Supply chain solutions company PDP Shipping & Projects' initial public offering has been subscribed 49.6 percent by the second day of the IPO, March 11, with investors bidding for 4.65 lakh shares through 403 applications, compared to offer size of 9.37 lakh shares.
Retail investors have bid for 88 percent shares of their reserved portion, and non-institutional investors have picked 17 percent shares of the part set aside for them, data from exchanges shows.
The logistics solutions provider is looking to raise Rs 12.65 crore via initial public offering at a price of Rs 135 per share. Out of the net fresh issue proceeds, Rs 10 crore will be utilised mainly for long-term working capital requirements, and the remainder for general corporate purposes.
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The merchant banker handling the public issue is Sun Capital Advisory Services.
PDP Shipping operates an asset light business model, providing supply chain solution for logistics and freight management, specialising in logistics and supply chain services.
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