Teerth Gopicon IPO Debut with 12.6% Premium Opening at ₹125, Setting a Positive Tone

Tanushree Jaiswal Tanushree Jaiswal 16th April 2024 - 05:44 pm
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Teerth Gopicon IPO were floated for ₹125 on the NSE SME platform on April 16, representing a 12.6% premium over the issue price of ₹111.Gains were broadly consistent with the gray market, where the share was trading at ₹127 before of the IPO. The term "grey market" refers to unofficial, over-the-counter trading in securities before they are listed on exchanges. Most investors monitor the grey market to gain a sense of the listing price.

Teerth Gopicon IPO, a completely new issuance of 40 lakh shares, was 75.54 times subscribed. The ₹44.40-crore offering got bids for 28.69 crore equity shares, with an offer size of 37.99 lakh. The price band for the issue was established at ₹111.

Teerth Gopicon, founded in 2019, constructs roads, sewers, and water supply projects in Madhya Pradesh. The firm has worked for a variety of federal and state government units, including ISCDL and MPJNM, as well as the private sector.

The firm intends to use the net proceeds from the offering to cover the company's working capital requirements as well as other corporate objectives.

Read more about Teerth Gopicon IPO

Teerth Gopicon's IPO information

Teerth Gopicon's IPO, valued ₹44.40 crore, includes a fresh issue of 3,999,600 equity shares with a face value of ₹10. There is no "offer for sale" component.

The net proceeds from the transaction will be used to meet the firm's working capital needs as well as other business reasons.

The book running lead manager for the Teerth Gopicon IPO is Interactive Financial Services Ltd, while the issue's registrar is Bigshare Services Pvt. Ltd. Giriraj Stock Broking is the market maker for the Teerth Gopicon IPO. The market maker part of the Teerth Gopicon IPO was granted up to 2,00,400 equity shares, while non-institutional investors (NII) were allotted up to 18,99,600 equity shares and retail individual investors (RII) were also assigned up to 18,99,600 equity shares.

To Summarize

Teerth Gopicon's share price opened at ₹125, 12.6% higher than the issue price of ₹111. The IPO got an amazing reaction, with a subscription rate of 75.54 times.

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