BSE did not allow the listing of this stock
After the closing of the IPO of Bajaj Housing Finance (Bajaj HFL share price), its shares got an excellent price. The company’s shares continued to rise on the second day after listing and entered the upper circuit. While there is a company whose IPO was subscribed 345 times. But now the Bombay Stock Exchange (BSE) has refused to list its shares in the market. The GMP of the company’s shares, which was 135%, also became zero.
This is the first time in recent times that a company has been banned from trading its shares. Whereas here it is an extraordinary initial public offering. So what could have been the reason why the company’s shares could not even be listed on the stock exchange?
Trafficsol ITS Technology shares prohibited
BSE has refused to list the shares of Trafiksol ITS Technologies Share, a small and medium scale company, in the market. However, after finding some discrepancies regarding the company, BSE changed its order at the last minute and postponed the listing of the company’s shares for the time being.
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The market regulator (SEBI) had recently warned against unexpected subscription to IPOs of many small and medium-sized companies. SEBI has asked to be cautious about unrealistic business projections of such companies and hence, this decision comes from BSE.
Shares of Trafficsol ITS Technologies were scheduled to be listed on the BSE SME platform on Tuesday. While it postponed the listing at the last minute, BSE said this work had been done out of an abundance of caution. Some concerns have been raised with the company and the process has been postponed until all are satisfactorily resolved. BSE has also provided this information on its handle X.
GMP becomes zero
Trafficsol ITS Technologies’ IPO received tremendous response. Due to this, the company’s shares in the grey market were at a huge premium before listing. The GMP of the company’s shares had increased up to 135 percent, but after refusal to list, its GMP was reduced to zero. Trafficsol ITS Technologies’ IPO was valued at Rs 44.87 crore. In the financial year 2023-24, the company’s revenue was Rs 65 crore and net profit was Rs 12.01 crore.
