Teamtech Formwork Solutions IPO listing: Shares of Teamtech Formwork Solutions listed at a massive over 19% premium on the NSE SME platform on Tuesday, 26 May, beating estimates.
Teamtech Formwork Solutions shares opened at ₹75 today compared with its initial public offering (IPO) price of ₹63, recording a listing pop of ₹12 or 19.05%. Soon after listing, the SME stock was trading at ₹72.30 as of 10.06 am, down 3% from the listing price.
The listing was better-than-estimates as signalled by the grey market premium (GMP). Ahead of the debut, Teamtech Formwork Solutions IPO GMP was ₹5, suggesting a listing gain of almost 8%.
Teamtech Formwork Solutions IPO Details
The offer received a solid response from investors during the book-building process, garnering bids at 5.29 times. The qualified institutional buyer (QIB) segment was subscribed 2.52 times, the non-institutional investor (NII) quota was booked 12.78 times, and the retail segment received 6.04 times bids.
Teamtech Formwork Solutions IPO was open for bidding from 19 to 21 May. It was entirely a fresh issue of 0.80 crore shares, looking to raise ₹50.15 crore at the upper end of the price band of ₹61 to ₹63 per share. Investors could apply for the offer in lots of 2,000 shares, with retail investors required to apply for at least two lots amounting to ₹2,52,000.
The company plans to use the proceeds from the issue for the purchase of plant and machinery for the new manufacturing unit, repayment of certain borrowings availed by the company, meeting working capital needs and general corporate purposes.
Teamtech Formwork Solutions operates on a business-to-business (B2B) model, manufacturing, refurbishing, and renting modular T-formwork and customised formwork systems for the construction industry.
Headquartered in Hyderabad, the company’s products include modular T-formwork systems, customised panels and supporting components used for vertical concrete structures such as walls, bridges, tanks, foundations and shafts. It also provides modular T-formwork systems with customised design, engineering, technical support, refurbishment, and rental solutions for vertical concrete structures.
GetFive Advisors acted as the book-running lead manager, and KFin Technologies was the registrar of the issue.
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