The grey market premium (GMP) has hinted at a modest debut for Shreeji Shipping Global shares, scheduled to list on Tuesday, August 26. The allotment for the initial public offering (IPO) was finalised on August 22, following the subscription window that opened on August 19 and closed on August 21. The IPO was offered at a price band of ₹240 to ₹252 per share.
Shreeji Shipping Global IPO GMP
The GMP for Shreeji Shipping Global IPO stood at 34. This implied potential listing gains of around 13.5 percent, with shares expected to list at ₹286 as against the upper price band of ₹252.
Shreeji Shipping Global IPO Details
The IPO was a book-built issue worth ₹410.71 crore, comprising a fresh issue of 1.63 crore shares.
The lot size for retail investors was fixed at 58 shares, translating into a minimum investment of ₹13,920. For non-institutional investors, the small NII (sNII) category required an investment in 14 lots (812 shares) amounting to ₹2,04,624, while the big NII (bNII) category required 69 lots (4,002 shares), translating into ₹10,08,504.
The IPO witnessed strong demand, being subscribed 58.10 times in total. The qualified institutional buyers (QIB) portion was subscribed a massive 110.41 times, while the non-institutional investors (NII) category saw 72.70 times subscription. Retail participation also remained strong, with 21.94 times subscription.
As outlined in its prospectus, Shreeji Shipping Global plans to utilise ₹251.18 crore from the net proceeds towards the acquisition of Dry Bulk Carriers in the Supramax category in the secondary market. A sum of ₹23 crore will go towards partial or complete repayment of certain outstanding borrowings. The balance funds will be deployed for general corporate purposes.
Beeline Capital Advisors Pvt. Ltd. acted as the book running lead manager for the issue, while Bigshare Services Pvt. Ltd. was the registrar.
About the company
Established in 1995, Shreeji Shipping Global Limited operates in the shipping and logistics sector, with a focus on dry-bulk cargo. The company has built a strong presence at non-major ports and jetties, primarily along India’s west coast and Sri Lanka.
Over the years, Shreeji Shipping Global has offered its services at more than 20 ports and jetties, including Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar, and Puttalam.
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