NSE SME Brace Port Logistics soars on listing

The scrip was listed at Rs 152, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 159.60 and a low of Rs 152. About 3.30 lakh shares of the company changed hands at the counter.

Brace Port Logistics' IPO was subscribed 508.49 times. The issue opened for bidding on 19 August 2024 and it closed on 21 August 2024. The price band of the IPO was set at Rs 76 to Rs 80 per share.

The IPO comprised fresh issue of 30,51,200 shares. The company intends to utilize the net proceeds for working capital requirements and for general corporate purposes.

Ahead of the IPO, Brace Port Logistics on 16 August 2024, raised Rs 4.30 crore from anchor investors. The board allotted 5.37 lakh shares at Rs 80 per share to 3 anchor investor.

Brace Port Logistics is a service-based logistics company primarily engaged in the business of providing Ocean cargo logistics services to its clients operating in the various sectors of the economy. It also provide various value-added services like air freight, warehousing facilities, special cargo services such as handling cargo in foreign country and delivery the same in other foreign country and custom clearance services. The company provides its services at a worldwide level where it cater for clients across the globe and even provide cross-border shipment facilities as well. As on 18 July 2024, the company has 25 employees.

The company recorded revenue from operations of Rs 55 crore and net profit of Rs 4.89 crore for the period as on 31 March 2024.