In an unexpected move, BSE has postponed the listing of Trafiksol ITS Technologies, which was scheduled for September 17, 2024. This decision came just before the stock’s debut, which was anticipated to deliver significant gains, with a grey market premium (GMP) suggesting a 135% listing gain.
According to BSE, the listing has been delayed due to unresolved queries raised by the issuer. The stock exchange released a statement saying that the listing would be postponed until these issues are addressed. However, the specific reasons behind the delay have not been disclosed.
The listing of equity shares of Trafiksol ITS Technologies Limited for September 17, 2024 has been postponed till certain queries that have been raised are resolved by the issuer. Market participants are requested to please make note.
— BSE India (@BSEIndia) September 17, 2024
Trafiksol ITS Technologies’ initial public offering (IPO), valued at ₹45 crore, was open for subscription from September 10 to September 12, 2024. The IPO received overwhelming interest, with a total subscription of 345.65 times. Retail investors subscribed to the offering 317.66 times, while the Non-Institutional Investor (NII) quota was filled 699.40 times. The Qualified Institutional Buyer (QIB) category also saw strong demand, with 129.22 times subscription.
The IPO consisted of a fresh issue of 64.1 lakh shares. The funds are set to be used for software purchases, repayment of borrowings, and working capital needs. Retail investors had to apply for a minimum of 2,000 shares, requiring an investment of ₹140,000. High Net-Worth Individuals (HNIs) were required to apply for at least two lots, totaling ₹280,000.
For now, market participants are left waiting for further updates from BSE regarding the listing.
