Jayesh Logistics IPO subscribed nearly 4 times on day 1, driven by strong investor interest

Jayesh Logistics IPO

Logistics solutions provider Jayesh Logistics has attracted healthy interest for its initial public offering from all kind of investors on October 27, the first day of bidding, as the offer was subscribed 3.98 times.

Investors have bid 71.29 lakh shares against the IPO size of 17.91 lakh shares via 1,221 applications. Non-institutional investors took the lead amongst them, picking 7.77 times their allotted quota.

The parts set aside for qualified institutional buyers and retail investors were subscribed 5.02 times and 2.22 times, respectively.

The Kolkata-based logistics and supply chain management solutions company aims to raise Rs 28.63 crore via IPO of 23.47 lakh shares with a price band of Rs 116-122 per share. The offer comprises of entirely fresh issue.

The firm already mobilised Rs 6.78 crore via anchor book, allotting 5.56 lakh shares to five investors - Vira AIF Trust, LRSD Securities, Fortune Hands Growth Fund, Arnesta Global Opportunities Fund, and Shine Star Build Cap, at Rs 122 per share.

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Jayesh Logistics intends to utilise IPO proceeds for purchase of side wall trailers, working capital requirements, implementation for phase 2 of Smart Logistics Application, and general corporate purposes.

With in-house fleet of 95 heavy material and cargo handling trucks, the company primarily provides freight services using road transportation like trucks and railways and non-freight services like loading and unloading, truck on hire (also known as Truck Forwarding Note), custom clearance, and machinery on hire, to several industries such as iron and steel, infrastructure equipment, cement, heavy industrial machinery, engineering, and construction machinery.

Indcap Advisors is acting as the sole book running lead manager for the Jayesh Logistics IPO.