NSE SME Marinetrans India crawls higher on debut

Shares of Marinetrans India were quoting at Rs 28.50 on the NSE, a premium of 9.62% compared with the issue price of Rs 26.

The scrip was listed at Rs 30, a premium of 15.38% over the initial public offer (IPO) price. The stock was currently frozen in a lower limit of 5% over its listing price.

The counter hit a high of Rs 30 and a low of Rs 28.50. About 12.20 lakh shares of the company changed hands at the counter.

Marinetrans India's IPO was subscribed 31 times. The issue opened for bidding on 30 November 2023 and it closed on 5 December 2023. The price of the IPO was fixed at Rs 26 per share.

The IPO comprised fresh issue of 42,00,000 shares. The company intends to utilize the net proceeds to meet funding working capital requirements, general corporate purpose and issue expenses.

Marinetrans India offers its customers a comprehensive range of transport management and freight-related services. The services encompass Freight Forwarding, including both sea freight and air freight. Additionally, we have informal partnerships with various intermediaries to provide ancillary services such as Transportation, Multimodal Transportation, Project cargo handling, Third Party Logistics, Packaging, loading/unloading, and unpacking of items. The company has total 46 employees.

The company recorded revenue from operations of Rs 13.84 crore and net profit of Rs 1.39 crore for the period as on 31 May 2023.

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