NSE SME Arvind and Company Shipping Agencies spurts on debut

Shares of Arvind and Company Shipping Agencies were quoting at Rs 80.40 on the NSE, a premium of 78.67% compared with the issue price of Rs 45.

The scrip was listed at Rs 80, up 77.78% over the initial public offer (IPO) price. The stock was currently up 0.50% from its listing price.

The counter hit a high of Rs 84 and a low of Rs 76. About 23.82 lakh shares of the company changed hands at the counter.

Arvind and Company Shipping Agencies' IPO was subscribed 360 times. The issue opened for bidding on 12 October 2023 and it closed on 16 October 2023. The price band of the IPO was fixed at Rs 45 per share.

The issue size comprised of fresh issue of 32,76,000 equity shares, aggregating upto Rs 14.74 crore. The promoter and promoter group shareholding diluted to 73% post IPO from 100% pre-IPO.

The company intends to utilize the net proceeds from the issue for funding capital expenditure and general corporate purposes.

Arvind and Company Shipping Agencies was incorporated in September 1987, it is engaged in the business of shipping and forwarding agents. The company is primarily engaged in chartering business. Chartering activities of the firm mainly include chartering of Barge for commercial purposes.The company operates in vessels like cargo barges, flat top barges, crane mounted barges, hopper barges, spud barges and tugs for cargo. As on 31 May 2023, the company had 16 employees.

The company recorded revenue from operations of Rs 71.14 crore and net profit of Rs 34.71 crore for the period as on 31 March 2023.

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