The initial public offering of Mumbai-based logistics solutions provider Om Freight Forwarders is set to open for public bidding today, September 29. The company aims to raise Rs 122.3 crore from its IPO.
The maiden public issue of the company will close on October 1.
Om Freight Forwarders IPO GMP
Ahead of listing, the shares of the company were trading with nearly 8 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
According to IPO Watch, the shares of the company were trading with nearly 8 percent GMP over the issue price.
Om Freight Forwarders IPO: Key things to know
The logistics company aims to raise Rs 122.3 crore through a fresh issue of shares worth Rs 24.4 crore and an offer for sale of 72.5 lakh shares by promoters. The price band for the IPO has been set at Rs 128-135 per share.
Investors can bid for a minimum of 111 shares, requiring an investment of Rs 14,985 at the upper price band, and in multiples thereafter. The allotments will likely be finalized by October 3, and the shares are scheduled to be listed on stock exchanges on October 7.
The company plans to use Rs 17.15 crore of net fresh issue proceeds for the acquisition of commercial vehicle and heavy equipment, and the remainder amount for general corporate purposes, while the offer-for-sale money will be received by promoters.
The company, which provides international freight forwarding, customs clearance, vessel agency, transportation, warehousing, and distribution services, is valued at Rs 455 crore.
Smart Horizon Capital Advisors is the sole merchant banker handling the Om Freight Forwarders IPO.
Om Freight Forwarders IPO: Anchor Book
Before the IPO opened for public bidding, the Mumbai-based company raised Rs 15.9 crore from three anchor investors on September 26. Only three investors - Craft Emerging Market Fund, Rajasthan Global Securities, and Abundantia Capital participated in the anchor book.
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