New Delhi, September 9 (HS) : Goel Construction, a company operating in the construction and infrastructure sector, made a spectacular entry into the stock market today, rewarding its IPO investors with substantial gains on the very first trading day. The company’s shares were issued at an IPO price of ₹263 each, but upon listing on the BSE SME platform, they debuted at ₹302.50, reflecting a premium of 15.02 percent.

Buoyed by robust buying support, the share price surged further, hitting the upper circuit limit of ₹317.60 in a short span, resulting in a profit of 20.76 percent for IPO investors on day one.

The IPO, valued at ₹100.15 crore, was open for subscription between September 2 and 4, witnessing overwhelming demand with an overall subscription rate of 124.34 times. Qualified Institutional Buyers (QIBs) subscribed 124.20 times, Non-Institutional Investors (NIIs) 224.80 times, Retail Investors 88.61 times, while the reserved portion for employees was subscribed 1.01 times. The IPO included fresh issuance of shares worth ₹81.12 crore along with the offer for sale of 7,23,600 shares with a face value of ₹10 each.

Proceeds from the IPO will be utilized to reduce the company’s existing debt burden, meet working capital requirements, and for general corporate purposes.

Financially, the company has shown a consistent growth trajectory. Net profit rose from ₹14.30 crore in FY 2022-23 to ₹22.64 crore in FY 2023-24, and further accelerated to ₹38.32 crore in FY 2024-25. Revenue increased at a compounded annual growth rate (CAGR) of 48 percent, reaching ₹594.34 crore. The company’s debt fluctuated during this period but declined to ₹28.71 crore by FY 2024-25 end. Reserves and surplus also grew substantially from ₹69.59 crore in FY 2022-23 to ₹120.22 crore in FY 2024-25.

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Hindusthan Samachar / Jun Sarkar