Ocean cargo logistics company Brace Port Logistics IPO, which opened for subscription on August 19, was subscribed over 48.1 times on the first day of bidding.
Brace Port Logistics Ltd, established in November 2020, specializes in ocean cargo logistics services for clients across diverse sectors. Additionally, the company offers Air Freight, warehousing facilities, specialized cargo handling in foreign countries, international delivery, and customs clearance services.
The small and medium enterprise (SME) IPO received 12,06,86,400 applications against offered 25,13,600 shares. According to data available on NSE, the issue was subscribed over 48.01.
Based on the latest data, the retail quota was subscribed 81.41 times, the non-institutional investor category was subscribed 29.03 times, and the Qualified Institutional Buyers (QIB) category received a 6.59 times subscription.
The IPO for Brace Port Logistics will be opened for subscription from August 19 to August 21. The IPO is a book-built issue valued at ₹24.41 crore, comprising a fresh issue of 30.51 lakh shares.
The IPO price band has been set at ₹76 to ₹80 per share. The share allotment is expected to be finalized on August 22, with the listing on the NSE SME scheduled for August 26.
Holani Consultants Private Limited is the lead book manager for the Brace Port Logistics IPO, with Link Intime India Private Ltd serving as the registrar for the issue. Additionally, Holani Consultants is the market maker for the Brace Port Logistics IPO.
The shares of Brace Port Logistics is trading at a premium of ₹92 in the grey market premium, as per market observers. This means that the estimated listing price of Brace Port Logistics is likely to be ₹172, which is 115% higher than the issue price of ₹80.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
