Teerth Gopicon Ltd, a prominent engineering construction and development company, has garnered substantial investor interest as its IPO opened for public subscription. On the first day of bidding, the SME IPO achieved a subscription rate of 0.37 times, with bids pouring in for 14,06,400 shares out of the 37,99,200 shares available. Priced at Rs 111 per share, the IPO aims to raise up to Rs 44.40 crore in funds.
Teerth Gopicon specializes in executing infrastructure projects related to roads, sewerage, and water distribution. The company plans to utilize the proceeds from the IPO to fuel its expansion plans and meet working capital requirements.
The non-institutional investors’ category witnessed a subscription rate of 0.20 times, while the Retail Individual Investors (RIIs) category experienced stronger interest with a subscription rate of 0.54 times.
The IPO, which commenced on April 8, is set to conclude on April 10. Share allotment is scheduled for April 12, with the company’s shares expected to be listed on the NSE SME exchange on April 16.
Market observers have noted that Teerth Gopicon’s unlisted shares are trading at a premium of Rs 10 in the grey market, indicating a potential listing gain of 9.01%. However, grey market premiums are subject to market fluctuations and sentiments.
The IPO comprises a fresh issue of 39.99 lakh equity shares, each with a face value of Rs 10. Interactive Financial Services Ltd has been appointed as the sole book-running lead manager for the IPO, while Bigshare Services will serve as the registrar.
