Teerth Gopicon Ltd, which mainly focuses on roads, sewerage and water distribution projects, looks to raise up to Rs 44.40 crore from the SME public issue
Teerth Gopicon Ltd, an engineering construction and development company, on Friday fixed the issue price at Rs 111 per share for its initial public offering which will hit the capital market on April 8. The Ahmedabad-based company, which mainly focuses on roads, sewerage and water distribution projects, looks to raise up to Rs 44.40 crore from the SME public issue, the company said in a statement.
Read More: Stocks to Watch: HDFC Bank, Bajaj Finance, IndusInd Bank, Nestle, Cipla, Nazara, and Others
The initial share sale will open for subscription on Monday and close on April 10, it added.
The shares of the company will be listed on NSE’s SME platform Emerge.
The initial public offering comprises a fresh issue of 39.99 lakh equity shares of face value of Rs 10 each. It is a fixed-price issue.
The company proposes to use the net proceeds from the IPO to fund its expansion plans. It plans to utilise Rs 33.40 crore towards working capital requirements and Rs 10.24 crore towards general corporate purposes.
Read More: Bharti Hexacom IPO Closes Today: Should You Subscribe? Check Subscription Status, GMP Today
Investors can bid for a minimum of 1,200 equity shares and in multiples of 1,200 equity shares thereafter. The minimum investment is Rs 1.33 lakh.
Incorporated in 2019, Teerth Gopicon is engaged in the business of road construction, sewerage and water supply in Madhya Pradesh.
The company has worked as a registered civil contractor for various central and state government departments and has also undertaken building works for the private sector.
The order book of the company as of January 31, 2024, is Rs 904.98 crore.
Read More: Creative Graphics Solutions IPO allotment: How to check status, latest GMP
For the April-January period of FY2023-24, the company reported a net profit of Rs 7.84 crore and revenue of Rs 69.70 crore.
It reported a net profit of Rs 1.80 crore and revenue of Rs 39.15 crore in FY2022-23.
Interactive Financial Services Ltd is the sole book-running lead manager, while Bigshare Services is the registrar for the issue.
