The initial public offer (IPO) of Technofab Engineering received muted initial response. The issue was subscribed 14% by 16:00 IST on day two of the issue today, 30 June 2010. The IPO got bids for 4.13 lakh shares compared with 29.9 lakh shares on offer. The issue closes on 2 July 2010.

The company has set Rs 230-240 per share price band for an initial public offer (IPO). Technofab Engineering (TEL) provides engineering, procurement and construction (EPC) services, and executes a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis.

The company had unexecuted order book of Rs 533.74 crore at end March 2010, which is about 2.7 times its revenue of Rs 200.37 crore for the year ended March 2010 (FY 2010), providing strong revenue visibility.