Shares of infrastructure company Teerth Gopicon listed at Rs 125 on April 16 on the NSE SME platform, a premium of 12.6 percent from the issue price of Rs 111.
The gains were largely in line with the grey market where the share was trading at Rs 127 ahead of the listing. Grey market refers to unofficial, over-the-counter transactions in a security before it lists on exchanges. Most investors track the grey market to get an idea of the listing price.
Teerth Gopicon initial public offering (IPO), entirely a fresh issue of 40 lakh shares, was subscribed 75.54 times. The Rs 44.40-crore issue received bids for 28.69 crore equity shares against the offer size of 37.99 lakh. The price band of the issue was fixed Rs 111.
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Set up in 2019, Teerth Gopicon builds roads, sewerage, and water supply projects in Madhya Pradesh. The company has executed works for various central and state government units such as ISCDL and MPJNM and also for the private sector.
The company plans to use the net proceeds from the issue for the funding the working capital requirements of the company as well as general corporate purposes.
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