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  1. Pranik Logistics IPO Day 3: NSE SME issue subscribed 218 times; check allotment and listing date

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Pranik Logistics IPO Day 3: NSE SME issue subscribed 218 times; check allotment and listing date

Upstox

3 min read | Updated on October 14, 2024, 23:32 IST

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SUMMARY

Pranik Logistics IPO is a book-building issue worth ₹22.47 crore. The public offer comprised an entirely fresh issue of 29.18 lakh shares. The IPO allotment status is likely to be finalised on Tuesday, October 15. Shares of Pranik Logistics are scheduled to be listed on the NSE SME platform on October 17.

Pranik Logistics Limited (1).webp

Pranik Logistics IPO Day 3: NSE SME issue subscribed 218 times, NIIs’ quota booked 744x

Pranik Logistics Limited IPO saw a bumper subscription on Monday, October 14, the third and final day of bidding, driven by Non-Institutional Investors (NIIs). Pranik Logistics IPO was open for subscription from October 10 to October 14.

The logistics services provider's initial public offering was subscribed to 218.1 times overall, with applications for over 42.22 crore shares compared to the 19.36 lakh shares offered for subscription.

The NIIs booked their quota 744.44 times. The category received bids for more than 30.84 crore shares compared to the 4.14 lakh shares reserved for the category.

Pranik Logistics IPO was subscribed 97.21 times in the retail category. The retail investors placed bids for over 9.39 crore shares against the 9.66 lakh shares set aside for the category.

NSE SME issue has been booked 35.67 times by Qualified Institutional Buyers(QIBs) with bids for over 1.98 crore shares against 5.55 lakh shares set aside for the category.

Pranik Logistics IPO Offer size, price band and other details

Pranik Logistics IPO is a book building issue worth ₹22.47 crore. The public offer comprised an entirely fresh issue of 29.18 lakh shares.

Pranik Logistics IPO price band was fixed at ₹73 to ₹77 per share. The minimum lot size for retail investors was fixed at 1,600 shares, aggregating to an investment of ₹1,23,200. On the other hand, the minimum bidding size for the high-net-worth individuals (HNIs) was of 2 lots (3,200 shares), amounting to ₹2,46,400.

Pranik Logistics IPO share allotment status and listing date

Pranik Logistics IPO share allotment status is likely to be finalised by Tuesday, October 15. The company will initiate refunds for unsuccessful bidders and transfer of shares to the demat accounts of allottees on October 16. The IPO listing date has been tentatively fixed as October 17. Shares of Pranik Logistics will be listed on the NSE SME platform, Emerge.

Pranik Logistics IPO Registrar

Narnolia Financial Services Ltd. is the book-running lead manager of the Pranik Logistics IPO, and Maashitla Securities Private Limited is the registrar for the issue. Prabhat Financial Services is the market maker for the NSE SME issue.

Pranik Logistics IPO Objective

Pranik Logistics plans to use the money raised via the public issue to invest in technology, meet capital expenditures, and meet working capital requirements. A portion of the IPO proceeds will also be used for general corporate purposes and for meeting issue-related expenses.

About Pranik Logistics

Pranik Logistics Limited, founded in 2015, offers integrated logistics services. The company operates as a freight forwarder and transporter and provides services such as transportation, warehousing, material handling, and freight forwarding. As of September 30, 2024, it had 625 permanent employees.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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