Hyderabad-based Technopaints and Chemicals Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹500 crore (around $52 million) through an initial public offering.
The offer comprises a fresh issue of up to ₹325 crore and an offer for sale of up to ₹175 crore by existing shareholders, including the promoters. The shares carry a face value of ₹5 and the company plans to list on both the BSE and NSE. The firm is advised by JSA, and a pre-IPO placement of up to ₹65 crore may precede the offer.
The numbers behind the filing are solid: FY26 profit after tax of ₹37.7 crore on revenue of ₹350.5 crore, with an order book of ₹994.69 crore as of July 31, 2026. The company operates a "supply and apply" turnkey model, runs a planned greenfield facility (2,34,000 MTPA powder and 31,200 KLPA liquid paints), and recently signed Sachin Tendulkar as its national brand ambassador on a three-year deal. It was founded by Chairman & MD Akuri Srinivas Reddy.
The filing continues the steady stream of profitable, mid-sized industrial firms choosing the mainboard route — proof that IPOs in India remain open to real businesses with real order books, not just loss-making consumer stories.
Why it matters for founders
Profitable, unglamorous companies keep winning SEBI's nod and investor appetite — founders building real revenue engines in industrial India should take note of the path.