May 24, 2024

Kaushalya Logistics IPO opens for second day of bidding

The Kaushalya Logistics IPO has acquired subscription of 41.54 occasions on January 1, the second day of bidding, as traders picked 14.72 crore fairness shares towards the supply dimension of 35.45 lakh fairness shares.

All classes of traders began placing in bids for the problem, with retail traders being on the main place with shopping for 70 occasions the portion put aside for them.

Story continues beneath Commercial

Excessive networth people (non-institutional traders) picked 44.5 occasions the reserved portion, and certified institutional patrons purchased 2.7 occasions the allotted quota.

The New Delhi-based logistics and clearing & forwarding providers supplier goals to mobilise Rs 36.60 crore by way of maiden public subject on the higher value band. The IPO consists of a recent issuance of fairness shares value Rs 25.35 crore and an offer-for-sale of Rs 11.25 crore value shares by promoters Uddhav Poddar, and Bhumika Realty.

The value band for the supply, which closes on January 3, has been set at Rs 71-75 per share.

Additionally learn: Prime 5 most gained IPOs on itemizing day in 2023

The corporate has already mopped up Rs 10 crore by way of its anchor e book. A complete of 5 traders together with Neomile Development Fund Sequence, Saint Capital Fund, and LC Radiance Fund VCC participated within the anchor e book.

Kaushalya Logistics intends to utilise internet recent subject proceeds for repaying money owed (amounting to Rs 1.71 crore) and dealing capital necessities (of Rs 17.26 crore), in addition to normal company functions.

Story continues beneath Commercial

Story continues beneath Commercial

Additionally learn: 5 IPOs that noticed the worst itemizing in 2023

The corporate has additionally invested into pre-rental properties, presently proudly owning 18 retail outlets in a business undertaking in Udaipur. It’s also trying to additional prolong its enterprise into different verticals inside logistics like warehousing, transportation, and so forth.