Decent market debut: Goel Construction Company shares list at 15% premium on BSE SME platform

Goel Construction Company IPO listing

The shares of Goel Construction Company made a decent stock market debut on September 9, listing at Rs 302.50 apiece on the BSE SME platform. This marks a premium of more than 15 percent over the IPO price of Rs 263 apiece.

The listing premium is slightly lower than grey market estimates. Ahead of listing, the unlisted shares of the company were trading with more than 19 percent grey market premium (GMP) over the IPO price at Rs 313 apiece, according to data on Investorgain.

The Rs 100-crore IPO saw strong investor interest during its three days of public bidding, being subscribed a whopping 115.77 times between September 2 and September 4. The Jaipur-based firm's maiden public issued comprised a combination of fresh issue of equity shares worth Rs 81 crore and an offer-for-sale of shares amounting to Rs 19 crore by promoter, the Goel family.

In the last four years, the construction contractor has delivered 19 projects worth Rs 1,135 crore in India. As of June 2025, it has 14 ongoing projects across eight states in India, with an order book of Rs 596.6 crore.

Goel Construction Company plans to spend Rs 41.7 crore of the fresh issue proceeds for the purchase of additional equipment and fleet. Further Rs 23.05 crore will be used for repayment of entire construction equipment loans out of the total outstanding borrowings of Rs 27.14 crore.

And the remainder fresh issue funds will be utilised for general corporate purposes.

The financial performance in the recent past years has been healthy with profit in FY25 growing 69.2 percent to Rs 38.3 crore compared to Rs 22.6 crore, and revenue increasing 52.8 percent to Rs 590 crore, compared to Rs 386 crore in the previous year.

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