The Kaushalya Logistics IPO received a subscription of 364.18 times on January 3, the final day of bidding, as investors picked 129.12 crore equity shares against the offer size of 35.45 lakh equity shares.
All categories of investors started bidding for the issue, with high net worth individuals in the leading position buying 849.1 times the portion set aside for them.
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On the other hand, retail investors picked 375.9 times the reserved portion, and qualified institutional buyers also known as QIBs bought 92.5 times the allotted quota.
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The New Delhi-based logistics, clearing, and forwarding services provider aims to mobilise Rs 36.60 crore through the maiden public issue at the upper price band. The IPO consists of a fresh issuance of equity shares worth Rs 25.35 crore and an offer-for-sale of Rs 11.25 crore worth of shares by promoters Uddhav Poddar, and Bhumika Realty.
Kaushalya Logistics intends to utilise net fresh issue proceeds for repaying debts (amounting to Rs 1.71 crore) and working capital requirements (of Rs 17.26 crore), besides general corporate purposes.
The company has also garnered Rs 10 crore through its anchor book, with the participation of five investors, including Neomile Growth Fund Series, Saint Capital Fund, and LC Radiance Fund VCC.
Srei Capital Markets Ltd is the book-running lead manager of the Kaushalya IPO, while Link Intime India Private Ltd is the registrar for the issue.
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