Shreeji Shipping IPO subscribed 58 times on Day 3 of offer, Check GMP

Shreeji Shipping IPO subsribed more than 22 times on Day 3 of offer.

Shreeji Shipping IPO was subscribed over 58 times on the final day of bidding on August 21, led by NII and QIBs.

The initial public offer of Shreeji Shipping Global Ltd, a provider of shipping and logistics solutions for dry bulk cargo, garnered 58.10 times subscription on the final day of share sale on Thursday.

The three-day share sale received bids for 66.27 crore shares against 1.14 crore shares on offer, according to NSE data.

Non-Institutional Investors quota fetched 72.70 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 21.94 times. Qualified Institutional Buyers (QIBs) part received 110.41 times subscription.

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Shreeji Shipping IPO GMP Today Price

According to websites tracking the grey market activities, the shares of the company are commanding a GMP of more than 15 percent in the unregulated market. Investorgain quoted a GMP of Rs 39 for the shares of the company, indicating a listing gain of 15.48 percent.

The Rs 411-crore initial share sale of Shreeji Shipping Global Ltd has a price band of Rs 240-252 per share. Earlier, it mobilised more than Rs 123 crore from anchor investors.

The company plans 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 the stock exchanges on August 26, while the allotment is expected by August 22.

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