Teerth Gopicon Ltd. (TGL), an engineering construction firm focusing on projects in Madhya Pradesh, is issuing an IPO. Specializing in roads, sewerage, and water works, TGL's involvement as a sub-contractor in Indore's residential tower construction adds diversity. However, with a limited client base and SME listing, liquidity concerns arise for retail investors. Absence of dividends and high P/E ratio raise caution. Despite inconsistent financials in FY21 and FY22, TGL's growth potential in a developing state, supported by quality manpower and in-house equipment, appeals to long-term investors. Monitoring post-listing is advisable for potential investors