Shreeji Shipping IPO subscribed over 6 times on Day 2 of offer so far - GMP soars

After being fully subscribed on the first day, the Shreeji Shipping IPO continued to witness strong demand in the primary market on the second day of bidding on August 20.

The initial public offer of Shreeji Shipping Global Ltd, a provider of shipping and logistics solutions for dry bulk cargo, received 6.59 times subscription on the second day of share sale on Wednesday. The Rs 411-crore initial share sale got bids for 7.51 crore shares against 1.14 crore shares on offer, as per NSE data.

Non-Institutional Investors part received 11.22 times subscription, while the category for Retail Individual Investors (RIIs) fetched 6.99 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 2.42 times. Earlier, it mobilised more than Rs 123 crore from anchor investors.

The initial public offering (IPO), with a price band of Rs 240-252 per share, would be available for subscription till August 21.

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Shreeji Shipping IPO GMP Today Price

According to websites tracking the grey market activities, the shares of Shreeji Shipping are commanding a GMP of 13 percent in the unregulated market, a rise from an earlier 11 percent. Investorgain quoted a GMP of Rs 33 for the shares of the company, indicating a listing gain of 13.10 percent.

The company is planning to use Rs 251.2 crore out of the IPO proceeds for acquisition of dry bulk carriers in the supramax category in the secondary market, and Rs 23 crore for repaying debt.

The flagship company of Jamnagar-based Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India.

Shreeji Shipping shares will be listed on August 26, while the allotment is expected by August 22.

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