NSE SME Teerth Gopicon makes a strong listing

Shares of Teerth Gopicon were quoting at Rs 131.25 on the NSE, a premium of 18.24% compared with the issue price of Rs 111.

The scrip was listed at Rs 125, a premium of 12.61% compared with the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 131.25 and a low of Rs 123. About 28.33 lakh shares of the company changed hands at the counter.

Teerth Gopicon's IPO was subscribed 67.23 times. The issue opened for bidding on 8 April 2024 and it closed on 10 April 2024. The price of the IPO was fixed at Rs 111 per share. The equity shares will list on NSE's SME platform.

The IPO comprised fresh issue of 39,99,600 equity shares. The promoter and promoter group shareholding diluted to 64.33% from 96.50% pre-IPO.

The company intends to utilise the net proceeds to funding the working capital requirement of the company and general corporate purpose.

Teerth Gopicon is a company engaged in the construction of roads, sewerage systems and water distribution networks in Madhya Pradesh. The company has executed wide range of civil engineering projects like building construction work, water supply, pipeline, sewerage network, sewerage treatment plant, nalla tapping work, re-use network, over head tanks, GSR, Road work, rejuvenation of lake etc. As on 29 February 2024, the company has 164 permanent employees.

The company recorded revenue from operations of Rs 69.62 crore and net profit of Rs 7.84 crore for the period as on 31 January 2024.

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