loader2
NRI

NSE SME IPO OF SADHAV SHIPPING SUBSCRIBED 1.43 TIMES

Published on Feb 23, 2024 17:09

The initial public offer (IPO) of Sadhav Shipping received bids for 57,78,000 shares as against 40,18,800 shares on offer, as per NSE data as of 17:00 hours on Friday (23 February 2024). The issue was subscribed 1.43 times.

The issue opened for bidding on Friday (23 February 2024) and it will close on Tuesday (27 February 2023). The price of the IPO is fixed at Rs 95 per share. The minimum order quantity is 1200 shares. The equity shares will list NSE�s SME platform.

About 2,02,800 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 38,16,000 equity shares. The issue and the net issue will constitute 28% and 26.59% respectively of the post issue paid up equity share capital of the company.

The company intends to utilize the net proceeds for repayment / prepayment, in part or full of certain outstanding borrowings availed by the company, part funding of capital expenditure to purchase/ acquire additional boats/ vessels, additional working capital requirements and general corporate purposes.

Sadhav Shipping is engaged in the business of operate marine assets to service ports, coastal logistics and other port maritime related services. The company owns and operates 24 vessels that include 19 owned vessels and 5 rented vessels, in various sectors of maritime trade in India. The company has developed strong customer base in the sector and is providing its services to leading companies which includes ONGC, Mumbai Port Authority, Pradip Port Authority, Bhabha Atomic Research Centre, Shipping Corporation of India, New Mangalore Port Authority, Deendayal Port Authority (Kandla/Vadinar), Jawaharlal Nehru Port Authority (JNPA ),BPCL, Gujarat Police, JSW Ports and more. As on 31 March 2023, the company has 421 employees.

The company recorded revenue from operations of Rs 33.68 crore and net profit of Rs 4.06 crore for the period as on 30 September 2023.

Powered by Capital Market - Live News