Pranik Logistics Debuts On NSE SME Platform With Modest Gains
Date
10/17/2024 4:07:34 AM
(MENAFN- KNN India)
New Delhi, Oct 17 (KNN) Pranik Logistics made its stock market debut on October 17, listing at Rs 79 on the NSE SME platform.
The opening price represented a modest premium of 2.6 percent over the issue price of Rs 77 per share, falling short of grey market expectations which had anticipated a 5 percent premium.
The grey market, an unofficial trading arena that operates before the official listing, often serves as an indicator of investor sentiment.
The company's initial public offering (IPO) of Rs 22.47 crore, comprising a fresh issue of 29 lakh shares, had garnered significant investor interest during its three-day subscription period.
The issue was oversubscribed by 218 times, with non-institutional investors showing particular enthusiasm by subscribing 744 times their allotted portion.
Retail investors and Qualified Institutional Buyers also demonstrated strong interest, oversubscribing their quotas by 97 and 35 times respectively.
Established in 2015, Pranik Logistics Limited has positioned itself as an integrated logistics solutions provider with a Pan-India presence.
The company's service portfolio encompasses freight forwarding, transportation, warehousing, and material handling across diverse sectors including retail, consumer durables, telecom, manufacturing, and pharmaceuticals.
The funds raised through this public offering are earmarked for various strategic initiatives. These include investments in technology, capital expenditure, fulfilment of working capital requirements, general corporate purposes, and covering the expenses associated with the issue.
These allocations aim to support the company's growth trajectory and operational expansion in the competitive logistics sector.
(KNN Bureau)
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