look news india
GB logistics commerce IPO has tremendous support from investors
The IPO of GB Logistics Commerce received 172.29 times subscription on the last day of bid on 28 January. The issue was opened on 24 January, and its price band was Rs 95–102 per share. According to BSE data, investors applied for 30.28 crore equity shares against the offer size of 17.58 lakh shares.
Segment-wise subscription details
- Non-institutional investor (NII): 402.08 times bid from the reserve part.
- Retail Investors: 122.07 times subscription.
- Institutional buyers (QIB): 26.85 times subscription.
Through the IPO, the company had targeted to raise a total of Rs 25.07 crore, including 24.57 lakh shares as fresh issues.
Gray Market Premium (GMP)
GB logistics shares are trading at a premium of Rs 30 in the gray market, which is 30% higher than the issue price. The stock allocation will be completed by January 29, and trading will start at BSE SME from 31 January.
Fund usage and company plan
This company based in Maharashtra is a specialist in truck freight services and will use the funds collected from IPOs for the following:
- Repayment of debt
- Filling of working capital needs
- Purchase of truck chassis and truck body
SKI Capital Services is working as the book running lead manager of this issue.
