Rapid Multimodal Logistics IPO booked 350 times on strong demand from NIIs

Rapid Multimodal Logistics IPO was booked over 350 times at the closure of the subscription window on Tuesday, August 27. The logistical solution provider received bids for over 33.60 crore shares compared to 9.60 lakh shares on offer, resulting in an IPO oversubscription of 350.09 times.

The issue was subscribed heavily in the Non-Institutional Investors category.

NIIs submitted bids for 24.61 crore shares compared to the 4.80 lakh shares allocated to them, resulting in a subscription rate of 512.91 times.

Retail individual investors applied for over 8.28 crore shares against 4.80 lakh shares set aside for the category. The retail portion was booked 172.54 times.

The company received bids for 75.12 lakh shares from the Qualified Institutional Buyers (QIBs).

Rapid Multimodal Logistics IPO offer size and price band

Rapid Multimodal Logistics IPO is a fixed price issue worth ₹8.49 crore. The public offer is solely a fresh issue of 10.11 lakh crore shares

The Rapid Multimodal Logistics IPO price band has been fixed at ₹84 per share.

Rapid Multimodal Logistics IPO dates

The subscription window for Rapid Multimodal Logistics IPO was open between August 22 and August 27. With bidding over, the company will now finalise the allotment of shares in the IPO on August 28.

This will be followed by the credit of shares into the demat account of successful bidders on August 29. Initiation of refunds for the non-allottees will also be done on the same day.

Shares of the company are expected to make a market debut on the BSE SME platform on Friday, August 30.

Rapid Multimodal Logistics IPO registrar

Rapid Multimodal Logistics Ltd has appointed Bigshare Service Private Limited as the registrar of the issue. Gretex Corporate Services Limited is the book-running lead manager for the IPO

Gretex Share Broking is the market maker for Rapid Multimodal Logistics IPO.

Rapid Multimodal Logistics IPO objective

Rapid Multimodal Logistics aims to utilise the IPO’s net proceeds to fund its working capital requirements. Additionally, a portion of the fund will also be used for general corporate purposes.

About Rapid Multimodal Logistics Limited

Founded in July 2020, Rapid Multimodal Logistics Limited is a Chennai-based company that provides comprehensive logistical solutions, primarily serving the B2B sector.

The company provides both single and multimodal transportation services, combining modalities such as road, rail, and sea into a single supply chain to improve efficiency and meet shipping demands.

Their services include planning, route optimization, carrier selection, documentation, containerization, tracking, communication, last-mile delivery, and performance evaluation.