NSE SME Pranik Logistics jumps on listing day

The scrip was listed at Rs 79, a premium of 2.60% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 82.95 and a low of Rs 79. About 9.74 lakh shares of the company changed hands at the counter.

Pranik Logistics' IPO was subscribed 144.68 times. The issue opened for bidding on 10 October 2024 and it closed on 14 October 2024. The price band of the IPO was set at Rs 73 to Rs 77 per share.

The IPO comprised fresh issue of 29,18,400 shares. The promoter and promoter group shareholding diluted to 73.49% from 99.99% pre-IPO.

The company intends to utilize the net proceeds for investment in technology, capital expenditure, working capital requirement and for general corporate purpose.

Ahead of the IPO, Pranik Logistics on 9 October 2024, raised Rs 6.32 crore from anchor investors. The board allotted 8.20 lakh shares at Rs 77 per share to 4 anchor investor.

Pranik Logistics is a pan India logistics provider, acting as carrying and forwarding agent and providing integrated services including transportation, warehousing, material handling and freight forwarding to our customers belonging to various industries such as retail, customer durables, telecom, manufacturing, pharma, etc. It managed a fleet of 86 commercial vehicles.

As on 30 June 2024, the company has approximately 23 customers. As of 30 September 2024, the company had 625 employees. As on 4 October 2024, the company operates a total 30 warehouses.

The company recorded revenue from operations of Rs 22.30 crore and net profit of Rs 1.08 crore for the period as on 30 June 2024.