Shares of Sahara Maritime Ltd made a flat debut on the bourses on December 26, then made some gains, but soon turned negative. The public issue was subscribed over 22 times last week.
The stock opened at Rs 81 a share and touched a high of Rs 84, up 3.7 percent. But, by 10.10am, the stock fell to Rs 79.15 on the BSE, down 2.3 percent from its issue price of Rs 81 a share.
The SME IPO, which raised around Rs 6.88 crore, opened for subscription on December 18 and closed on December 20.
The proceeds from the issue will be allocated towards funding the Company's capital expenditure needs for purchasing commercial vehicles, office equipment, and fulfilling working capital requirements.
Established in 2009, Sahara Maritime Limited, a non-governmental organization, specialises in transportation, storage, and communication services for maritime requirements.
The company provides diverse freight services, including transportation management, and collaborates with intermediaries for additional offerings like multimodal transportation, project cargo handling, third-party logistics, and packing/unpacking services.
The firm in FY23 reported a revenue of Rs 26.11 crore against Rs 21.04 crore in FY22. Net profit for the fiscal year stood at Rs 1.21 crore against Rs 52.35 lakh last year.
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