Trom Industries shares list at 90% premium at ₹218.5 apiece on NSE SME platform; check details

Trom Industries Ltd. made a stellar debut on the NSE SME platform Emerge on Thursday, with its shares listing at a 90% premium.

The stock opened at ₹218.5 apiece, with an upside of 90% against the issue price of ₹115. After listing, the stock rose nearly 5% to hit an intraday high of ₹229.4 per share. At the intraday high, the stock has surged nearly 100% from the issue price.

Soon after the stock began to trade, nearly 3 lakh shares of the company changed hands on the NSE. The company's total market capitalisation of Trom Industries stood at ₹210.93 crore.

The minimum lot size to apply for the public issue was fixed at 1,200 shares. After listing, the successful bidders in the Trom Industries Ltd IPO would have earned a profit of at least ₹1,24,200 (₹103.5 x 1,200).

Trom Industries IPO subscription window opened on July 25 and closed on July 29. The allotment for the NSE SME issue was finalised on Tuesday, July 30.

Trom Industries IPO received bids for over 83.29 crore shares compared to 18.14 lakh shares on offer, leading to an overall subscription of 459.07 times. The NSE SME issue was subscribed 752.24 times in the Non-Institutional Investors (NIIs) category. Retail investors booked their portion 483.14 times on the last day of subscription. The qualified Institutional Buyers’ (QIBs) portion was booked 197.06 times.

Trom Industries IPO raised ₹31.37 crore, consisting of an entirely fresh issuance of 27.28 lakh shares.

The price band for Trom Industries IPO was fixed at ₹100-₹115 per share. The minimum lot size for application for retail investors was 1 lot or 1,200 shares, which aggregated to an investment of ₹1,38,000.

The company plans to use the money raised via the public issue to fund its capital expenditure requirements. A portion of the proceeds will also be used to fund the company's working capital needs and for other general corporate purposes.

Trom Industries Limited was founded in 2011. The company is a leading player in the solar EPC (engineering, procurement and construction) segment. Trom Industries specialises in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights.