GB Logistics Commerce IPO sees 172.3 times subscription on final day; check GMP, allotment date

GB Logistics Commerce IPO

GB Logistics Commerce's initial public offering has garnered strong interest from investors, subscribing 172.29 times on January 28, the final day of bidding. The offer was opened for subscription on January 24.

The logistics company approached capital markets to raise Rs 25.07 crore via initial share sale which comprises of only fresh issue of 24.57 lakh shares. The price band for the issue was Rs 95-102 per share.

Investors have subscribed for 30.28 crore equity shares against the offer size of 17.58 lakh shares via 89,409 applications, the subscription numbers published on the BSE showed.

Non-institutional investors took the lead amongst them, buying 402.08 times the portion set aside for them. Retail investors picked 122.07 times the allotted quota, while qualified institutional buyers bid 26.85 times their reserved portion.

The cargo movement solutions provider will finalise the IPO share allotment by January 29 and started trading on the BSE SME effective January 31.

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GB Logistics Commerce IPO shares were available at around 20 percent premium over the upper price band in the grey market (an unofficial market for trading in IPO shares till the listing), the market observers said. Generally, investors look at grey market to know about the possible listing price, which experts feel may not be 100 percent correct to judge the listing price.

The Maharashtra-based company that specialises in full truckload freight services for large and medium-sized enterprises will utilise IPO proceeds for repaying debt, working capital requirements, and purchase of truck chassis and truck bodies.

SKI Capital Services is acting as the book running lead manager to the issue.