Teamtech Formwork Solutions Limited is gearing up to raise nearly ₹50.15 crore through its upcoming SME public issue on the NSE Emerge platform. It is a completely fresh issue totaling 79,60,000 equity shares. The subscription window for investors will open on May 19, 2026, and remain available for bidding until May 21, 2026. The share allotment process is expected to conclude on May 22, 2026, followed by listing on May 26, 2026.
The issue price band is ₹61 to ₹63 per share, with application lots fixed at 2,000 shares each. Investors in the retail category need to subscribe for two lots, translating to ₹2,52,000 investment at the upper band. For the HNI category, bidding starts from three lots, requiring a minimum investment of ₹3,78,000.
Teamtech Formwork Solutions IPO Details
The important details related to the Teamtech Formwork Solutions IPO are as follows:
| Particulars | Details |
| Bidding Opens | May 19, 2026 |
| Bidding Closes | May 21, 2026 |
| Issue Type | Book Building Issue |
| Face Value | ₹5 per share |
| Price Band | ₹61 to ₹63 |
| Listing at | NSE Emerge |
| Lot Size | 2,000 Shares |
| Reserved for Market Maker | 4,00,000 shares |
| Offer for Sale(OFS) | Nil |
| Fresh Issue | 75,60,000 shares (agg. up to ₹48 crore) |
| Total Issue | 79,60,000 shares (agg. up to ₹50 crore) |
| Minimum Investment | ₹2,52,000 (4,000 shares) |
Teamtech Formwork Solutions IPO Timeline
The tentative IPO schedule and major dates are as follows:
| Particulars | Details |
| Bidding Opens | May 19, 2026 |
| Bidding Closes | May 21, 2026 |
| Allotment Expected | May 22, 2026 |
| Refunds Start On | May 25, 2026 |
| Share Credit to Demat | May 25, 2026 |
| Listing Scheduled | May 26, 2026 |
| Cut-off for UPI Mandate | 5:00 PM on May 21, 2026 |
Teamtech Formwork Solutions Key Performance Indicators (KPI)
The company’s recent operational and profitability indicators are shown below:
| KPIs | FY26 | FY25 | FY24 |
| ROE (%) | 42.26 | 44.25 | 76.39 |
| ROCE (%) | 40.92 | 37.48 | 57.42 |
| Debt Equity (times) | 0.50 | 0.51 | 0.26 |
| RoNW (%) | 34.89 | 36.24 | 55.79 |
| PAT Margin (%) | 21.60 | 23.96 | 25.39 |
| EBITDA Margin (%) | 32.61 | 28.26 | 30.07 |
| Price Book Value | [●]* | [●]* | [●]* |
Teamtech Formwork Solutions Financials
The financial performance figures of the company are outlined below:
| Particulars (in ₹ Lakhs) | FY26 | FY25 | FY24 |
| Revenue from Operations | 5,366.11 | 3,270.87 | 3,030.12 |
| Other Income | 56.98 | 26.73 | 0.63 |
| Total Income | 5,423.09 | 3,297.60 | 3,030.75 |
| Profit After Tax | 1,158.99 | 783.77 | 769.47 |
| Total Borrowings | 1,667.56 | 1,109.64 | 363.56 |
Teamtech Formwork Solutions IPO Subscription Status
The live subscription data for the IPO will become available once bidding begins on May 19, 2026.
Applications can be submitted between 10:00 AM and 5:00 PM during the issue period. For QIB and non-institutional categories, the application deadline on the final day remains 4:00 PM.
Teamtech Formwork Solutions IPO Grey Market Premium
At present, the IPO’s zero GMP suggests muted interest from unofficial market participants. It indicates a probable debut near ₹63, which may result in minimal listing premium for investors.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain |
| 18-05-2026 | ₹0 | ₹63.00 | 0.00% |
| 19-05-2026 | – | ||
| 20-05-2026 | – |
Note: Grey Market Premium (GMP) is an unofficial indicator based on informal trading activity. It operates outside regulatory oversight and remains subject to constant changes. The indication is only directional in nature and cannot reliably predict listing-day movement.
Teamtech Formwork Solutions IPO Reservation
The category-wise reservation structure for the issue is as follows:
| Investor Category | Reservation |
| Market Maker Shares | 4,00,000 |
| QIB Shares | Not more than 49.97% of Net Issue |
| NII (HNI) Shares | Not less than 15% of Net Issue |
| Retail Shares | Not less than 35% of Net Issue |
| Total Shares | 79,60,000 |
Teamtech Formwork Solutions IPO Lot Size
The minimum application requirement for different investor categories is given below:
| Application | Lots | Shares | Amount |
| Individual Investors (Retail) (Min) | 2 | 4,000 | ₹2,52,000 |
| Individual Investors (Retail) (Max) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 16,000 | ₹10,08,000 |
Teamtech Formwork Solutions IPO Anchor Investors
The details related to the anchor investor portion are provided herein:
| Particulars | Details |
| Anchor Bidding Opens | May 18, 2026 |
| Shares Offered | 22,66,000 |
| Portion Size | Up to 28.47% of the total issue |
| 50% Shares Lock-in (30 Days) | June 17, 2026 |
| Remaining Shares Lock-in (90 Days) | August 16, 2026 |
Teamtech Formwork Solutions IPO Prospectus
The following documents provide detailed information related to the IPO and the company’s business operations.
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed Yet |
About Goldline Pharmaceuticals
Founded in 2017 under TeamTech Engineering, it transitioned into a public limited entity in Dec 2025z The business, associated with Salinraj Kunnummal and Chaitanya Prakash Kotagiri as promoters, operates in modular formwork within the construction field.
The company works on a B2B basis, offering manufacturing and rental services for modular T formwork systems. These products support applications like foundations, bridges, tanks, and shafts, circular wall structures. Along with manufacturing, Teamtech also provides refurbishment, reconditioning, customized design, and technical support services.
The company’s production and assembly activities are handled through an internal facility spanning about 32,000 sq. ft. The company has domestic reach across multiple states along with international execution in UAE and Bahrain.
| Lead Manager | Getfive Advisors Private Limited |
| IPO Registrar | Kfin Technologies Limited |
Teamtech Formwork Solutions IPO Objectives
The organisation plans to allocate issue proceeds toward lowering debt and meeting operational requirements.
| Particulars | Amount (in ₹ Cr) |
| Repayment or early closure of certain existing borrowings to reduce overall debt obligations | 15.50 |
| Resources earmarked for day-to-day business management and strengthening growth plans | 13.77 |
| Investment planned in additional procurement of new manufacturing systems to support higher operational output | 11.92 |
| General corporate purposes, including routine business needs and administrative expenses | – |
| Total | 41.19 |
Strengths of Goldline Pharmaceuticals
The company’s operational structure and business positioning are backed by the following strengths:
- Experienced Management: Leadership comprises industry-experienced professionals from the modular formwork and construction segment. Their involvement supports supervision of manufacturing, refurbishment, rental operations, and customer servicing activities.
- Integrated Business Model: Operations are centered around supplying modular T formwork through manufacturing, repair, and rental services. This integrated structure allows the company to cater to varied customer requirements while also supporting recurring revenue generation through refurbishment and rental services.
- Engineering and Technical Capabilities: An internal engineering division manages design, layout structuring, and estimation using specialised software systems.
- The company has an in-house engineering team that handles formwork design, layout planning, quantity estimation, and technical support for projects using specialised software tools.
- Manufacturing Infrastructure: A company-owned unit spanning nearly 32,000 square feet supports Teamtech’s fabrication and assembly requirements. The facility supports manufacturing, customization, and refurbishment of modular formwork systems.
- Process-Driven Operations: The company follows defined operational workflows with multiple quality checks conducted during material inspection, fabrication, assembly, finishing, and dispatch processes.
- Domestic and International Presence: Teamtech supplies products across several Indian states and has also completed projects in international markets including the UAE and Bahrain.
- Diversified Revenue Sources: Revenue is generated from manufacturing, refurbishment, rental services, and accessories sales, reducing dependence on a single business activity.
- Financial Growth: Revenue from operations increased from ₹3,030.12 lakhs in FY24 to ₹5,366.11 lakhs in FY26. Profit after tax also increased from ₹769.47 lakhs in FY24 to ₹1,158.99 lakhs in FY26.
Risks of Goldline Pharmaceuticals
Before evaluating the issue, it is important to consider the following business and industry-related risks:
- Concentration Risk: When most income comes from select clients, business stability becomes more vulnerable. For the period ended March 31, 2026, the top five customers contributed approximately 72.65% of total revenue.
- Dependence on Construction Industry: The company’s operations are directly linked to the construction sector, which is affected by economic cycles, infrastructure spending, and regulatory developments.
- Working Capital Intensive Operations: The refurbishment and rental model requires substantial working capital for inventory, receivables, and maintenance activities.
- Geographical Revenue Concentration: Although the company serves multiple regions, revenue concentration in specific states may expose operations to regional slowdowns or disruptions.
- Industry Competition: The modular formwork sector includes established domestic and international players with stronger financial and operational capabilities.
- Debt Obligations: Total borrowings increased from ₹363.56 lakhs in FY24 to ₹1,667.56 lakhs in FY26, increasing financial obligations related to debt servicing.
- Regulatory Compliance Risks: The company operates under various labour, environmental, and industrial regulations. Breaching required norms may trigger financial penalties and operational disruptions.
- Maintenance Requirements: Modular formwork systems require regular refurbishment and upkeep. Inadequate maintenance may affect product quality and customer relationships.
- Raw Material Price Volatility: Fluctuations in prices of steel, plywood, and related materials may impact profitability if cost increases cannot be passed on effectively.
- Project Execution Risks: Delays in project completion, payment delays, or cancellation of customer orders may affect cash flows and receivable cycles.
Goldline Pharmaceuticals IPO Review
Teamtech Formwork Solutions IPO reflects strong revenue growth, improving margins, and efficient return ratios supported by an integrated manufacturing, refurbishment, and rental model. However, high customer concentration, rising borrowings, and dependence on the construction sector add risk. With a neutral GMP of ₹0, the issue appears more aligned with fundamentals than listing gains.
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Goldline Pharmaceuticals IPO FAQs
Teamtech Formwork Solutions IPO is an SME book-building issue comprising 79,60,000 equity shares. The issue is proposed to be listed on the NSE Emerge platform on May 26, 2026.
Investors can apply for the IPO through ASBA-enabled net banking or UPI via their stock broker during the subscription period from May 19 to May 21, 2026.
The company has reported strong revenue growth, healthy margins, and diversified operations. However, customer concentration, industry dependence, and rising borrowings are important factors to evaluate before considering the issue.
The minimum lot size for the IPO is 2,000 shares. Retail investors can apply starting from one lot, while the final investment amount will depend on the announced price band.
The basis of allotment for the IPO is expected to be finalised on May 22, 2026.
The shares are proposed to be listed and traded on NSE Emerge from May 26, 2026.
The current Grey Market Premium (GMP) for the IPO is reported at Rs 0, indicating neutral unofficial market sentiment ahead of listing.
