Logistics firm Iware Supplychain Services IPO to open for subscription on April 28

Iware Supplychain Services IPO

Ahmedabad-based logistics firm Iware Supplychain Services is set to hit Dalal Street with its initial public offering on April 28, with issue price of Rs 95 per share

It is a fixed price issue which will close on April 30. The company will finalise the IPO share allotment by May 2, while the trading in Iware shares will commence on the NSE Emerge, effective May 6.

The pan India logistics company, operating in warehousing (including third-party logistics), carrying & forwarding agent, transportation, rake handling services, business auxiliary services, and rental income, plans to raise Rs 27.13 crore via maiden public issue.

It will utilise Rs 14.06 crore out of total IPO proceeds for the construction of new industrial shed, Rs 6.8 crore for its working capital requirements, and the remainder funds up to Rs 3.86 crore for general corporate purpose.

Iware Supplychain Services operate its logistics business through business offices in Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana and Delhi.

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Getfive Advisors is acting as the book running lead manager to the issue, while SMC Global Securities will act as the market maker for the issue. Iware has reserved Rs 1.37 crore worth shares for SMC.