Trom Industries IPO: The initial public offering (IPO) of Trom Industries Limited, which is going to be closed on July 29, has received a strong response from investors so far. Till 10:49 am on the final day of bidding on Monday, the 31.37-crore SME IPO received 70.16 times subscription, garnering bids for 12,72,98,400 shares as against 18,14,400 shares on offer.
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According to the latest data, the retail quota received a 105.80 times subscription, while the non-institutional investors category got a 79.84 times subscription. The qualified institutional buyers (QIB) category received a 52 per cent subscription.
The Trom Industries IPO, which was opened for public subscription on July 25, received a 13.93 subcription on the first day of bidding (July 25) and a 35.37 subscription on the second day of bidding (July 26).
The price band of the IPO has been fixed at Rs 100-Rs 115 apiece.
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Trom Industries IPO GMP Today
According to market observers, unlisted shares of Trom Industries Ltd are trading Rs 155 higher in the grey market as compared with its issue price. The Rs 155 grey market premium or GMP means the grey market is expecting a 134.78 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The Rs 155 GMP today is significantly higher than the Rs 125 premium on Friday.
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Trom Industries IPO: More Details
Trom Industries IPO is entirely a fresh issue of 27.28 lakh shares.
Trom Industries Ltd is a solar EPC (engineering, procurement and construction) company specialising in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights. It was founded in 2011.
Investors need to apply for a minimum of 1,200 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,38,000 [1,200 (lot size) x Rs 115 (upper price band)].
The share allotment will likely be finalised on July 30, while its listing will take place on the NSE SME on August 1.
The IPO proceeds will be utilised towards: 1) funding of capital expenditure requirements of the Company towards set up of Solar Power Plant; 2) meeting the working capital requirements; and 3) general corporate purposes.
Trom Industries Ltd’s revenue jumped 125.98 per cent and profit after tax (PAT) rose by 1885.2 per cent during the financial year 2023-24.
Expert Global Consultants Private Limited is the book running lead manager of the Trom Industries IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Trom Industries IPO is Sunflower Broking.
