NSE SME Trom Industries spurts on listing

The scrip was listed at Rs 218.50, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 229.40 and a low of Rs 218.50. About 4.45 lakh shares of the company changed hands at the counter.

Trom Industries' IPO was subscribed 307.82 times. The issue opened for bidding on 25 July 2024 and it closed on 29 July 2024. The price band of the IPO was set at Rs 110 to Rs 115 per share.

The IPO comprised fresh issue of 27,27,600 equity shares. The promoter and promoter group shareholding diluted to 69.52% from 98.84% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement, funding of capital expenditure requirements of the company towards set up of solar power plant and general corporate purpose.

Ahead of the IPO, Trom Industries on 24 July 2024, raised Rs 8.92 crore from anchor investors. The board allotted 7.76 lakh shares at Rs 115 per share to 4 anchor investors.

Trom Industries is a solar energy company that specializes in designing, building, and installing solar power systems. They offer a range of services including residential rooftop solar, large-scale solar power plants, and solar street lights. As of March 2024, the company employs 34 people.

The company recorded revenue from operations of Rs 54.34 crore and net profit of Rs 5.72 crore for the period as on 31 March 2024.