Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
The IPO of Trom Industries opened on July 25 and will close on July 29, aiming to raise approximately ₹31.37 crore. The price band is set at ₹100 to ₹115 per share, with a minimum lot size of 1,200 shares, requiring retail investors to invest at least ₹138,000.
The IPO consists of a fresh equity issue of 27.27 lakh shares with no offer for sale (OFS). Trom Industries raised ₹8.93 crore from anchor investors on July 24.
The allocation is divided as follows: 50% for qualified institutional buyers (QIB), 35% for retail investors, and 15% for non-institutional investors. Proceeds will fund capital expenditure, working capital, and general corporate purposes.
The final allotment is expected on July 30, and shares are likely to list on NSE SME on August 1. Expert Global Consultants Private Limited is the book-running lead manager, and Kfin Technologies Limited is the registrar. Sunflower Broking is the market maker.
By July 26 noon, the IPO was subscribed 18.7 times, with retail investors' portion at 28.37 times, non-institutional investors (NII) at 20.39 times, and QIBs at 0.5 times.
The IPO was trading at a grey market premium (GMP) of ₹125, indicating an estimated listing price of ₹240, up 108.7% from its issue price of ₹115.
Founded in 2011, Trom Industries is a solar EPC company specializing in residential solar rooftops, industrial solar power plants, ground-mounted solar power plants, and solar street lights. The company reported total revenues of ₹54.34 crore for the year ended March 2024, up 126% from ₹30.56 crore in FY23, with a net profit of ₹5.72 crore, up 1885% from ₹28.86 lakh in FY23.
Despite operating in a competitive and fragmented segment with inconsistent financials, Trom Industries posted strong earnings for FY24. Based on these earnings, the issue appears reasonably priced, with a positive outlook for medium to long-term investment, according to Dilip Davda of Chittorgarh.com.
Chat on WhatsApp
Request a call back
