Shreeji Shipping IPO Surges with 58.10x Subscription
Shreeji Shipping Global Ltd's IPO saw a massive response, receiving 58.10 times subscription. The IPO aimed at raising funds for new acquisitions and debt repayment, with plans to purchase dry bulk carriers. It was priced between Rs 240-252 per share and focused on expansions along India's west coast.
- Country:
- India
Shreeji Shipping Global Ltd's initial public offering (IPO) witnessed unprecedented interest, culminating in 58.10 times oversubscription by the close of bidding on Thursday. This monumental response was confirmed by National Stock Exchange data, which revealed that 66,27,99,002 shares were bid for against an offer of 1,14,08,600 shares.
The IPO saw particularly strong interest from Qualified Institutional Buyers (QIBs), who subscribed 110.41 times over their designated quota. Non-institutional investors participated robustly as well, subscribed 72.70 times, while Retail Individual Investors (RIIs) accounted for a 21.94 times oversubscription. On its first day alone, the IPO achieved 2.13 times subscription, garnering substantial market attention.
Headquartered in Jamnagar and focusing on non-major ports along India's west coast, Shreeji Shipping plans to channel Rs 251.2 crore from IPO proceeds toward acquiring dry bulk carriers in the supramax category. The firm also secured Rs 123 crore from anchor investors and is managing the IPO with the assistance of Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd as lead book-runners.
(With inputs from agencies.)
ALSO READ
NSDL IPO Makes Waves with Over 3 Times Subscription
Highway Infrastructure IPO Skyrockets with 73 Times Subscription
M&B Engineering Debut Soars: IPO Triumph with 36.2x Subscription
JSW Cement's IPO: A Promising Start with 29% Subscription on Day One
Highway Infrastructure Ltd's IPO Skyrockets with Massive Subscription
Google News