The Trom Industries IPO, whose share allotment was finalised on Tuesday, is set to be listed on the NSE SME tomorrow, Thursday, August 1. Ahead of its listing, the company’s shares are trading at a huge 128.7 per cent premium, or GMP, in the grey market, signalling a significant listing gain tomorrow.
The 31.37-crore initial public offering (IPO) of Trom Industries Limited, which was open for public subscription between July 25 and July 29, received a whopping 459 times subscription in total, garnering bids for 83,28,02,400 shares as against 18,14,400 shares on offer.
Trom Industries IPO GMP Today
According to market observers, unlisted shares of Trom Industries Ltd are trading Rs 148 higher in the grey market as compared with its issue price. The Rs 148 grey market premium or GMP means the grey market is expecting a 128.7 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
Importantly, the NSE has capped the listing gains of SME IPO at 90 per cent over the issue price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The price band of the IPO was fixed at Rs 100-Rs 115 apiece.
Trom Industries IPO: How to Check Allotment Status?
Investors can check the IPO allotment status by the following steps:
Step 1: Visit Kfin Technologies Ltd’s portal.
Step 2: Select IPO ‘Trom Industries Limited’ from the drop-down menu.
Step 3: Choose any one among — ‘application number’, ‘Demat Account No.’ or ‘PAN number’.
Step 4: Enter PAN number, application number or demat account number.
Step 5: Enter Captcha.
Step 6: Click on ‘Submit’ Button
Now, your Trom Industries IPO allotment status will be displayed on the screen.
Trom Industries IPO: More Details
Trom Industries IPO is entirely a fresh issue of 27.28 lakh shares.
According to the NSE data, the retail quota received a 483.14 times subscription, while the non-institutional investors category got a 751.90 times subscription. The qualified institutional buyers (QIB) category received a 197.07 times subscription.
The Trom Industries IPO had received a 13.93 subscription on the first day of bidding (July 25) and a 35.37 subscription on the second day of bidding (July 26).
Trom Industries Ltd is a solar EPC (engineering, procurement and construction) company specialising in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights. It was founded in 2011.
Investors needed to apply for a minimum of 1,200 equity shares and in multiples thereof. Hence, the minimum investment by retail investors was Rs 1,38,000 [1,200 (lot size) x Rs 115 (upper price band)].
The share allotment was finalised on July 30, while its listing will take place on the NSE SME on August 1.
The IPO proceeds will be utilised towards: 1) funding of capital expenditure requirements of the Company towards set up of Solar Power Plant; 2) meeting the working capital requirements; and 3) general corporate purposes.
Trom Industries Ltd’s revenue jumped 125.98 per cent and profit after tax (PAT) rose by 1885.2 per cent during the financial year 2023-24.
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. The market maker for Trom Industries IPO is Sunflower Broking.
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