GB Logistics Commerce shares listed on the stock exchange at a 20 percent discount against its IPO price on Friday. The lackluster listing happened even though the initial public offering (IPO) was subscribed a massive 172 times in the primary market.
The shares of the logistics company GB Logistics Commerce Ltd were listed at Rs 81.60 per share on the BSE, a significant discount of 20 percent against its issue price. The price band for the issue was Rs 95-102 per share.
GB Logistics Commerce's initial public offering (IPO) received an overwhelming response from investors, with subscriptions reaching 172.29 times on the final day of bidding on January 28. The issue, which opened for subscription on January 24, saw strong demand across investor categories.
On the day of listing, the grey market was pricing a premium listing of nearly 16 percent.
The company aimed to raise Rs 25.07 crore through the IPO, consisting solely of a fresh issue of 24.57 lakh equity shares.
GB Logistics Commerce IPO sees 172.3 times subscription on final day; check GMP, allotment date
The Maharashtra-based logistics firm, which specialises in full truckload freight services for large and mid-sized enterprises, plans to utilise the IPO proceeds for debt repayment, working capital needs, and the purchase of truck chassis and truck bodies.
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