Brace Ports Logistics IPO subscribed 658 times on day 3: check allotment status and listing date

The initial public offering (IPO) of Brace Port Logistics witnessed a bumper subscription of 657.86 times on the final day of bidding on Wednesday, August 21. The issue opened on Monday, August 19, and saw strong subscription rates during the bidding window. Brace Port Logistics Ltd received bids for over 155 crore shares against 23.58 lakh shares on offer in the IPO.

Non-institutional investors led the massive demand for the Brace Port Logistics IPO subscription. NIIs subscribed their allocation 854.68 times with bids for 68.37 crore shares against the 8 lakh shares on offer in the category.

Retail individual investors applied for over 70.64 crore shares against 12 lakh shares set aside for them, booking their quota 588.74 times on the final day of bidding.

On the other hand, Qualified Institutional Buyers (QIBs) placed bids for 16.12 crore shares against 3.58 lakh shares reserved for the category. The QIB quota was booked 450 times.

Brace Port Logistics IPO key details

Brace Port Logistics IPO subscription window was live between August 19 and August 21. The NSE SME issue is an entirely fresh issue of 30.51 lakh shares offered at a price band in the range of ₹76 to ₹80 per share.

The minimum lot size of the Brace Port Logistics IPO was set at a minimum of 1600 shares. This took the minimum investment amount to ₹1.28 lakh for retail individuals.

Brace Port Logistics IPO allotment and listing date

Brace Port Logistics IPO allotment is likely to be done on Thursday, August 22. Initiation of refunds for unsuccessful bidders will be done on Friday, August 23, along with credit of shares into the demat account of successful bidders.

Brace Port Logistics IPO listing date is likely on Monday, August 26. Shares of Brace Port Logistics will be listed on the NSE SME platform ‘Emerge’.

Brace Port Logistics IPO registrar

Link Intime India Private Limited is the registrar of the Brace Port Logistics IPO, while Holani Consultants Private Limited is the book-running lead manager.

Brace Port Logistics IPO objectives

Brace Port Logistics will utilise the net proceeds from the fresh issue to fund its working capital requirements. Further, a portion of the money raised in the IPO will also be used for general corporate purposes.