Brace Port Logistics IPO: Issue Subscribed Over 655 Times On Day 3

Brace Port Logistics Ltd. launched its initial public offering on Monday, offering a fresh issue of 30.51 lakh shares worth Rs 24.41 crores.

The SME IPO was subscribed 156.24 times on Day 2, led by demand from retail investors. The IPO has been subscribed more than 650 times on Wednesday.

The IPO has been subscribed 657.81 times at 5:54 p.m. on Wednesday.

• Qualified Institutions: 450.04 times.

• Non-institutional buyers: 854.49 times..

• Retail Investors: 588.74 times.

The IPO price band is set between Rs 76 and Rs 80 per share. For retail investors, the minimum lot size is 1,600 shares, requiring a minimum investment of Rs 128,000. High-net-worth individuals must apply for a minimum of 3,200 shares, amounting to Rs 256,000.

Holani Consultants Private Ltd. is serving as the book-running lead manager, while Link Intime India Private Ltd is the registrar for the issue. Holani Consultants will also act as the market maker.

As per the company's red herring prospectus, out of the 3,051,200 shares offered; 11.75% is reserved for Qualified institutions (QIBs), 26.22% for Non-institutional buyers (NII), 39.33% for Retail investors and 17.62% for Anchor investors. 155,200 shares are reserved as the market maker portion.

The subscription period of Brace Port Logistics IPO will run until August 21, with the allotment scheduled for August 22. The shares of Brace Port Logistics Limited will be listed on the NSE SME platform, with a tentative listing date of August 26.

Founded in November 2020, Brace Port Logistics Ltd. offers a range of ocean cargo logistics services tailored to various industries. In addition to ocean freight, the company provides air freight, warehousing, special cargo handling, and customs clearance services. Its network spans multiple countries, including Germany, Vietnam, UAE, Hong Kong, and Bangladesh, serving sectors such as medical supplies, pharmaceuticals, sports goods, perishables, electronics, consumer durables, and automotive.

The primary objectives of the IPO funds are to support the company’s working capital requirements and to cover general corporate expenses.

For the fiscal year ending March 31, 2024, Brace Port Logistics reported a decrease in revenue by 22% and a 21% drop in profit after tax compared to the previous year.