Sadhav Shipping IPO subscribed 125 times on day 3, NIIs portion sees highest demand

Sadhav Shipping Limited’s IPO subscription closed with a huge response on Tuesday, February 27, from both the non-institutional and retail investors. The initial public offering (IPO) was subscribed 125 times on the third and last day of subscription with the non-institutional investors’ (NIIs) category receiving the highest bids.

According to the NSE data, Sadhav Shipping Limited received bids for a total of 47,73,97,200 shares as against 38.16 lakh shares on offer. Sadhav Shipping IPO subscription was open for bidding between February 23 and February 27.

The public issue received a good response from investors across categories. The retail individual investors’ (RII) category was subscribed 65 times as bids of over 12.5 crore shares were received compared to 19.08 lakh shares on offer for the segment. The NIIs segment was subscribed 163 times. The NII bidders applied for 31.18 crore shares compared to 19.08 lakh shares reserved for the category.

Sadhav Shipping IPO details

Sadhav Shipping Ltd IPO consists entirely of a fresh issue of 40.18 lakh shares. There is no offer for sale by the promoters or existing shareholders of the company. Sadhav Shipping has fixed the price band of ₹95 per equity share of a face value of ₹10 each. The marine asset service and operations company intends to raise ₹38.18 through the IPO.

The Sadhav Shipping IPO lot size for retail investors was 1,200 equity shares, aggregating to a minimum investment of ₹1,14,000 and in multiples thereof.

ISK Advisors Private Limited is the lone book-running and lead manager for Sadhav Shipping IPO, whereas Maashitla Securities Private Limited is the registrar.

Proceeds from the IPO will be used by the company to finance its working capital requirement for the purchase and acquisition of additional boats and vessels. A portion of the funds raised through the public issue will also be used for repayment of loans, other working capital needs and general corporate purposes.

Sadhav Shipping IPO Allotment

The Sadhav Shipping Ltd IPO share allotment is expected to be finalised on February 28. Credit of shares into the demat account of the successful bidder in the IPO is expected to happen on February 29, along with the initiation of refunds for those who fail to get the allotment.

Sadhav Shipping shares are expected to be listed on NSE Emerge on March 1.

About the company

Sadhav Shipping Limited is a marine asset service and operation company offering services for ports, coastal logistics and other related activities. It offers high-speed security boats for patrol services along with the operation of port crafts.

The company also owns and operates barges that are used in coastal and inland waterway shipping for the transportation of goods.

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