NSE SME Ashapura Logistics makes a decent debut

Shares of Ashapura Logistics were quoting at Rs 175.75 on the NSE, a premium of 22.05% compared with the issue price of Rs 144.

The scrip was listed at Rs 185, a premium of 28.47% over the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 194.25 and a low of Rs 175.75. About 13.80 lakh shares of the company changed hands at the counter.

Ashapura Logistics' IPO was subscribed 123.72 times. The issue opened for bidding on 30 July 2024 and it closed on 1 August 2024. The price band of the IPO was set at Rs 136 to Rs 144 per share.

 

The IPO comprised fresh issue of 36,57,000 shares. The promoter and promoter group shareholding diluted to 67.51% from 92.45% pre-IPO.

The company intends to utilize the net proceeds towards working capital requirement, purchase of vehicles and equipment, construction of warehouses at facilities located at Mundra, Gujarat and for general corporate purposes.

Ahead of the IPO, Ashapura Logistics on 29 July 2024, raised Rs 14.97 crore from anchor investors. The board allotted 1.40 lakh shares at Rs 144 per share to 11 anchor investor.

Ashapura Logistics an integrated logistics company in India, primarily operating in cargo handling and freight forwarding segment, transportation (including project logistics and third-party logistics), warehousing and distribution and other services (including coastal movement). The company provides differentiated logistics solutions with pan-India presence, integrated service offerings. As on 30 June 2024, the company has 219 employees.

The company recorded revenue from operations of Rs 199 crore and net profit of Rs 12.35 crore for the period as on 31 March 2024.

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