Techknowgreen Solutions
Fixed Price issueSME₹16.72 Cr issue
+1.16%
Listing gain over issue price
Issue size
₹16.72 Cr
1 lot at cut-off
₹1,37,600
Lot size
1,600shares
Open
18 Sep 2023
Close
21 Sep 2023
Allotment
26 Sep 2023
Listing
27 Sep 2023
Listing performance
Issue price
₹86
Listed at
₹87
Listing-day close
₹91.35
Latest price
₹129.90
Close on 23 Oct 2026
Listing gain
+1.16%
Return since issue
+51.05%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Sep 2023 – 21 Sep 2023
- Listing date
- 27 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹86 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹16.72 Cr
- Market cap at offer price
- ₹63.49 Cr
- Promoter holding
- 89.02% → 65.58% pre-issue → post-issue
- ISIN
- INE0P4P01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- Flat-202, Hem Opal Apartment, Plot No.26, Ekta Park Society, Wakdewadi, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 97,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹86
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,37,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,75,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,63,200 |
| B-HNI (min) | 8 | 12,800 | ₹11,00,800 |
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.
Valuation and performance
Valuation at offer price
₹86 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.86 | — |
| P/E (×) | 9.71 | — |
| Market cap | — | ₹63.49 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 71.24%
- ROCE
- 98.74%
- Debt / equity
- 0.45
- NAV per share
- ₹12.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Techknowgreen Solutions
Techknowgreen Solutions Limited (TSL) was originally formed as a partnership firm 'Techno Green Environmental Solutions' under a deed of partnership dated April 05, 2001, and was registered under the Partnership Act, 1932 on September 17, 2001. The firm was later converted to a public limited company on January 02, 2023. The company is headquartered in Pune, India, and operates as an environmental consulting firm with 20+ years of experience. Its key offerings include Consulting services (Regulatory | Sustainability), Technology services (Execution | Info Tech), and Research services (Policy | Engineering). The company earns revenue primarily through environmental consulting assignments, technology-driven offerings with subscription-based models, and project-based work across diversified industries. The company serves government, semi-government organizations, MNCs, large companies, mid-size companies, and MSMEs.
Company Analysis
from RHPTechknowgreen Solutions Limited is an environmental consulting company with 20+ years of experience providing regulatory compliance, sustainability consulting, environmental IT solutions, and research services across infrastructure, chemical, automobile, healthcare, manufacturing, and real estate sectors.
Techknowgreen Solutions Limited (TSL) was originally formed as a partnership firm 'Techno Green Environmental Solutions' under a deed of partnership dated April 05, 2001, and was registered under the Partnership Act, 1932 on September 17, 2001. The firm was later converted to a public limited company on January 02, 2023. The company is headquartered in Pune, India, and operates as an environmental consulting firm with 20+ years of experience. Its key offerings include Consulting services (Regulatory | Sustainability), Technology services (Execution | Info Tech), and Research services (Policy | Engineering). The company earns revenue primarily through environmental consulting assignments, technology-driven offerings with subscription-based models, and project-based work across diversified industries. The company serves government, semi-government organizations, MNCs, large companies, mid-size companies, and MSMEs.
Environmental consultingInfrastructureChemicalAutomobileHealthcareManufacturingReal estateEnvironmental IT solutions
Objects of the Issue
- Investment in research and development (R&D) initiatives including hiring of experienced R&D resources and purchase of equipment to support R&D initiatives ₹138.25 Lakh p.22
- Investment in office premises ₹200.00 Lakh p.22
- Refurbishment of new office premises and purchase of office equipment ₹99.05 Lakh p.22
- Expansion of execution and support service teams including hiring of resources with expertise in environmental consulting ₹177.00 Lakh p.22
- Repayment of bank facilities ₹285.08 Lakh p.22
- General corporate purposes ₹387.46 Lakh p.22
- Investment in research and development (R&D) initiatives including hiring of experienced R&D resources and purchase of equipment to support R&D initiatives ₹138.25 Lakh p.76
- Investment in office premises (purchase of new office premises) ₹200.00 Lakh p.77
- Refurbishment of new office premises and purchase of office equipment ₹99.05 Lakh p.78
- Expansion of execution and support service teams including hiring of resources with expertise in environmental consulting ₹177.00 Lakh p.79
- Repayment of Bank facilities ₹285.08 Lakh p.79
- General Corporate purposes ₹387.46 Lakh p.80
- Not explicitly stated in this part of the document
Issue Structure
- Total Issue
- ₹1,671.84 Lakh
- Fresh Issue
- 19,44,000 Equity Shares of ₹10.00 each at ₹86.00 per share aggregating to ₹1,671.84 Lakh
- Offer for Sale
- Nil
- Price Band
- ₹86.00 per Equity Share (Fixed Price Issue)
- Lot Size
- 1,600 shares and in multiples of 1,600 thereafter
- Face Value
- ₹10.00 per share
Business Model
The company operates on a project-based model with assignments that are typically terminable by clients on short notice. Revenue is generated through: (1) Environmental consulting services on a case-by-case basis with pricing determined by specific customer requirements; (2) Technology solutions and software applications offered on subscription basis; (3) Research and policy advisory services. A substantial portion of revenue comes from government and semi-government authorities (36.92% in FY2023, 74.60% in FY2022, and 60.23% in FY2021).
Business Segments
Regulatory compliance consulting and sustainability consulting services
Environmental IT solutions through cutting-edge software applications and compliance solutions
Policy research and engineering research services
Development and implementation of wastewater treatment technologies including patented Phytorid technology and Circular Economic Wetland Technology (CEWT); project execution for wastewater treatment systems across India.
Environmental consulting services including air quality characterization, receptor modelling for river pollution assessment, environmental forensics research, policy research, and sustainability consulting.
Development of innovative environmental technologies and software solutions; sponsorship-supported research in environmental management; research publications and intellectual property development.
ESG (Environmental, Social and Governance) consulting services to corporate clients seeking to achieve sustainability targets and meet regulatory compliance requirements for ESG disclosures.
Includes Environment Impact Assessment, ESG and Climate Change reporting, Environmental Compliance, Environmental Due Diligence, DPR and designing of treatment systems, Training and sensitization, Environment crime investigation
Wastewater treatment technology, Air pollution control products, Solid waste management solutions, Remediation services, Software development including KYC and IDSS, Applications including ROCO footprint and E-catalyst, IoT data communication
Climate change research including CCUS, Circular economy solutions, Pollution control technologies including AOP and nature-based solutions, AI and Robotics for environmental surveillance, Policy research and analysis
Provision of consulting services in regulatory compliance and sustainability, technology solutions for environmental execution and IT, and research services for policy and engineering. Includes Environmental Impact Assessment (EIA) and Environmental Clearance (EC) services.
SWOT Analysis
Strengths
- • 20+ years of environmental consulting experience with diverse industry expertise(p.21)
- • First-mover advantage in environmental IT solutions in India(p.21)
- • Diversified client base spanning government, semi-government, MNCs, and MSMEs(p.21)
- • Strong financial growth trajectory(p.22)
- • Established R&D track record with patented technologies(p.75)
- • Innovation and market recognition as environmental solutions consultancy(p.75)
- • Strong revenue growth trajectory(p.52)
- • Significant profitability improvement(p.52)
- • Experienced promoter leadership with PhD credentials(p.75)
- • 20+ years of environmental consulting experience with deep management expertise(p.109)
- • Early mover in environmental IT solutions with proprietary software and applications(p.109)
- • Diverse industry experience across multiple sectors including infrastructure, chemicals, pharmaceuticals, and government(p.109)
- • Rapid project execution capability enabled by experienced team mobilization(p.110)
- • Pioneering innovative environmental technologies, including first circular economic wetland technology(p.110)
- • NABET accreditation and ISO 9001-2015 certification demonstrating quality standards(p.127)
- • Licensed technology from CSIR-NEERI for Phytorid wastewater treatment system(p.126)
- • Experienced management team with 20+ years in environmental consulting and sustainability(p.131)
- • 20+ years of environmental consulting experience with NABET certification(p.184)
- • Diversified service offerings across consulting, technology, and research(p.184)
- • First-mover advantage in environmental IT solutions in India(p.184)
- • Strong revenue growth trajectory across three fiscal years(p.186)
- • Significant profit growth outpacing revenue growth(p.187)
Weaknesses
- • Substantial dependence on government and semi-government contracts(p.28)
- • High revenue concentration among limited customers(p.29)
- • Lack of long-term client agreements creating uncertainty(p.30)
- • Significant dependence on key managerial personnel(p.28)
- • Outstanding litigation and tax proceedings pending(p.30)
- • Promoter guarantee on company debt increases financial risk(p.37)
- • Lack of comprehensive insurance coverage for business risks(p.33)
- • Unresolved approvals in company's name from erstwhile partnership firm(p.35)
- • Delayed regulatory filings with Registrar of Companies(p.39)
- • High promoter control dilutes minority shareholder interests(p.35)
- • High dependence on limited customer base(p.46)
- • Existing debt burden requiring repayment(p.79)
- • Significant short-term borrowings relative to size(p.51)
- • Recently converted from partnership to company with operational transition risks(p.67)
- • Concentration in office premises in single location (Pune)(p.77)
- • High dependence on two equal promoter shareholders holding 89% of equity(p.147)
- • Limited financial debt capacity with outstanding borrowings and reliance on promoter guarantees(p.128)
- • Significant working capital requirements with inventory valued at Rs 382.84 lakhs as of March 31, 2023(p.175)
- • No employee stock option scheme or profit-sharing plan in place(p.145)
- • Recently converted from partnership firm to public company with limited corporate governance history(p.109)
- • Concentration of key managerial personnel with limited bench strength(p.114)
- • Leasehold offices with short tenure and renewal uncertainty(p.116)
- • High dependence on limited customer base with top 10 customers representing over half of revenues(p.190)
- • Significant leverage with debt-to-equity ratio of 0.45 as of March 31, 2023(p.178)
- • High share of revenue from turnkey projects requiring material purchases creating cash flow volatility(p.186)
- • Related party transactions with family members as proprietors creating governance concerns(p.179)
Opportunities
- • Expansion into international markets, particularly GCC and US(p.27)
- • Growing regulatory and ESG-driven demand for environmental consulting(p.21)
- • Significant climate change mitigation gap creating market demand(p.21)
- • Plans to invest significantly in R&D for new solutions(p.26)
- • Expansion of execution and support service teams(p.22)
- • Growing environmental consulting market demand(p.107)
- • Increasing corporate ESG compliance requirements(p.107)
- • Government environmental spending expansion(p.107)
- • Large-scale corporate investment in sustainability(p.107)
- • Expansion of R&D initiatives and new product development(p.76)
- • Capability expansion through team hiring(p.79)
- • Growing Indian environmental consulting market projected to reach USD 1.1 billion by 2026(p.108)
- • Large compliance opportunity with 90K existing companies plus 10K new factories annually requiring environmental compliance(p.108)
- • Mandatory ESG reporting through BRSR will increase demand for environmental consulting services(p.108)
- • Strategy to cross-sell Impact Assessment services with Environmental Clearance for 2-2.5x revenue multiplier(p.111)
- • Large government projects in carbon neutrality and climate resilience with 50-100% higher value assignments(p.111)
- • Expansion into high-value data center environmental permits market(p.111)
- • Target 30-40% revenue from annuity business through environmental compliance management(p.112)
- • Geographical expansion into Saudi Arabia and GCC markets within 12 months(p.112)
- • Expansion of EIA & EC consulting business driven by regulatory compliance expansion(p.186)
- • Diverse industry presence enabling cross-sector expansion(p.184)
- • Wide customer base across government, semi-government, MNCs and MSMEs creating growth potential(p.184)
- • Migration potential to main BSE board after two-year SME platform tenure(p.219)
Threats
- • Competition from large global consulting firms with superior resources(p.29)
- • Risk of delays and cost overruns in government projects(p.28)
- • Government budget allocation cuts affecting environmental projects(p.28)
- • Rapid technological changes requiring continuous innovation(p.26)
- • Economic and political instability in India affecting operations(p.45)
- • Natural disasters, pandemics, and terrorist attacks(p.44)
- • Global financial instability affecting Indian economy and markets(p.45)
- • Regulatory and tax law changes affecting business viability(p.45)
- • Regulatory changes in environmental and sustainability requirements(p.31)
- • Economic slowdown impact on discretionary environmental spending(p.46)
- • Climate and weather-related business disruption risks(p.48)
- • Sovereign credit rating downgrades affecting financing costs(p.47)
- • Foreign exchange volatility affecting returns to foreign investors(p.48)
- • Increasing compliance burden as listed company(p.48)
- • Regulatory changes and uncertainty in environmental compliance requirements(p.108)
- • Competition from organized and unorganized players with greater resources(p.114)
- • Price competition as key factor in client decision-making(p.114)
- • Dependence on government approval and policy decisions for environmental projects(p.127)
- • India's exposure to climate risks as seventh-ranked on Global Climate Risk Index(p.108)
- • Industry cyclicality and economic sensitivity of consulting services(p.114)
- • Regulatory dependency and changes in environmental compliance requirements(p.190)
- • Exposure to government sector revenue with delayed payment issues evident in pending litigation(p.195)
- • Business reliance on project-based revenue creating cyclicality and cash flow uncertainty(p.187)
- • Operating cost pressures including significant employee expense growth(p.187)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajay Ramakant Ojha | Promoter | 44.51% | 32.79% |
| Prasad Rangrao Pawar | Promoter | 44.51% | 32.79% |
| Ajay Ramakant Ojha | Promoter | 44.51% | 32.79% |
| Prasad Rangrao Pawar | Promoter | 44.51% | 32.79% |
| Saint Capital Fund | Promoter Group | 3.15% | — |
| Aarhat Trade-Com Private Limited | Promoter Group | 1.26% | — |
| Payal Manish Agarwal | Promoter Group | 1.89% | — |
| Ajay Ramakant Ojha | Promoter | 44.51% | — |
| Prasad Rangrao Pawar | Promoter | 44.51% | — |
| Dr. Ajay Ojha | Promoter | — | — |
Leadership
Ajay Ramakant Ojha · Managing Director
Aniket Kadam · Key Managerial Personnel
Vinayak Chindak · Company Secretary and Compliance Officer
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.
Techknowgreen Solutions IPO FAQs
What is the lot size of Techknowgreen Solutions IPO?
The minimum lot size of Techknowgreen Solutions IPO is 1,600 shares. One lot costs ₹1,37,600 at the cut-off price.
When does Techknowgreen Solutions IPO open and close?
Techknowgreen Solutions IPO opened for subscription on 18 Sep 2023 and closed on 21 Sep 2023.
What is the listing date of Techknowgreen Solutions IPO?
Techknowgreen Solutions IPO listed on 27 Sep 2023.