look news india
New Delhi, 17 October (Hindustan Reporter). Today only one company started business through listing in the domestic stock market. Shares of Pranik Logistics, a company providing logistics services across the country, were listed today on the SME platform of the National Stock Exchange. The company's shares were listed today with a premium of 2.60 percent. Under the IPO, the company had issued shares at a price of Rs 77, but today their listing was done at the level of Rs 79 i.e. 2 rupees above the issue price. After receiving buying support after listing, within a short time the share jumped to the upper circuit level of Rs 82.95. In this way, IPO investors made a profit of 7.73 percent from this share on the first day itself.
Pranik Logistics' Rs 22.47 crore IPO was open for subscription between October 10 and 14. This IPO received an overwhelming response from investors, due to which it was subscribed more than 218 times overall. In the IPO, the reserve portion for Qualified Institutional Buyers (QIBs) was subscribed 35.67 times, while the reserve portion for Non-Institutional Investors (NIIs) was subscribed 744.05 times. Similarly, the reserve portion for retail investors was subscribed 97.21 times. Under this IPO, 29,18,400 new shares with face value of Rs 10 have been issued.
According to the information provided by the company, the company will use the money raised through this IPO to meet its general corporate needs as well as invest in technology, meet working capital needs and capital expenditure.
Pranik Logistics has been providing logistics services across the country since 2015 with a fleet of 86 commercial vehicles. On the economic front also, the health of the company has been continuously improving. The company had a net profit of Rs 31.54 lakh in 2021-22, which increased to Rs 93.23 lakh in 2022-23 and jumped to Rs 4.07 crore in 2023-24. The documents submitted by the company regarding its financial position state that the company's revenue has increased at a compound growth rate of more than 41 percent to reach Rs 67.70 crore.