Pranik Logistics IPO Day 1: Check subscription status, price band, lot size, key dates and more

Pranik Logistics IPO opened for public subscription on Thursday, October 10. The initial share sale, which has set a price range of ₹73 to ₹77 per equity share, will conclude on Monday, October 14.

The initial public offering is completely a fresh issue of 29.18 lakh shares to raise ₹22.47 crore. There is no offer-for-sale (OFS) component involved.

Retail investors can apply for a minimum of one lot size, consisting of 1,600 shares, worth ₹1,16,800. The high-net-worth individuals need to bid for a minimum of two lots worth ₹2,33,600.

The funds raised will be used to invest in technology, make capital expenditures, and meet working capital requirements. They will also be used to serve general corporate purposes and cover issue expenses.

Pranik Logistics IPO: Key dates

• Bidding period: October 10 to October 14
• Allotment finalisation: October 15
• Refund initiation: October 16
• Demat transfer: October 16
• Listing on NSE SME: October 17

Pranik Logistics IPO: Subscription status

Pranik Logistics IPO was subscribed 0.94 times until 11:45 am on Thursday, the first day of bidding. The portion reserved for retail investors was booked 1.78 times, while the non-institutional investors (NIIs) quota was subscribed 0.26 times.

About Pranik Logistics

The company offers end-to-end logistics solutions to sectors such as retail, telecom, consumer durables, pharmaceuticals, and manufacturing. It operates a fleet of more than 80 commercial vehicles, including platform trucks for heavier loads and container trucks for parcel transport.

The book running lead manager for the IPO is Narnolia Financial Services Ltd, while Maashitla Securities Private Limited is the registrar.