Unlisted shares of SJ Logistics (India) Ltd are trading Rs 125 higher in the grey market, which is a 100 per cent listing gain from the public issue
SJ Logistics IPO: The initial public offering of SJ Logistics, a logistics and supply chain solutions and services provider, is getting an overwhelming response from investors. Till 3:55 pm on the second day of bidding on Wednesday, the Rs 48-crore SME IPO was subscribed about 52.87 times, receiving bids for 13,50,86,000 shares as against 25,55,000 shares on offer.
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The S J Logistics IPO was opened for public subscription on Tuesday, December 12, and will continue till Thursday, December 14. The IPO price was fixed at Rs 125 per share.
On the second day of bidding on Wednesday, the category meant for non-institutional investors received an overwhelming 39.91 times subscription, while the quota for retail individual investors (RIIs) got subscribed a whopping 85.99 times. The qualified institutional buyers category has been subscribed 4.68 per cent, according to data till 3:37 pm.
SJ Logistics IPO GMP Today
According to market observers, unlisted shares of SJ Logistics (India) Ltd are currently trading Rs 125 higher in the grey market as compared with its issue price. The Rs 125 grey market premium or GMP means the grey market is expecting a 100 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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SJ Logistics IPO Details
The S J Logistics IPO is entirely a fresh issue of 38.4 lakh shares. Its price band was fixed at Rs 121-Rs 125 per share. The minimum lot size for an application is 1,000 shares. The minimum amount of investment required by retail investors is Rs 1,25,000.
The proceeds will be utilised towards repayment and/or pre-payment, in whole or part, of certain borrowings availed by the company; to meet working capital requirements; and for general corporate purpose.
Hem Securities Limited is the book-running lead manager of the S J Logistics IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for S J Logistics IPO is Hem Finlease.
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Thane-based S J Logistics (India) Limited was incorporated in 2003. It provides logistics and supply chain solutions and services.
The company provides freight forwarding, customs clearance and transportation handling services to companies in the yarn and textiles, automobile, heavy engineering, power transmission, rubber tapes, pharmaceuticals, carpets, handicrafts and iron and steel products sectors.
Its profit after tax in the financial year 2022-23 stood at Rs 7.61 crore and its revenue during the year stood at Rs 135 crore.
