Trom Industries IPO Lists 90% Above Issue Price on NSE SME

Trom Industries IPO experienced a significant surge on its NSE SME debut on August 1, with shares opening at ₹218.50, which is a remarkable 90% increase over the issue price of ₹115.

This book-built IPO issued 27.28 lakh new shares, with the bidding process beginning on July 25 and closing on July 29.

Shares were priced between ₹100 and ₹115 each, with retail investors required to purchase a minimum lot of 1,200 shares, translating to an investment of ₹1.38 lakh. High-net-worth individuals (HNIs) had to invest at least ₹2.76 lakh for a minimum lot size of 2,400 shares. Expert Global Consultants Pvt Ltd acted as the book-running lead manager, while Kfin Technologies Ltd was the registrar.

On July 24, the IPO secured ₹8.93 crore from anchor investors. By the end of the bidding period, the IPO subscription for day 3 is 459 times. The retail category saw a subscription rate of 483.14 times, the QIB category was subscribed 197.07 times, and the NII category had an impressive subscription rate of 751.90 times.

Established in 2011, Trom Industries is a key player in the solar EPC (Engineering, Procurement, and Construction) sector. The company provides residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights. The funds raised from the IPO will be used for capital expenditures to establish a new solar power plant, meet working capital needs, and cover general corporate purposes. 

To Summarize

Trom Industries' IPO experienced a significant surge on its NSE SME debut on August 1, with shares opening at ₹218.50, which is a remarkable 90% increase over the issue price of ₹115. On July 24, the IPO secured ₹8.93 crore from anchor investors. The funds raised from the IPO will be used for capital expenditures to establish a new solar power plant, meet working capital needs, and cover general corporate purposes.