Om Freight Forwarders IPO listing: Shares of Om Freight Forwarders witnessed a weak debut in the Indian stock market on Wednesday, October 8, as they listed at a massive discount to their initial public offering (IPO) price.
Om Freight Forwarders share price listed at ₹81.50 on the National Stock Exchange (NSE), down 39.63% or ₹53.50, as against its issue price of ₹135. At the same time, on the BSE, Om Freight Forwarders shares debuted at ₹82.50, a discount of 38.89% or ₹52.50 to the IPO price.
Om Freight Forwarders IPO listing was much below expectations as signaled by the latest grey market premium (GMP). Ahead of the stock market debut today, Om Freight Forwarders IPO GMP was – ₹3, suggesting a discounted debut at 2% to the issue price.
Om Freight Forwarders IPO Details
The tepid listing followed a decent subscription for the IPO. Om Freight Forwarders IPO was booked 3.88 times at the end of the bidding period, garnering bids for 3,07,09,482 shares as against 79,16,945 shares on offer.
The qualified institutional buyers (QIB) quota was subscribed 3.97 times, the non-institutional investors (NII) part was booked 7.39 times, and the retail portion saw 2.77 times subscription. However, the employee segment did not sail through, receiving only 0.57 times bids.
The IPO, which ran for bidding from September 29 to October 3, was a mix of fresh issue of up to ₹24.43 crore and an offer for sale of up to 72,50,000 shares.
Om Freight Forwarders IPO price band was set at ₹128-135 per share. Investors could apply for the IPO in lots of 111 shares, requiring an investment of at least ₹14,985 at the upper end of the price band.
The allotment for Om Freight Forwarders IPO was finalised on October 6, with the credit of shares done on October 7.
The company plans to use the fresh proceeds from the share sale for funding the capital expenditure requirements of the company related to the acquisition of commercial vehicles and heavy equipment, and general corporate purposes.
Smart Horizon Capital Advisors is the book-running lead manager to the offer.
About Om Freight Forwarders
Incorporated in June 1995, Om Freight Forwarders is a Mumbai-based, third-generation logistics company with over 40 years of industry experience. Operating across five continents and serving more than 700 locations, the company has established a strong global footprint.
With a strong focus on technology integration, the company offers paperless documentation, GPS-enabled tracking, and real-time shipment monitoring to enhance operational efficiency and customer experience.
Its comprehensive range of services includes international freight forwarding, customs clearance, vessel agency, transportation, warehousing, and distribution.
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