Neptune Logitek IPO sail through with over 1.5 times subscription on final day; Global Ocean Logistics offer starts on healthy note

IPO News

Logistics solution provider Neptune Logitek's initial public offering (IPO) has managed to sail through with 1.57 subscription on December 17, the final day of bidding, while freight forwarding company Global Ocean Logistics India's public issue received healthy demand from investors on its first day.

Neptune Logitek will finalise IPO share allotment by December 18 and its shares will be available for trading on the BSE SME effective December 22, while the subscription for Global Ocean Logistics offer will remain open till December 19.

Investors bid for 58.45 lakh equity shares of Neptune Logitek against offer size of 37 lakh shares via 2,675 applications during December 15-17.

The Gujarat-based integrated logistics company approached capital markets to raise Rs 46.62 rore via maiden public issue at a price of Rs 126 per share. It was a fixed price issue.

The IPO proceeds will be utilised for purchase of trucks and ancillary equipment, repayment of loan, and general corporate purpose.

Galactico Corporate Services acted as the merchant banker for the Neptune Logitek IPO.

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Meanwhile, Global Ocean Logistics India has received 35.53 lakh shares bids for its maiden public issue, which is 1.27 times the offer size of 27.9 lakh shares through 135 applications.

Non-institutional investors took the lead to support the public issue, bidding 3.05 times their allotted quota, followed by qualified institutional buyers and retail investors whose reserved portions were subscribed 1.19 times and 29 percent.

The company, which provides multimodal logistics solutions across ocean, air, road, and rail, is raising Rs 30.41 crore via IPO of 38.99 lakh shares at the upper end of price band of Rs 74-78 per share.

Global Ocean Logistics India intends to utilise offer proceeds for its working capital requirements, and general corporate purposes.

The public issue of Haryana-based Marc Technocrats also received decent subscription at 61 percent on the first day of bidding, with investors picking up 27.9 lakh shares against offer size of 45.79 lakh shares via 897 applications.

The infrastructure consultancy services provider aims to mobilise Rs 42.59 crore via IPO which comprises of fresh issue of 36.69 lakh shares, and an offer-for-sale of 9.09 lakh shares by promoter.

The company does supervision and quality control, preparation of detailed project reports, third-party techno-financial auditor and pre-bid advisory services will utilise issue proceeds for the purchase of equipment/machineries, working capital requirement, and general corporate purposes.

Narnolia Financial Services is acting as the book running lead manager for the Marc Technocrats IPO, while the public issue of Global Ocean Logistics India is managing by Marwadi Chandarana Intermediaries.