Committed Cargo Care IPO Fully Subscribed On Day 1
Committed Cargo Care Limited has opened its IPO for subscription, remaining open for the next 5 days. The company had a revenue of ₹122 crore & ₹5 crore profit.
The cargo service provider company ‘Committed Cargo Care’ has opened its Initial Public Offering (IPO) for subscription. The IPO opened on October 6 and will close on October 10. The price band for the IPO is set at ₹77 per share.
The IPO consists of a fresh issue of 32,40,000 equity shares, with no offer for sale component. The company plans to use the net proceeds from the offering for working capital requirements and general corporate purposes.
On the first day of the IPO, the subscription status was 1.72 times, indicating good demand. Retail investors showed a positive response, with their portion being subscribed 3 times. Non-institutional buyers also showed interest, with their portion being subscribed 44%.
The company has received bids for 52,81,600 shares against the 30,75,200 shares on offer. This indicates that there is strong demand for the IPO.
Committed Cargo Care’s listed industry peers have different price-to-earnings (P/E) ratios. The company expects to increase its profitability by funding its working capital needs.
The book running lead managers for the IPO are Fedex Securities Private Ltd, and the registrar is Bigshare Services Private Ltd.
The Committed Cargo Care IPO is set at a fixed price of ₹77. However, the company’s shares are trading in the gray market at a premium of 30 rupees.
Based on this calculation, Committed Cargo Care shares could be listed at ₹107. This means that investors who invest in the company’s IPO could potentially benefit from a nearly 40% gain when the shares are listed.
Please note that it is just an estimation, please do your own research if you’re considering investing in this company!
The allotment of shares in the Committed Cargo Care IPO may be finalized on October 13th. Meanwhile, the company’s shares could be listed on October 18, 2023.
The total size of the company’s public issue is 24.98 crores. Retail investors can bid for one lot in the IPO. In one lot of the IPO, there are 1600 shares. So, retail investors will need to invest 123,000 rupees.
Currently, the promoters hold a 98% stake in the company, which will reduce to 68.63% after the IPO.
Committed Cargo Care Limited is a third-party logistics provider. The company specializes in import and export cargo and offers integrated services.
The company provides integrated logistics services in cargo management solutions, order management, international freight management, and custom and cross-border movement.