Teerth Gopicon IPO Day 2: Issue subscribed 3.6 times so far; Check GMP, price range and other important details of SME IPO

Teerth Gopicon IPO: The initial public offering (IPO) of infrastructure development company Teerth Gopicon Ltd has received excellent response from investors as the issue was oversubscribed within hours of opening.

The Teerth Gopicon IPO is an SME IPO that opened for public subscription on April 8 and closes on April 10.

The company is planning an increase ₹44.39 crore from the fixed-price IPO and its shares are slated to be listed on NSE Emerge.

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Let's check Teerth Gopicon's IPO GMP, subscription status and other important details:

Teerth Gopicon IPO Subscription Status

Teerth Gopicon's IPO has been subscribed 3.60 times so far on Tuesday, the second day of the bidding process. The public issue received bids for 1.36 crore shares as against the offer size of 37.99 lakh shares, according to data available till 2:40 pm.

The IPO has so far been subscribed 4.38 times in the Retail category and 2.82 times in the Non-Institutional Investors (NII) category.

Teerth Gopicon IPO GMP today

Teerth Gopicon IPO GMP today, or gray market premium today, has risen to ₹19 per share. This suggests that Teerth Gopicon shares are trading at a premium of 17.12% ₹130 each on the gray market, compared to the issue price of ₹111 per share.

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Details of Gopicon's third IPO

Teerth Gopicon IPO size is ₹44.40 crore, which is a pure fresh issue of shares worth Rs 40 lakh.

The IPO offering opened on April 8th and closes on April 10th. The allotment of Teerth Gopicon's IPO is expected to be completed on April 12 and the shares will be listed on the NSE SME with the tentative listing date set at April 16.

Teerth Gopicon IPO price range is ₹111 per share. The IPO lot size for an application is 1,200 shares and the minimum investment amount required from retail investors is ₹133,200.

In the IPO, the company has reserved up to 18,99,600 shares for Non-Institutional Investors (NII) and up to 18,99,600 shares for Retail Investors (RII).

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The lead manager of the Teerth Gopicon IPO is Interactive Financial Services and the IPO registrar is Bigshare Services Private Limited.

Teerth Gopicon is an engineering construction and development company with expertise in various civil engineering works and real estate projects. Maheshbhai Kumbhani, Chandrikaben Kumbhani and Pallav Kumbhani are the promoters of the company.

The Company plans to use the net proceeds from the IPO to meet working capital requirements and general corporate expenses.

In FY23, the company reported revenue of ₹39.07 crore, EBITDA of ₹2.87 crore and a net profit of ₹1.79 crore.

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Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms and not of Mint. We recommend investors consult certified experts before making an investment decision.

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