AHMEDABAD: Ahmedabad-based
Teerth Gopicon
Ltd, a company engaged in
engineering construction
and development mainly focusing on roads, sewerage and water distribution projects is planning to raise up to Rs 44.40 crore from its
SME public issue
. The company has received approval to launch its public issue on NSE Emerge Platform of
National Stock Exchange
.
The public issue will open for subscription on April 8 and closes on April 10. The proceeds of the public issue will be utilised to fund 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 initial public offering comprises of a fresh issue of 39.99 lakh equity shares of face value Rs 10 each. The company has fixed price of Rs 111 per equity share for the public issue (including a premium of Rs. 101 per equity share). Out of the issue proceeds of Rs 44.40 crore, company plans to utilize Rs 33.40 crore towards working capital requirements and Rs 10.24 crore towards general corporate purposes. Minimum lot size for the application is 1200 shares which translates in to investment of Rs 1.33 lakh per application. Retail investor quota for the
IPO
is kept at 50% of the net offer.
Incorporated in the year 2019, Teerth Gopicon Limited is engaged in the business of road construction, sewerage and water supply in Madhya Pradesh. Company’s business is concentrated in the State of Madhya Pradesh and mainly in city of Indore, Chhatarpur, Sagar, Dindori, Jabalpur and Ujjain and it is gradually expanding its presence in other states. It is also registered as – All class civil and Electrical Contractor and has executed various projects of government departments. Company has worked as a registered civil contractor for various central-state government departments such as ISCDL, IMC, USCL, UMC, MPJNM etc. and also undertaken building works for private sector. The Order Book of our Company as on January 31, 2024 is Rs 904.98 crore.
Mahesh Kumbhani, Founder & Managing Director, Teerth Gopicon Ltdsaid, "Company has reported good operational and financial performance over years. Company’s current business is concentrated in Madhya Pradesh and gradually we plan to expand in other states."
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