NSE SME S J Logistics (India) jumps on debut

Shares of S J Logistics (India) were quoting at Rs 183.75 on the NSE, a premium of 47% compared with the issue price of Rs 125.

The scrip was listed at Rs 175, a premium of 40% over the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 183.75 and a low of Rs 166.25. About 18.65 lakh shares of the company changed hands at the counter.

S J Logistics (India)'s IPO was subscribed 210.47 times. The issue opened for bidding on 12 December 2023 and closed on 14 December 2023. The price band of the IPO was set between Rs 121 to Rs 125 per share.

The IPO comprised fresh issue of 38,40,000 shares. The promoter and promoter shareholding diluted to 49.64% from 67.55% pre-IPO.

The company intends to utilize the net proceeds to meet working capital requirements, repayment and pre-payment, in full or part, of certain borrowings availed by company and general corporate purpose.

Ahead of the IPO, SJ Logistics on 11 December 2023, raised Rs 13.65 crore from anchor investors. The board allotted 10.92 lakh shares at Rs 125 per share to 9 anchor investors.

S J Logistics (India) engaged in the business of providing logistics and supply chain solutions to its customers. The company’s key services include freight forwarding, custom clearance and transportation handling services. It is also engaged in handling of project cargo. The firm’s customer belong to various industry sectors across India, including yarn and textile commodities, automobile, heavy engineering goods, power transmission, rubber tapes, pharmaceutical, carpet, handicraft items, iron and steel items. The company has a total strength 20 employees (including executive directors).

The company recorded revenue from operations of Rs 103.09 crore and net profit of Rs 9.31 crore for the period as on 30 September 2023.

Powered by Capital Market - Live News