the largest construction equipment rental fleets in North India.
Custom grown IT SYSTEM for Robust Monitoring & Business Review
The company has developed integrated digital systems connected with ERP, SAP, and GPS tracking solutions for efficient fleet management and business operations.
Retention of Core Management Team since last 10 Years
The company has maintained stability in its leadership with core management team retention for over 10 years, ensuring operational continuity and expertise.
Strong Expertise of handling 10000+ Telecom Site's Operations & Maintenance
The company has proven track record of managing over 10,000 telecom sites operations and maintenance, demonstrating extensive technical capabilities and scale.
Risk factors
As stated in the offer document
Heavy Dependence on Limited Number of Customers
The company is heavily dependent on a limited number of customers, with top 10 customers accounting for 44.73% of revenue in February 2026 and 65.56% in Fiscal 2023. Any loss of business or deterioration in commercial terms with these customers could materially affect revenues, cash flows, and profitability.
Past Loan Repayment Delays and Credit Profile Impact
The company experienced delays in repayment of loans from Equitas Small Finance Bank Limited totaling ₹101.05 lakhs in 2025-2026. While regularized, such delays may adversely affect credit profile, restrict access to future financing, and impact investor confidence.
Project Execution Risks from External Factors
The company's projects are subject to delays, cost overruns, and cancellations from external factors such as land acquisition hurdles, statutory approvals, labor unrest, and adverse weather conditions. These risks could adversely affect revenue recognition, profitability, and customer confidence.
Cyclical Nature of Infrastructure and Construction Sectors
The company's revenues are closely tied to infrastructure and construction sectors which are cyclical in nature. Economic slowdowns, reduced government spending, or regulatory changes could lead to asset underutilization, reduced margins, and adverse financial impact.
Heavy Dependence on Fleet and Equipment Availability
The company is heavily dependent on continuous availability and optimal utilization of its fleet and equipment. Any prolonged downtime, breakdowns, accidents, or underutilization could significantly affect operational performance, profitability, and reputation.
Working Capital Intensive Business Model
The company's business model requires substantial upfront financing for fleet, manpower, and consumables with long payment cycles from customers. Any delays in receivables or constraints in obtaining external funding could strain liquidity and impact project delivery capabilities.
Dependence on Dealership and Service Agreements with OEMs
The company's reliance on dealership and service agreements with OEMs exposes it to renewal, compliance, and termination risks. Any non-renewal or suspension of these agreements could deprive the company of key revenue streams and market presence.
Company Analysis
from RHPPaluck Technologies Limited operates a diversified fleet and equipment rental, logistics, telecom engineering services, and automotive dealership business across India's infrastructure and construction sectors.
Paluck Technologies Limited, incorporated on April 8, 2010 and converted to a public company in 2021, operates diversified business segments including telecom engineering and rollout services for OEM networks, logistics and equipment rental services (transit mixers, trucks), dealership and service operations for power systems and automotive OEMs, and DG set-related services. The company generates revenue from multiple customer segments dependent on infrastructure and construction activity, with operations concentrated in North India. As of February 28, 2026, the company reported revenue from operations of ₹10,501.58 lakhs over an eleven-month period.
Objects of the Issue
- Capital expenditure for purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ₹1,000.00 lakhs p.25
- Repayment or prepayment of indebtedness ₹310.00 lakhs p.24
- General Corporate Purposes p.91
- Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ensuring compliance with prevailing environmental standards Up to ₹1,000.00 lakhs p.91
- Pre-payment or re-payment, in part or full, of certain outstanding borrowings availed by our Company Up to ₹310.00 lakhs p.91
- Funding the working capital requirement of our company Up to ₹1,000.00 lakhs p.91
- General corporate purposes [●] p.91
- Not specified in this part of the document
- Funding capex for the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets p.246
Issue Structure
- Total Issue
- Up to 68,76,000 Equity Shares aggregating up to ₹[•] lakhs
- Fresh Issue
- Up to 68,76,000 Equity Shares of ₹10/- each aggregating up to ₹[•] Lakhs
- Offer for Sale
- N.A.
- Price Band
- Price Band of a minimum price (Floor Price) of ₹[●] and the maximum price (Cap Price) of ₹[●]
- Lot Size
- [•] Equity Shares
- Face Value
- ₹10/-
Business Model
The company earns revenue through: (1) telecom engineering and network rollout services contracted with OEMs; (2) fleet rental and equipment hiring (transit mixers, trucks, concrete pumps) to infrastructure and construction companies; (3) dealership and authorized service center operations for power systems, commercial vehicles, and two-wheeler OEMs; (4) DG set maintenance and conversion services; and (5) ready-mix concrete (RMC) machinery and related services.
Business Segments
SWOT Analysis
- • Established relationships with diverse customer base(p.104)
- • Experienced management team with proven execution capability(p.104)
- • Improved financial performance and profitability(p.107)
- • Strong return on equity and capital efficiency(p.107)
- • Improved debt position and reduced financial leverage(p.107)
- • Deep expertise in NGT-compliant environmental DG solutions(p.136)
- • Established contracts with major telecom OEMs(p.136)
- • One of largest construction equipment rental fleets in North India(p.136)
- • Proprietary IT systems for monitoring and business review(p.136)
- • Stable management team retention over 10 years(p.136)
- • Extensive telecom operations experience(p.136)
- • Improved financial margins and profitability(p.136)
- • Established relationships with major OEM partners across multiple sectors(p.180)
- • Diversified service portfolio spanning telecom, automobile, and logistics(p.180)
- • Consistent recognition from key partners for service excellence(p.180)
- • Long-standing trusted partnerships with major equipment manufacturers(p.180)
- • No material time and cost overruns in project execution(p.180)
- • Diversified service portfolio across multiple high-growth sectors(p.245)
- • Substantial asset base for construction equipment rental operations(p.245)
- • Large owned fleet with integrated digital management systems(p.245)
- • Established relationships with major telecom operators(p.245)
- • Improved financial performance with strong revenue growth(p.247)
- • Strong profitability improvements and operational margins(p.254)
- • Declining debt-to-equity ratio showing improved financial position(p.239)
- • Improved current ratio indicating stronger working capital position(p.239)
- • Heavy dependence on limited number of customers creates revenue volatility(p.20)
- • Past delays in loan repayment may adversely affect credit profile(p.21)
- • Historical non-compliance in statutory filings with ROC(p.22)
- • Delays in filing GST returns by the Company(p.22)
- • Default on Tata Capital Limited loan with criminal proceedings initiated(p.29)
- • Delays in filing EPF and ESIC returns by the Company(p.27)
- • Working capital intensive business model strains liquidity(p.26)
- • Negative cash flows from investing and financing activities in past years(p.27)
- • Concentration risk with top 5 customers representing 26.98% of revenue(p.108)
- • Dependence on promoter guarantees for bank financing(p.47)
- • Related party transactions with promoters(p.47)
- • Existing indebtedness and potential inability to service additional debt(p.47)
- • Potential inadequacy of insurance coverage(p.47)
- • Significant dependence on top customers(p.142)
- • Geographic concentration in Delhi-NCR and North India(p.140)
- • Limited presence in southern and eastern India(p.140)
- • High dependence on major supplier relationships(p.143)
- • Recent default on vehicle loan obligations(p.181)
- • Concentration of promoter shareholding reduces independence(p.212)
- • High dependence on related party financing(p.213)
- • Significant leverage with debt-to-equity ratio(p.224)
- • Heavy dependence on few major customers for revenues(p.250)
- • Outstanding litigation from dishonoured cheques affecting working capital(p.259)
- • Multiple pending criminal proceedings for cheque dishonours(p.259)
- • Capital-intensive business model requiring substantial upfront financing(p.246)
- • Significant outstanding dues to creditors(p.264)
- • Unsecured loans from promoters representing operational weakness(p.244)
- • Expansion of plant and machinery through capital expenditure from IPO proceeds(p.25)
- • Reduction of debt burden through loan prepayment from IPO proceeds(p.24)
- • Expansion of leasing operations with RMC machinery(p.93)
- • Growth in infrastructure development and construction equipment rental(p.98)
- • Benefits of public listing and enhanced brand visibility(p.91)
- • Utilization of IPO proceeds for capacity expansion(p.93)
- • Large NGT-compliance retrofit market in Delhi-NCR with ₹4,000 crore opportunity(p.142)
- • Scale RMC business with planned installation of 2-4 new plants(p.141)
- • Expand telecom infrastructure services for 5G rollout(p.141)
- • Geographic expansion in North India through OEM partnerships(p.142)
- • India's infrastructure investment momentum and government spending(p.122)
- • Growing logistics market in India projected to reach $357.3 billion by 2030(p.123)
- • Machinery rental market growth at 5.17% CAGR through 2030(p.121)
- • Expansion of dealership network in automotive sector(p.180)
- • Growth in logistics and equipment rental services(p.180)
- • Strategic partnerships with telecom infrastructure players(p.180)
- • Demonstrated capability to manage complex multi-segment operations(p.211)
- • Expansion into construction equipment rental across key infrastructure regions(p.245)
- • Growth in telecom engineering services and network expansion programs(p.245)
- • Capital expenditure plan for new equipment to capture market growth(p.246)
- • Expansion of authorized service center and dealership operations(p.245)
- • Cyclical nature of infrastructure and construction sectors(p.24)
- • Risks of project delays from external factors like land acquisition and statutory approvals(p.24)
- • Dependence on OEM dealership agreements subject to renewal and termination risks(p.26)
- • Telecom services segment exposed to 5G deployment delays and budget constraints(p.29)
- • Geographic concentration in North India creates regional economic and regulatory risks(p.29)
- • Volatility in diesel prices may reduce margins if costs cannot be passed to customers(p.30)
- • Supply chain disruptions could impact project execution and increase costs(p.31)
- • Slowdown in economic growth and infrastructure spending could reduce demand(p.31)
- • Macroeconomic slowdown and interest rate fluctuations affecting demand(p.50)
- • Currency fluctuations and exchange rate risks(p.50)
- • Regulatory and compliance changes affecting business operations(p.50)
- • Labour compliance and wage regulation costs(p.50)
- • Geopolitical conflicts affecting global supply chains and energy costs(p.52)
- • Natural disasters and pandemics disrupting operations(p.50)
- • Global economic slowdown and rising trade protectionism(p.114)
- • Global tariff increases affecting supply chains(p.116)
- • Intense competition in telecom services and automotive sectors(p.109)
- • Regulatory changes in telecom and automotive sectors(p.167)
- • NGT compliance costs and potential retroactive regulatory changes(p.142)
- • Regulatory restrictions on operations in specific regions(p.180)
- • Dependency on a small number of major customers(p.180)
- • Vulnerability to external economic disruptions(p.180)
- • Capital intensity of logistics and equipment operations(p.210)
- • Projects subject to delays and cost overruns from external factors(p.246)
- • Cyclical nature of infrastructure and construction sectors(p.246)
- • Dependence on fleet availability and risk of downtime/accidents(p.246)
- • Fragmented and highly competitive industry with low entry barriers(p.256)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Navin Katiyar | Promoter | — | — |
| Praveen Kumar | Promoter | — | — |
| Sarika Katiyar | Promoter | — | — |
| Sumit Kumar Bajaj | Promoter | — | — |
| Navin Katiyar | Promoter | 34.21% | — |
| Praveen Kumar | Promoter | 23.53% | — |
| Sumit Kumar Bajaj | Promoter | 18.88% | — |
| Sarika Katiyar | Promoter | 9.93% | — |
| Navin Katiyar | Founder/Promoter | — | — |
| Navin Katiyar | Promoter | 34.21% | — |
| Praveen Kumar | Promoter | 23.53% | — |
| Sarika Katiyar | Promoter | 9.93% | — |
| Sumit Kumar Bajaj | Promoter | 18.88% | — |
| Navin Katiyar | Director of the Company | — | — |
| Praveen Kumar | Director of the Company | — | — |
| Sumit Kumar Bajaj | Director of the Company | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.