Teerth Gopicon plans to collect up to Rs. 44.40 crore through IPO

AHMEDABAD: Ahmedabad-based Teerth Gopicon Ltd, an engineering construction and development company primarily focused on road, sewerage and water distribution projects, plans to raise up to Rs 44.40 crore from its public SME issue . The company has received approval to launch its public issue on the NSE Emerge platform of the National Stock Exchange. The public issue will open for subscription on April 8th and close on April 10th. The proceeds of the public issue will be used to fund the Company's expansion plans, including meeting working capital requirements and general corporate purposes. Interactive Financial Services Ltd is the lead manager of the issue.

The IPO comprises a fresh issue of 39.99 lakh shares of face value of Rs 10 each. The company has a fixed price of Rs 111 per share for the public issue (including a premium of Rs 101 per share). Of the issue proceeds of Rs 44.40 crore, the company plans to utilize Rs 33.40 crore for working capital requirements and Rs 10.24 crore for general corporate purposes. The minimum lot size for the application is 1200 shares, which is an investment of Rs 1.33 lakh per application. The private investor quota for the IPO remains 50% of the net offer.

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Founded in 2019, Teerth Gopicon Limited is engaged in road construction, sewerage and water supply in Madhya Pradesh. The Company's operations are concentrated in the state of Madhya Pradesh and primarily in the cities of Indore, Chhatarpur, Sagar, Dindori, Jabalpur and Ujjain. The company is gradually expanding its presence to other states. The company is also registered as a construction and electrical contractor of all classes and has executed various projects of government agencies. The company has worked as a registered contractor for various central government agencies such as ISCDL, IMC, USCL, UMC, MPJNM etc. and also carried out construction work for the private sector. The order book of our company stands at Rs 904.98 Crore as on January 31, 2024.

Mahesh Kumbhani, Founder and Managing Director, Teerth Gopicon Ltd, said, “The company has reported good operational and financial performance over the years. The company’s current business is focused on Madhya Pradesh and we plan to expand to other states gradually.”