Kumbhani says growth strategy to create exponential value for all stakeholders
The initial public offering of Ahmedabad-based Teerth Gopicon Ltd, a company specializes in engineering construction and development, says Rs.33.40 crore is for working capital requirements and Rs.10.24 crore for general corporate purpose from the Rs.44.40 crore received following the recent SME IPO.
The IPO was subscribed over 74.17 times, led by institutional investor category having subscribed over 97 times, followed by retail segment subscribed 42 times.
The public issue closed for subscription on 10 April, the company’s shares will list on Emerge Platform of the National Stock Exchange on 16 Apr 2024.
Dr. Maheshbhai Kumbhani, Founder & Managing Director, Teerth Gopicon Ltd, said on 10 Apr, “We want to thank all the investors for their trust and confidence in the company and its management. We are confident that with the support of all the stakeholders, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders.”
Incorporated in the year 2019, Teerth Gopicon Limited is engaged in the business of road construction, sewerage and water supply in Madhya Pradesh.
For the 10 months of FY23-24 ended January 2024, the company has reported net profit of Rs.7.84 crore and revenue of Rs. 69.70 crore as compared to full year profitability and revenue of Rs.1.80 crore and Rs.39.15 crore in FY22-23. As on 31st January 2024, Net Worth of the company was reported at Rs.15.72 crore, Reserves & Surplus at Rs.7.73 crore and Asset base of Rs.137.20 crore. Fiinews.com
