Logistics and supply chain management solutions company Jayesh Logistics' initial share sale continued to garner healthy interest from investors even on the second day of bidding, October 28.
The Rs 28.63-crore initial public offering (IPO), which consists of entirely fresh issue of 23.47 lakh shares, was subscribed 7.74 times during October 27-28 with investors bidding 1.38 crore equity shares against the offer size of 17.91 lakh shares via 3,529 applications.
Retail and non-institutional investors continued bidding for the offer on day 2, but there were no bids from qualified institutional buyers on the second day as their subscription was unchanged at 5.02 times their allotted quota on Tuesday.
Non-institutional investors picked 16.39 times and retail 7.14 times their reserved portions in the last two days.
Kolkata-based Jayesh Logistics on October 24 has raised Rs 6.78 crore of its offer size, through anchor book of 5.56 lakh shares at upper end of price band of Rs 116-122 per share.
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The company that primarily provides freight services (using road transportation like trucks and railways) and non-freight services (like loading and unloading, truck on hire, custom clearance, and machinery on hire) through its in-house fleet of 95 heavy material and cargo handling trucks intends to utilise IPO proceeds mainly for purchase of side wall trailers, working capital requirements, and implementation for phase 2 of Smart Logistics Application.
The remainder funds will be utilised for its general corporate purpose.
The offer subscription will remain open till October 29, followed by the IPO share allotment finalisation on October 30. Jayesh Logistics will make its market debut on the NSE Emerge on November 3.
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