Teja Engineering Industries IPO listing: Shares of Teja Engineering Industries made a stellar debut on the NSE SME on Tuesday, 7 July, in an otherwise lacklustre market.
Teja Engineering Industries’ share price opened at ₹418 on the NSE, a premium of 90% over the issue price of ₹220. The SME stock extended gains further to hit its upper price band of ₹438.90. Around 10:25 am, the stock was locked at its upper circuit. Equity benchmark Nifty 50 was 0.30% up at 24,500 at that time.
The stock’s listing exceeded grey market expectations significantly, with the last grey market premium (GMP) for Teja Engineering shares at ₹36, suggesting the stock could list at a 16% premium over the issue price.
Teja Engineering Industries IPO details
Teja Engineering Industries IPO was a fresh issue of 16,98,000 shares, aggregating to ₹37.36 crore.
The NSE SME, which was priced at ₹220 per share, opened on Tuesday, 30 June, and concluded on Thursday, 2 July, with an overall subscription of 1.37 times.
Share allotment was finalised on Friday, 3 July, and successful bidders received shares on Monday, 6 July.
(This is a developing story. Please check back for fresh updates.)
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