Shares of Teamtech Formwork Solutions made their stock market debut with a 19.05% premium, listing at Rs 75/share against an issue price of Rs 63 on the NSE SME platform.
The Teamtech Formwork Solutions SME IPO had opened for subscription between May 19 and May 21, and the allotment was finalised on May 22.
The IPO was entirely a fresh issue of 79.6 lakh shares aggregating to around Rs 50.15 crore. The company had fixed the price band at Rs 61-63 per share, while the final issue price was set at Rs 63 apiece.
Teamtech Formwork Solutions operates in the construction and infrastructure equipment segment and provides formwork and scaffolding solutions used across real estate and infrastructure projects.
The company follows a business-to-business model catering primarily to construction companies and infrastructure developers.
Ahead of the IPO, the company had raised around Rs 14.28 crore from anchor investors on May 18.
The proceeds from the IPO are expected to support the company’s growth plans and working capital requirements. The positive GMP reflects steady investor interest in SME IPOs despite broader market volatility and selective participation in smaller primary market issues.
Grey market premiums are unofficial indicators of investor sentiment and do not guarantee actual listing performance.
GetFive Advisors was the book-running lead manager to the issue, while KFin Technologies acted as the registrar.
