Teerth Gopicon shares list at 13% premium over issue price

Shares of Teerth Gopicon listed on the NSE SME platform at a premium/discount of 12.6% on Tuesday. The stock debuted at Rs 125 as against an issue price of Rs 111.

Ahead of the listing, the company's shares traded with a premium of Rs 20 in the unlisted market.

The IPO, which was completely a fresh equity issue of 39.99 lakh shares, received a robust response from investors with a subscription of over 70 times at close.

The net proceeds from the public offer will be used for funding working capital requirements and other general corporate purposes.

The company is an engineering construction and development company engaged primarily in the construction of roads, sewerage work and

water distribution work in Madhya Pradesh. It has also worked as a sub-contractor and constructed residential towers in the city of Indore.

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As an EPC contractor, the scope of its services includes detailed engineering of the project, procurement of construction materials, plant and machinery, construction and execution of the project and its operation and maintenance in accordance with the contractual provisions.

The company's manpower, resources and fleet of machinery and equipment, together with its engineering capabilities, enables it to execute a large number of projects simultaneously.

Teerth Gopicon believes the resource, quality of work and project execution skills have enabled it to enhance relationships with existing clients and help to further secure projects from new clients.

Infrastructure is a key enabler in helping India become a $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs.

For the period ended January 2024, the company clocked revenues of Rs 69.62 crore and net profit of Rs 7.84 crore.

Interactive Financial Services acted as the lead manager to the issue and Bigshare Services was the registrar.