Brace Port Logistics share price lists with stellar a stellar 90 % premium at ₹152 on the NSE SME on Monday.
The Brace Port Logistics share price post listing further gained 5% hitting upper price band of ₹159.60.
The Investors had been anticipating good listing of the Brace Port Logistics share price as was indicated by the subscription status and the grey market premium
Brace Port Logistics IPO had received strong response being subscribed 657.81 times. By August 21, 2024 (Day 3), the public issue had been subscribed 588.74 times in the retail category, 450.04 times in the QIB category, and 854.49 times in the NII category.
According to investorgain.com, the Brace Port Logistics IPO GMP, or grey market premium, was ₹116, meaning that shares were trading at a 45% premium over the upper end of the issue price of ₹ 80 in the grey market.
This meant that the investors had been anticipating listing of the Brace Port Logistics share price at ₹196, listing gains of 145%.
A "grey market premium" denotes the willingness of investors to part with more money than the issue price.
The Brace Port Logistics initial public offering (IPO) had opened for subscription from August 19, 2024, and closed on August 21, 2024. On Thursday, August 22, 2024, the allotment for Brace Port Logistics IPO was completed.
The book-built issue of Brace Port Logistics is valued at ₹24.41 crores. The issuance consists only of a new 30.51 lakh share offering.
The company proposes to utilize the net proceeds from this Fresh Issue of shares towards funding the objectives of meeting the working capital requirements of the company as well as for the general corporate purposes.
In the field of freight logistics and associated services, Brace Port Logistics is a rising organization. It is to be credited being a first Indian corporation handled Ro-Ro deals.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
