Shreeji Shipping Global IPO fully booked on day 1: Check objectives, key dates and more

Shreeji Shipping Global IPO, which is completely a fresh issuance of 1.63 crore equity shares worth ₹410.71 crore, has been fully booked on the opening day on Tuesday, August 19. The issue will conclude on August 21. The price band is fixed at ₹240 to ₹252 per share, and a lot includes 58 shares.

As there is no offer for sale (OFS) component, the funds raised will go to the company.

The net proceeds to the tune of ₹251.17 crore will be utilised to acquire dry bulk carriers in the Supramax category in the secondary market, ₹23 crore for repayment of debt and the remaining funds for corporate general purposes.

The company also expects that the listing will enhance the company's brand image and visibility and create a public market for its equity shares in India, according to its red herring prospectus.

It has reserved 50% of its shares for the qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

Shreeji Shipping Global IPO: Subscription details

Shreeji Shipping Global IPO timeline: Allotment and listing dates

Before the IPO, the company collected ₹123.2 crore from anchor investors, including Bank of India Mutual Fund (MF), BNP Paribas Financial Market — ODI, Morgan Stanley Asia (Singapore) Pte, Aarth AIF Growth Fund, Khandelwal Finance, Golden Equity Fund Series I, SB Opportunities Fund II, Viney Growth Fund, Rajasthan Global Securities and Invicta Continuum Fund I.

Shreeji Shipping Global is a provider of shipping and logistics solutions for dry bulk cargo. The company primarily focuses on non-major ports and jetties, especially along the west coast of India.

Shreeji Shipping Global IPO latest GMP

According to media reports and investorgain.com, Shreeji Shipping Global's unlisted shares are trading at ₹282 per share, reflecting a grey market premium of 11.90% over the upper price band of ₹252.