Teamtech Formwork Solutions shares jump on debut after 50.15cr IPO
Business
Teamtech Formwork Solutions kicked off its stock market journey with a bang, opening at ₹75 per share, nearly 20% higher than its IPO price of ₹63.
That's a bigger jump than anyone expected, topping gray market predictions.
After the initial excitement, the stock settled to ₹72.30 by mid-morning.
Three-day IPO oversubscribed 5.29x
The IPO was open for just three days but got oversubscribed 5.29 times, with retail investors especially eager, bidding over six times the available shares.
The company raised ₹50.15 crore and plans to use that money for new manufacturing machinery, paying off debts, and keeping day-to-day operations running smoothly.
Based in Hyderabad, Teamtech specializes in modular formwork systems used for building things like walls and bridges.