Pranik Logistics Share Price Hits 5% Upper Circuit After Listing Nearly Flat On NSE SME
Pranik Logistics share price listed at Rs 79 apiece, marking a mere 2.5% premium over the issue price of Rs 77 per piece.
Shares of Pranik Logistics Ltd. made a lackluster debut on the NSE SME platform on Thursday. The stock listed at Rs 79 apiece, marking a mere 2.5% premium over the issue price of Rs 77 per piece.
This suggests that investors who bought at least a single lot of 1,600 shares in the IPO made Rs 3,200, against an investment of Rs 1,23,200.
The stock, however, showed strong momentum after the listing and hit a 5% upper circuit on the NSE at Rs 82.95.
Pranik Logistics IPO GMP
The listing price was lower than the grey market premium of the IPO. Pranik Logistics IPO GMP hinted at a premium of Rs 4 over the issue price on Thursday just before its shares got listed.
The projected listing price of the Pranik Logistics IPO was expected to be Rs 81 per share, indicating a premium listing, according to InvestorGain.
Pranik Logistics IPO Details
Pranik Logistics IPO was open for bidding between Oct. 10 and Oct. 14. The issue received a bumper response from investors.
The IPO was subscribed 218.02 times during the three-day subscription period, led by massive demand from NIIs. Non-institutional investors booked their quota 744.05 times, while the issue was subscribed 97.21 times in the retail category. The qualified institutional buyers subscribed their category 35.67 times.
The public offer was an entirely fresh issue of over 29.18 lakh shares worth Rs 22.47 crore. Pranik Logistics IPO price band was fixed at Rs 70 to Rs 77 per share.
The share allotment of the IPO was finalised on Oct. 14. Maashitla Securities Pvt. was the registrar for the issue, while Narnolia Financial Services Ltd. was its book running lead manager.
Pranik Logistics IPO: Use Of Funds And Objectives
The company plans to utilise the net proceeds from the issue to invest in technology. A portion of the funds will also be used for capital expenditure requirements, working capital requirements, general corporate purposes and issue-related expenses.
About Pranik Logistics Ltd
Pranik Logistics Ltd. operates pan India as an integrated logistics solutions provider. Its clients are from major industries like retail, consumer durables, telecom, manufacturing and pharma.
The company is a freight forwarder and transporter, and offers integrated services such as transportation, warehousing, material handling and freight forwarding. It has a fleet of 86 commercial vehicles and 30 warehouses.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
