Marinetrans India stock lists at 15% premium over IPO price on NSE SME

Ahead of the listing, Marinetrans shares were trading at an 11 percent premium in the grey market

Marinetrans India stock made a decent debut, listing at a 15.38 percent premium over the IPO price on December 8. The stock opened at Rs 30 against the issue price of Rs 26 on the NSE SME platform. However, within minutes, the stock slipped to Rs 28.5.

Ahead of the listing, Marinetrans shares were trading at an 11 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

Also Read: WestBridge, Nexus Venture-backed India Shelter to float Rs 1,200-cr IPO on Dec 13

The public offer was subscribed 33 times and the retail portion was booked 47 times the allotted quota. The IPO opened for subscription on November 30 and closed on December 5. The price for the issue was fixed at Rs 26 per share. Through the IPO, the company raised Rs 10.92 crore. The offer was entirely a fresh issue of 42 lakh shares.

The company will use the net proceeds from the issue to fund working capital requirements and general corporate purposes. Swaraj Shares and Securities was the book-running lead manager, Skyline Financial Services was the registrar, and Nnm Securities was the market-maker for the issue.

Marinetrans is engaged in the business of sea freight forwarding and provides transport management and freight-related services to its customers, including Freight Forwarding, which covers both sea and air freight. The company began as a freight forwarder and later expanded to offer Door-to-Door Delivery and 3PL services for the logistics industry through informal agreements with third-party service providers.

Also Read | Suraj Estate Developers IPO opens on December 18, to raise Rs 400 crore

The Navi Mumbai-headquartered company has a branch in Ahmedabad, Gujarat and operates through JNPT, Nhava Sheva, Mundra, Kandla, Chennai, Vizag, and other locations in India to transport cargo worldwide.