Shreeji Shipping Global's IPO: A Smooth Sail with 2.13 Times Subscription

On Tuesday, Shreeji Shipping Global Ltd's initial public offering (IPO) experienced a remarkable demand, achieving a subscription rate of 2.13 times on its inaugural day. The Rs 411-crore IPO attracted investors who bid for over 2.42 crore shares, significantly surpassing the 1.14 crore shares available, according to NSE data.

The IPO saw diverse interest from various investor categories. Non-Institutional Investors led the subscriptions with a massive 3.53 times, while Retail Individual Investors subscribed 2.12 times. The quota for Qualified Institutional Buyers garnered a subscription of 1.09 times. Additionally, Shreeji Shipping secured over Rs 123 crore from anchor investors before the sale.

Scheduled to close on August 21, the IPO is entirely a fresh issue, with a price band set between Rs 240 and Rs 252 per share. The proceeds are earmarked for acquiring supramax category dry bulk carriers and repaying debt. Headquartered in Jamnagar, Shreeji Group primarily focuses on non-major ports along India's west coast, with Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd managing the public issue.

(With inputs from agencies.)