Teerth Gopicon Ltd, an Ahmedabad-based engineering construction and development company focused mainly on roads, sewerage and water distribution projects is planning to raise up to ₹44.40 crore from its SME public issue. The company has received approval to launch its public issue on NSE Emerge Platform of National Stock Exchange, stated an official release from the company, Friday.

Incorporated in the year 2019, Teerth Gopicon Limited is engaged in the business of road construction, sewerage and water supply in Madhya Pradesh. The company’s business is concentrated mainly in the cities of Indore, Chhatarpur, Sagar, Dindori, Jabalpur and Ujjain. The public issue opens for subscription on April 8 and closes on April 10. The proceeds of the public issue will be utilised to fund the company’s expansion plans including meeting working capital requirements and general corporate purposes. Interactive Financial Services Ltd is the lead manager of the issue.

The initial public offering comprises of a fresh issue of 39.99 lakh equity shares of face value ₹10 each. The company has fixed price of ₹111 per equity share for the public issue (including a premium of ₹101 per equity share). Out of the issue, proceeds of ₹44.40 crore, company plans to utilise ₹33.40 crore towards working capital requirements and ₹10.24 crore towards general corporate purpose. Minimum lot size for the application is 1,200 shares which translates in to investment of ₹1.33 lakh per application. Retail investor quota for the IPO is kept at 50 per cent of the net offer.

For the 10 months of FY23-24 ended January 2024, company has reported net profit of ₹7.84 crore and revenue of ₹69.70 crore as compared to full year profitability and revenue of ₹1.80 crore and ₹39.15 crore in FY22-23, the release added.