Teerth Gopicon makes a decent debut, shares list at 12% premium on NSE SME platform
Upstox
2 min read • Updated: April 16, 2024, 11:32 AM
Summary
Teerth Gopicon shares advanced 5% to a high of ₹131.25 apiece after a decent debut on NSE SME with a 12% premium to issue price.
Teerth Gopicon Ltd made a positive debut on NSE SME platform on Tuesday, April 16, with shares listing at a premium of 12% to the issue price.
Shares of Teerth Gopicon Ltd were listed at ₹125 per piece against the issue price of ₹111 per share, reflecting a premium of 12%.
The stock rose further by 5% to hit an early upper limit at ₹131.25 per share on heavy buying by investors.
Teerth Gopicon shares saw a hectic trading activity in morning deals as more than 27 lakh shares of the company changed hands in the first 15 minutes of trade.
The traded value was ₹34.56 crore. The market capitalisation of the company stood at ₹157.49 crore, making investors richer by nearly ₹24 crore.
Teerth Gopicon Ltd is an engineering construction and development company, which mainly focuses on roads, sewerage and water distribution projects.
The company earlier raised around ₹44.4 crore from public investors through its initial public offering. Teerth Gopicon IPO was open for subscription from April 8 to April 10.
Teerth Gopicon Ltd IPO proceeds will be utilised to finance its expansion plans and to meet working capital requirements. The company seeks to utilise ₹33.4 crore for working capital requirements and ₹10.24 crore towards general corporate purposes. It is engaged in road construction, sewerage and water supply projects in Madhya Pradesh.
Teerth Gopicon Ltd IPO comprised a fresh issue of 39.99 lakh shares. The public issue was subscribed more than 75 times. Bids for 28.69 crore shares worth ₹3,185 crore were received against the net issue size of 37.99 lakh shares.
The road construction company’s business operations are spread across Indore, Chhatarpur, Sagar, Dindori, Jabalpur and Ujjain in Madhya Pradesh. The company is looking to expand its presence gradually in other states. It has executed various government projects. The Order Book of the Company as of January 31, 2024, is ₹904.98 crore.
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