Pranik Logistics IPO Latest GMP; Issue Subscribed More Than 200 Times On Final Day

The initial public offering (IPO) of Pranik Logistics Ltd. which opened for subscription on October 10 will close on Monday, October 14.

The Rs 22.47-crore book-building issue comprises entirely a fresh issuance of 29.18 lakh shares. The IPO price band has been fixed in the range of Rs 73 to Rs 77 per share of a value of Rs 10 each.

Here are key details you must know before applying for Pranik Logistics IPO.

The IPO has been subscribed 216.25 times as of 4:43 p.m. on Monday

• Qualified Institutions: 35.67 times

• Non-Institutional Buyers: 744.00 times

• Retail Investors: 93.70 times

The subscription status will be updated at regular intervals.

The grey market premium on Pranik Logistics IPO is Rs 0 as of 2:24 p.m. on October 14, indicating a flat listing.

Investors must note that the grey market premium is highly speculative and may not be a true indicator of the possible performance of a stock.

Retail investors can apply for at least a single lot size of 1,600 shares, amounting to a minimum investment of Rs 1,23,000 at the issue's upper price band.

As per the company's red herring prospectus, of the 29,18,400 shares offered -- 19.02% is reserved for Qualified Institutional Buyers, 14.2% for Non-Institutional Buyers, 33.11% for Retail Investors and 28.13% for Anchor investors.

The IPO share allotment status is expected to be finalised on October 15, followed by the initiation of refunds to non-allottees on October 16. Shares will also be credited to the Demat account of successful bidders on the same day.

Shares of Pranik Logistics Ltd. are scheduled to be listed on the NSE SME platform, Emerge, on October 17.

The promoters of Pranik Logistics Ltd. – Pranav Kumar Sonthalia, Shradha Kumari and Minal Sonthalia– hold more than 99% stake in the company.

The company has appointed Narnolia Financial Services Ltd. as the book running lead manager and Maashitla Securities Private Ltd. as the registrar for the issue.

Prabhat Financial Services Ltd. is the market maker for the IPO.

Pranik Logistics Ltd. is an integrated logistics solutions provider with pan-India operations. The company caters to a large clientele across industries, including retail, consumer durables, telecom, manufacturing and pharma.

Founded in 2005, the company operates as a freight forwarder and transporter, providing integrated services such as transportation, warehousing, material handling and freight forwarding.

Pranik Logistics Ltd. owns a fleet of 86 commercial vehicles and a total of 30 warehouses.

Pranik Logistics Ltd.'s revenue rose 11% year-on-year to Rs 67.7 crore in FY24 from Rs 60.9 crore in FY23. The company's net profit rose multiple-folds to Rs 4.06 crore in FY24 compared to Rs 93 lakh in the previous fiscal.

Use of IPO Proceeds

Pranik Logistics Ltd. plans to utilise the net proceeds from the IPO to invest in technology and fund its capital expenditure requirement. Further, a substantial portion of the money will also be used for working capital requirements, general corporate purposes and issue-related expenses.