Investor response to the Pranik Logistics initial public offering (IPO) has been strong; on Friday, the second day of bidding, the issue has already been subscribed 4.36 times.
Total subscription across categories
On the first day of subscription, retail individual investors applied for over 78.40 lakh, as opposed to the 9.66 lakh shares allocated for the category.The retail section had 8.11 times as many reservations.
The non-institutional investors (NIIs) applied for 5.93 lakh shares, booking their quota of 1.43 times, as opposed to the 4.14 lakh shares set aside for the category.
The Qualified Institutional Buyers (QIBs) did not submit any applications on the first day of bidding. The company has reserved 5.55 lakh shares for QIBs.
Issue size and price band
The book-building offer of Rs 22.47 crore for the IPO of Pranik Logistics. The NSE SME issue consists of a fresh issuance totaling 29.18 lakh shares. The first public offering (IPO) of Pranik Logistics is expected to be priced between Rs 73 and Rs 77 per share.
New #SME IPO announcement.#Pranik logistics IPO closing on 14th October. The company is raising 22.5 Cr at m. cap of 84.8 Cr
The company acts as a CNF agent providing end to end solutions.
DRHP shows 1.5 Cr PAT until Dec’23 but should be a much bigger number by end of FY 😛 pic.twitter.com/Kk91ozCQzi— Manish Lalwani (@manishlalwani9) October 5, 2024
Lot size and minimum bid
For a single lot size of 1,600 shares, retail investors would need to apply for the IPO (initial public offer) with a minimum investment of Rs 1,23,200. However, with an investment of Rs 2,46,400, high-networth individuals (HNIs) can bid on a minimum lot size of two lots, or 3,200 shares.
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Subscription and listing timetable
On Thursday, October 10, the bidding opened and will remain open until Monday, October 14. The subscription period for the Pranik Logistics IPO will end.
The Pranik Logistics IPO share allotment status is likely to be determined on Tuesday, October 15. Once the share allotment status has been finalized, the company will start refunding unsuccessful bidders on Wednesday, October 16.
On the same day, shares of Pranik Logistics will also be deposited into the Demat accounts of the successful bidders. The shares of Pranik Logistics will be listed on Emerge, the NSE SME marketplace. The tentative date for Pranik Logistics' initial public offering (IPO) is October 17.