Brace Port Logistics debuts at 90% premium over IPO price on NSE SME

Brace Port Logistics' public offer was a completely fresh issue of 30.51 lakh shares worth Rs 24.41 crores.

Shares of Brace Port Logistics saw a stellar stock market debut on August 26 as it listed at Rs 152 apiece on the NSE SME platform, reflecting a premium of 90 percent over the issue price of Rs 80.

Despite the stellar debut, the listing gains for the stock were much lower than the grey market estimates where shares were trading at a premium of 145 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

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The company's public offer, which was a completely fresh issue of 30.51 lakh shares worth Rs 24.41 crores, also received strong traction from investors. Its public offer was subscribed 657.81 times.

Non-institutional investors led from the front, bidding 854.49 times the portion allotted, followed by retail investors that subscribed the portion set aside for them 588.74 times. Qualified Institutional Buyers also bid 450.04 times the portion set aside for them.

The company plans to use the net proceeds from this fresh issue of shares to fund its working capital needs and for general corporate purposes.

Brace Port Logistics is an emerging player in the freight logistics and associated services sector, has the distinction of being the first Indian corporation to handle Ro-Ro (Roll-on/Roll-off) deals.

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