Teamtech Formwork Solutions IPO Subscription Status Day 2

The Teamtech Formwork Solutions IPO is witnessing muted investor response on Day 2, with overall subscription reaching 0.57 times as of May 20, 2026 (afternoon update). The IPO, which opened on May 19, 2026, is set to close on May 21, 2026, and is listed on the NSE SME platform.

Despite moderate participation on Day 1, the issue continues to remain under-subscribed across all investor categories, indicating cautious market sentiment.

Category-wise Subscription Details (Day 2)

• Qualified Institutional Buyers (QIBs): 0.66×

• Non-Institutional Investors (NII/HNI): 0.53×

• Retail Individual Investors (RII): 0.53×

• Overall Subscription: 0.57×

Retail and HNI participation have shown slight improvement compared to Day 1, but demand still remains below the required levels for full subscription.

Day-wise Progress

The retail category saw improvement, while NII demand softened slightly, and QIB participation remained stable.

Key Insights

• The IPO is still below 1× subscription, meaning it is not fully subscribed yet.

• Retail investors are gradually showing interest, rising from 0.36× to 0.53×.

• QIB interest remains steady, which is slightly positive for overall demand.

• Lack of strong momentum suggests a wait-and-watch approach by investors.

GMP & Market Sentiment

The Grey Market Premium (GMP) for the IPO remains ₹0, indicating no expected listing gains at the moment. The estimated listing price is ₹63, equal to the issue price.

A flat GMP combined with low subscription reflects neutral to bearish sentiment in the grey market.

What to Expect on Day 3

The final day of subscription (May 21, 2026) will be crucial. SME IPOs often see a last-day surge in bids, especially from HNI and institutional investors.

If demand picks up:

• The IPO can still get fully subscribed

• Oversubscription (if any) will likely come late

Otherwise:

• A weak close may impact listing performance

Conclusion

As of Day 2, the Teamtech Formwork Solutions IPO is progressing slowly, with subscription at 0.57× and no GMP support. Investors are advised to track Day 3 subscription trends and QIB participation closely before making any decision.