Shares of Gconnect Logitech and Supply Chain made a tepid debut on the bourses on April 3, listing at Rs 42, commanding a premium of 5 percent over the issue price of Rs 40 on the BSE SME platform. The listing has missed grey market estimates which indicated a premium of 22.5 percent.
Soon after the listing, the stock price shot off 10 percent to Rs 44, exchange data showed.
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The Rs 5.60-crore IPO was a fresh issue of 14.01 lakh shares. GConnect, established in July 2022, provides surface logistics services, including goods transport. The company's service offerings include bulk loads, Full Truck Loads (FTL) service, and dedicated loads.
During the three-day IPO period, GConnect Logitech witnessed a subscription of 57.38 times, with bids received for 7.6 crore shares against 13.26 lakh shares offered. The retail category was subscribed 71.74 times, while the 'others' category saw a subscription of 42.90 times by March 28.
Net proceeds from the IPO will be allocated towards vehicle purchases, financing website development and app designing, as well as for general corporate purposes.
Fedex Securities Pvt Ltd acts as the book-running lead manager for the GConnect Logitech IPO, with Kfin Technologies serving as the IPO registrar.
The price band for the issue was fixed at Rs 40 per share.
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