Trom Industries Soars 90% Above IPO Price in Stellar NSE SME Debut

New Delhi, Aug 1 (KNN) In a dazzling market debut on August 1, Trom Industries, a prominent player in the solar EPC sector, saw its shares skyrocket on the NSE SME platform.

The stock opened at Rs 218.50, marking a stellar 90 per cent premium over its issue price of Rs 115, igniting investor enthusiasm and highlighting the growing appetite for renewable energy stocks.

The company's initial public offering (IPO), which concluded on July 29, garnered overwhelming interest from investors across categories.

The issue was oversubscribed by a staggering 459 times, with the non-institutional investors (NII) category leading the charge at 751.90 times subscription.

Retail investors and qualified institutional buyers (QIBs) also showed robust participation, with subscription rates of 483.14 and 197.07 times, respectively.

Trom Industries' IPO comprised a fresh issue of 27.28 lakh shares, priced in the band of Rs 100 to Rs 115 per share. The company successfully raised Rs 8.93 crore from anchor investors on July 24, setting a positive tone for the public issue.

Founded in 2011, Trom Industries has established itself as a key player in the solar energy sector, offering a range of services including residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights.

The company plans to utilise the IPO proceeds for capital expenditure to set up a new solar power plant, meet working capital requirements, and fund general corporate purposes.

The impressive listing and overwhelming subscription rates underscore the market's confidence in Trom Industries' business model and the broader solar energy sector.

As India pushes towards its ambitious renewable energy goals, companies like Trom are well-positioned to capitalise on the growing demand for solar solutions.

Investors and market watchers will be keenly observing Trom Industries' performance in the coming months, as it navigates the challenges and opportunities in the rapidly evolving renewable energy landscape.

The successful listing also bodes well for other companies in the sector considering public offerings, potentially paving the way for increased investor interest in green energy stocks.

(KNN Bureau)