Trom Industries IPO Subscribed 400 Times On Final Day Of Bidding

Trom Industries Ltd. launched its initial public offering to raise Rs 31.37 crores through a fresh issue of 27.28 lakh shares. The bidding for the SME IPO began on July 25 and will conclude on Monday, July 29.

The SME IPO was subscribed 13.93 times at the end of day 1 and 35.37 times at the end of day 2. On the final day of bidding, the issue was subscribed more than 400 times.

Trom Industries IPO was subscribed 459.00 times at the end of day 3, as per the market tracking site Chittorgarh.

• Non-Institutional Buyers: 751.90 times.

• Retail Investors: 483.14 times.

• Qualified Institutions: 197.07 times.

Investors could participate in the Trom Industries IPO within a price band of Rs. 100 to Rs. 115 per share. The IPO subscription opened on July 25, 2024, and closed on July 29, 2024. The minimum lot size for an application is 1200 shares, requiring a minimum investment of Rs. 138,000 for retail investors. High Net Worth Individuals (HNIs) can apply for a minimum of 2 lots (2,400 shares), amounting to Rs. 276,000.

Expert Global Consultants Private Limited is appointed as the book running lead manager for the Trom Industries IPO, while Kfin Technologies Limited will serve as the registrar for the issue. Sunflower Broking has been designated as the market maker for the IPO.

The share allotment of Trom Industries Limited is expected to be finalised on July 30, 2024. Trom Industries IPO will list on NSE SME with the tentative listing date fixed as Thursday, August 1.

Founded in 2011, Trom Industries Ltd. specialises in solar Engineering, Procurement, and Construction (EPC) solutions. The company's offerings include residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights.

• Capital Expenditure: Setting up Solar Power Plants.

• Working Capital Requirements: Ensuring operational liquidity.

• General Corporate Purposes: Supporting overall business growth initiatives.

Trom Industries Ltd. has reported robust financial performance with revenue surging by 125.98% and profit after tax (PAT) skyrocketing by 1885.2% between March 31, 2023, and March 31, 2024, as per Chittorgarh.