Marinetrans India shares opened at Rs 30 against the issue price of Rs 26 on the NSE SME platform
Marinetrans India stock made a decent debut and was trading at a premium of 15.38 percent over the IPO price on December 8. The stock opened at Rs 30 against the issue price of Rs 26 on the NSE SME platform. However, the stock slipped to Rs 28.5 within a few minutes.
Before the listing, Marinetrans shares traded at an 11 percent premium on the gray market, an unofficial ecosystem where stock trading begins before allotment at the IPO and up to the day of listing. Most investors track the gray market premium (GMP) to get an idea of the stock market price.
Also read: WestBridge and Nexus Venture are backing India Shelter to go public on December 13
The public offer was subscribed 33 times and the retail portion was booked 47 times over the allocated quota. The IPO opened for subscription on November 30 and closed on December 5. The issue price has been fixed at Rs 26 per share. Through the IPO, the company raised Rs 10.92 crore. The offer was purely a fresh issue of shares worth Rs 42 lakh.
The Company will use the net proceeds from the offering to fund working capital requirements and general corporate purposes. Swaraj Shares and Securities was the underwriter, Skyline Financial Services was the registrar and Nnm Securities was the market maker for the issue.
Marinetrans is engaged in the ocean freight forwarding business and provides its customers with transportation management and freight-related services, including Freight Forwarding, which includes both ocean and air freight. The company started as a freight forwarding company and later expanded to provide door-to-door delivery and 3PL services to the logistics industry through informal agreements with third-party service providers.
Also read | The IPO of Suraj Estate Developers will begin on December 18 and will raise Rs 400 crore
Headquartered in Navi Mumbai, the company has an office in Ahmedabad, Gujarat and operates through JNPT, Nhava Sheva, Mundra, Kandla, Chennai, Vizag and other locations in India to transport cargo worldwide.
Discover latest business news, Sensex and Nifty updates. Get personal finance insights, tax questions and expert opinions on Moneycontrol or download the Moneycontrol app to stay up to date!
Comments are closed.