BSE turns 'cautious' before Trafiksol IPO listing after complaints; defers debut

BSE has deferred the listing of Trafiksol ITS Technologies Ltd, which was earlier slated on Tuesday, September 17, 2024. The Mumbai-based exchange has postponed until issuer resolved pending queries and the company is not allowed to utilize the proceeds from the issue.
 

"This is in continuation to the Notice No-20240916-68 dated Monday, September 16, 2024 of TRAFIKSOL ITS TECHNOLOGIES LIMITED Scrip Code (544255) it is hereby notified that in view of certain queries that have been raised ,the listing for trading of the scrip is postponed till queries are resolved by the issuer," BSE stated in its circular.
 

Turning cautious towards the SME space, BSE has banned use of funds in its last-minute action. The funds raised from the issue shall be kept in an escrow account until the complaint is resolved satisfactorily. The listing has been postponed to a future date until queries are resolved.
 

On the other hand, Trafiksol ITS Technologies was expected to deliver multibagger returns to the investors on debut. The company was commanding a grey market premium of 135 per cent over the issue price, which now has turned zero as per various sources.
 

Trafiksol ITS Technologies raised a total of Rs 44.87 crore via IPO, which was open for bidding between September 10 and September 12. The issue, which was entirely a fresh share sale of 64.10 lakh equity shares, was offered in the price band of Rs 65-70 apiece with a lot size of 2,000 equity shares.
 

The issue was overall subscribed a solid 345.65 times during the three-day bidding process, while the retail portion was booked a solid 317.66 times. NIIs portion was booked nearly 700 times, while QIB portion fetched bids for 129.22 times. The company raised a total of Rs 12.75 crore from anchor investors.
 

Ekadrisht Capital was the sole book running lead manager of the Trafiksol ITS Technologies IPO, while Maashitla Securities enacted as the registrar for the issue. The market maker for Trafiksol ITS Technologies IPO is SS Corporate Securities. Shares were supposed to debut at the SME platform of BSE.