PDP Shipping IPO makes weak debut, shares list at 20% discount on BSE SME; check details

PDP Shipping and Projects Ltd made a weak debut on Tuesday, March 18, with its shares listing at a nearly 20% discount over the IPO price.

Shares of PDP Shipping and Projects opened at ₹108.25 apiece on the BSE SME platform. The stock was listed at a discount of 19.81% compared to the issue price of ₹135 per share.

Within minutes of listing, more than 1.52 lakh equity shares changed hands on the BSE. The total trading value stood at 1.63 crore. The company’s market capitalisation reached ₹32.12 crore.

Soon after listing, the stock dropped as much as 5% to hit the lower circuit limit at ₹102.85 apiece on the BSE.

At the listing price of ₹108.25 per share, the value of a single lot of equity shares bagged by PDP Shipping IPO investors stood at ₹1,08,250 (₹108.25 x 1,000). The IPO investors would have faced a loss of ₹26,750 per lot compared to the minimum investment of ₹1,35,000 (₹135 x 1,000).

Logistics services provider PDP Shipping and Projects Ltd last week raised ₹12.65 crore through its initial public offering. The BSE SME issue comprised a fresh issuance of 9.37 lakh shares priced at ₹135 per piece. The lot size of the fixed-priced issue was 1,000 shares, requiring a minimum investment of ₹1,35,000 by retail investors. The issue was open for subscription from March 10 to March 12.

At the close of the bidding on March 12, the SME IPO was booked 1.06 times as applications for 9.47 lakh shares were received against 8.9 lakh shares on offer.

The retail investors’ portion was subscribed 1.87 times. The retail investors submitted applications for 8.36 lakh shares against 4.45 lakh shares set aside for them. The non-retail portion remained undersubscribed. The Non-Institutional Investors (NIIs) placed bids for 1.11 lakh shares against the quota of 4.45 lakh shares, leading to a subscription of 24% in the category.

PDP Shipping and Projects is a logistics and transport services provider. It provides end-to-end solutions as a Multi-Modal Transport Operator for air freight and sea transportation, custom clearance services and value-added services.

PDP Shipping is a recognised MTO and a Customs Broker from the Directorate General of Shipping. It handles cargo transport globally through road, air, sea, rail, coastal barges, and multi-modal transportation.

According to the company’s RHP, the company proposes to utilise IPO proceeds of ₹10 crore for funding long-term working capital needs and ₹79 lakh for other corporate purposes.

PDP Shipping posted a profit after tax (PAT) of ₹1.57 crore for April-November FY 2024-25. The company reported revenue from operations of ₹13.75 crore in the eight months ending November 2024 in FY25.

The company had posted a profit after tax of ₹2.31 crore in FY 2023-24 against ₹1.68 crore in the preceding financial year. Its revenue from operations stood at ₹20.51 crore in FY 2023-24 against ₹22.48 crore in FY 2022-23.