Paluck Technologies Ltd. IPO: price band, issue size, subscription, GMP trend and listing details

Paluck Technologies Limited launched an SME initial public offering (IPO) on the BSE SME platform with a price band of ₹46 to ₹48 per share. The issue opened on 28 August 2026 and closed on 1 September 2026, with allotment dated 2 September 2026 and listing dated 4 September 2026. The IPO was sized at ₹33 crore and was entirely a fresh issue of ₹33 crore, with no offer for sale (OFS). The recorded listing price was ₹46.80, translating to a -2.50% listing gain versus the issue price reference in the snapshot.

What Paluck Technologies does

Paluck Technologies Limited describes itself as a diversified engineering services and infrastructure support company with operations spanning three broad verticals.

First, it runs automobile and engineering services, including authorised original equipment manufacturer (OEM) service centres and dealerships. The described scope includes servicing for diesel and gas generators, dual-fuel conversion work, and retrofits such as retrofit emission control devices (RECD). It also includes service and dealership activity linked to commercial vehicles and two-wheelers.

Second, the company operates in construction logistics and equipment rental. This includes concrete transportation activity and support services linked to ready-mix concrete (RMC) plant setup.

Third, it undertakes telecom engineering services with a pan-India execution footprint. The company’s telecom work is described in the context of equipment support and field execution services, including installation, commissioning, and operations-and-maintenance (O&M) type work.

Across these lines, the company highlights an owned fleet and a service network largely concentrated in North India, alongside telecom execution across India. As presented, the business model is operationally asset-led: it combines fleet capacity, service centres, and on-ground execution capabilities to deliver services to customers.

Milestones that shaped the operating profile

The company’s stated milestones show a timeline that begins in generator-linked maintenance services, expands into telecom services, and then adds logistics and RMC-linked vehicle and support activity.

Paluck was incorporated in 2010 and began operations focused on diesel generator maintenance and power generation services for Aditya Birla Retail. In 2011, it entered telecom services through BSNL/ZTE for passive infrastructure equipment support across India. In 2012, it associated with Kirloskar Oil Engine Limited as a service partner.

In 2014, it expanded into telecom equipment installation, commissioning, and O&M services with ZTE India. A dealership relationship with Kirloskar Oil Engines Limited remains a prominent thread in the timeline: the company received a high-potential dealership (Paluck Faridabad) in 2017 and received additional high-potential dealerships (Paluck Ghaziabad and Paluck Rewari) in 2024.

In 2018, the company references expanded telecom engagement and a start of ready-mix concrete related vehicle activity. In 2019, it reported starting an Ashok Leyland service dealership, entering transit mixer hiring agreements with Nuvoco and ACC, and entering a ZTE engagement for a Vodafone Idea Limited (VIL) project.

In 2021, Paluck converted from a private to a public company and was renamed Paluck Technologies Limited. In 2022, it references starting the logistics segment.

These milestones, taken together, map to the company’s current description as a multi-vertical services business that blends OEM-linked service and dealership operations, construction logistics and equipment rental, and telecom engineering execution.

IPO structure, reservations, and proposed use of proceeds

The Paluck Technologies IPO was fully a fresh issue, meaning the proceeds are intended for the company. There was no OFS, so selling shareholders were not part of the fundraising structure in this issue.

The company stated that the net proceeds are proposed to be used for four purposes: (1) funding capital expenditure towards purchase of new RMC machinery and diesel generator (DG) sets intended to comply with prevailing environmental standards; (2) pre-payment or re-payment (in part or full) of certain outstanding borrowings; (3) working capital requirement; and (4) general corporate purpose.

Within the disclosed proposed allocations, the company indicated specific amounts for capex, debt prepayment/repayment, and working capital, while the general corporate purpose component is not specified as a fixed amount in the provided context.

For market participants assessing an SME IPO, the lot size affects the minimum application size. Paluck’s lot size was 3,000 shares, which implies a higher minimum ticket size than many mainboard offerings. The reservation framework in the snapshot includes portions for qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail individual investors (RIIs). The anchor investor framework is also disclosed as an allocation within the QIB portion, including a stated domestic mutual fund reservation within the anchor portion.

Subscription outcome and grey market premium observations

The IPO is marked as closed in the snapshot, with total subscription recorded at 99.42 times. Category-wise, the snapshot shows subscription across QIB, NII, and retail segments.

Grey market premium (GMP) is an unofficial indicator and can change quickly; the available observations in the provided context are dated around the offer close and listing. Across the 10 observations supplied, the GMP ranged from a peak of ₹35 (observed on 1 September 2026) to ₹9 on listing day (4 September 2026), with the referenced issue price shown as ₹48 in the observations.

The listing price recorded in the snapshot was ₹46.80, which corresponds to a -2.50% listing gain versus the issue price reference used in the snapshot. This is a point-in-time listing outcome and does not, by itself, describe subsequent price movement after listing.

Financial trajectory and KPI context

The offer materials in the supplied context provide a set of key performance indicators (KPIs) that are commonly used to frame IPO valuation and operating metrics for comparison.

Based on the disclosed KPIs, Paluck reported earnings per share (EPS) of ₹6.91. The snapshot also reports an EBITDA margin of 22.79% and a profit after tax (PAT) margin of 13.18%. Return metrics disclosed include return on equity (ROE) of 30.31% and return on capital employed (ROCE) of 27.43%. The snapshot shows a debt-to-equity ratio of 0.29.

For valuation references, the disclosed pre-IPO price-to-earnings (P/E) multiple is 6.95 times and the price-to-book (P/B) ratio is 1.47 times.

The financial table is the cleanest place to review year-wise revenue, PAT, PAT margin, and total assets together. For an asset-backed services and equipment-linked model, those line items are typically read alongside the company’s proposed use of proceeds (capex, debt prepayment/repayment, and working capital), because business scale and liquidity needs can move with fleet deployment, equipment utilization, and the timing of collections.

Key risks and monitoring points after listing

The snapshot’s risk framing highlights customer concentration, financing/repayment track record, and compliance processes.

Customer concentration risk: The company flags reliance on a limited customer set. If large customers change ordering patterns or negotiate different commercial terms, cash flows and margins can change.

Financing and repayment track record: Past loan repayment delays are cited as a factor that can affect lender confidence. Access to funding and the terms of funding can matter for businesses that combine capex needs with working capital cycles.

Compliance processes: Past delays in filings with the Registrar of Companies (RoC) are noted as process gaps, with the potential for penalties or additional compliance costs.

Monitoring points to track as ongoing statements (not forecasts):

The pace and timing of deployment of RMC machinery and environmentally compliant DG sets against the stated capex objective.

Working capital movement and collection discipline as the company scales fleet- and project-based execution across verticals.

Customer mix across telecom engineering, OEM service/dealership activity, and construction logistics to understand concentration trends.

Changes in borrowings following the stated pre-payment/repayment objective, alongside any disclosures on funding terms as operations expand.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.