Premier Roadlines IPO subscription ends with bumper booking, NIIs’ portion subscribed 180x

The initial public offer (IPO) of Premier Roadlines Limited, a goods transport agency, opened for subscription on Friday, May 10, 2024. Premier Roadlines IPO is a book-built issue valued at ₹40.36 crore, consisting of a fresh issue of 60.24 lakh shares. The bidding period for the Premier Roadlines IPO ended on Tuesday, May 14.

On the final day of subscription Premier Roadlines IPO was subscribed 115 times, receiving bids for 46.18 crore shares against the 40.06 lakh shares on offer across categories. NII investors (Non-Institutional Investors) led the subscription as the issue was subscribed 180 times in NII the category. The IPO received bids for 15.45 crore shares against the 8.58 lakh shares on offer.

Premier Roadlines IPO was subscribed 89.95 times in the QIB category according to NSE data, receiving bids for 10.29 crore shares against 11.44 lakh shares on offer for the category.

The issue was subscribed 102 times in the retail category receiving bids for 20.44 crore shares against the 20.04 lakh shares reserved for retail investors.

Premier Roadlines IPO: Price band and lot size

The price band for Premier Roadlines IPO has been set at ₹63 to ₹67 per share, with a minimum lot size of 2,000 shares. Investors have the option to increase their bid in multiples of the same.

Retail investors can bid for a single lot, comprising 2,000 shares, with an investment of ₹1,34,000.

The allotment of shares is expected to be announced on Wednesday, May 15, with refunds for unsuccessful bidders happening on May 16. Hem Securities Limited serves as the book-running lead manager, while Maashitla Securities Private Limited is the registrar.

Premier Roadlines IPO shares are scheduled to be listed on the NSE SME platform, Emerge, with the listing date tentatively fixed as May 17.

Premier Roadlines IPO objectives

Premier Roadlines Limited plans to use the net proceeds from the IPO to repay or pre-pay certain borrowings. Additionally, funds will be used to buy vehicles for commercial purposes. A portion of the proceeds will be used to meet working capital requirements. The company also intends to allocate funds for general corporate purposes.

About Premier Roadlines Limited

Premier Roadlines Limited, established in 2008, provides logistics solutions to businesses. It’s engaged in surface transportation of goods spanning from 1 MT to 250 MT, and offers a range of services including general transportation, project logistics and handling oversized or overweight cargo throughout India.

The company is headquartered in Delhi and its clientele spans sectors such as infrastructure, energy, electricity, oil and gas, mechanical engineering, construction, metallurgy, and renewable energies.