Today, Teerth Gopicon witnessed a positive debut on the NSE SME platform, with its share price opening at ₹125, marking a 12.6% increase from the issue price of ₹111.
The Teerth Gopicon IPO, which was open for subscription from April 8 to April 10, garnered significant interest from investors, with the subscription status reaching an impressive 75.54 times by the closing day. The IPO, valued at ₹44.40 crore, comprised a fresh issue of 3,999,600 equity shares with a face value of ₹10 each, without any offer-for-sale component.
Investors showed strong interest across categories, with the market maker portion allotted up to 2,00,400 equity shares, and both non-institutional investors (NII) and retail individual investors (RII) being allotted up to 18,99,600 equity shares each.
Teerth Gopicon, an engineering, construction, and development firm primarily operating in Madhya Pradesh, has an established track record of undertaking projects for both government and private sector clients. Its portfolio includes projects ranging from road construction to residential towers in Indore, where it has also acted as a subcontractor.
The net proceeds from the IPO will be utilized to meet working capital requirements and other corporate purposes. Interactive Financial Services Ltd served as the book running lead manager, while Bigshare Services Pvt Ltd acted as the issue’s registrar, and Giriraj Stock Broking functioned as the market maker.
Furthermore, the grey market premium (GMP) for Teerth Gopicon IPO stood at +16, indicating a premium of ₹16 per share in the grey market. This reflects investors’ willingness to pay above the issue price, suggesting positive sentiment surrounding the company’s prospects.
Teerth Gopicon Ltd had anticipated a listing price of ₹127 per share, representing a 14.41% increase from the IPO price of ₹111, factoring in the upper end of the pricing band and the prevailing premium in the grey market. The ‘grey market premium’ serves as an indicator of investor sentiment and their willingness to pay a premium for shares in the secondary market.
