Trom Industries share price made a robust debut in the Indian stock market on Thursday as the stock got listed with hefty premium. Trom Industries shares were listed at ₹218.50 apiece on the NSE SME, a premium of 90% to the issue price of ₹115 per share.
Trom Industries IPO listing was in-line with the street estimates as Trom Industries IPO GMP today, or grey market premium today, ahead of the listing was 134%.
However, due to the NSE’s price control cap on the SME IPO opening price, Trom Industries IPO listing was at only 90% premium.
After listing, Trom Industries shares extended rally and were locked at 5% upper circuit at ₹229.40 piece.
The initial public offering (IPO) of Trom Industries Ltd opened on July 25, and closed on July 29. The IPO allotment was finalized on July 30 and the IPO listing date is today, August 1. Trom Industries shares are listed on NSE Emerge.
Trom Industries IPO price band was set at ₹100 to ₹115 per share. The company raised ₹31.37 crore from the book-built issue which was entirely a fresh issue of 27.28 lakh equity shares.
The company plans to utilize the net issue proceeds to fund capital expenditure requirements towards the set up of Solar Power Plant, meet working capital requirements and general corporate purposes.
Trom Industries IPO received strong demand from investors during its bidding period. The IPO was subscribed 459 times in total as it received bids for 83.28 crore equity shares as against 18.14 lakh shares on the offer.
The public issue subscribed 483.14 times in the retail category, 197.07 times in the QIB category and 751.90 times in the NII category.
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.
Trom Industries Ltd is a solar EPC (Engineering, Procurement and Construction) company specializing in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights.
