BSE SME Rapid Multimodal Logistics takes flight on listing day

The scrip was listed at Rs 103, a premium of 22.62% compared with the initial public offer (IPO) price. The stock was currently up 3.79% over its listing price.

The counter hit a high of Rs 108 and a low of Rs 99. About 6.16 lakh shares of the company changed hands at the counter.

Rapid Multimodal Logistics' IPO was subscribed 331.80 times. The issue opened for bidding on 22 August 2024 and it closed on 27 August 2024. The price of the IPO was set at Rs 84 per share.

The IPO comprised fresh issue of 10,11,200 equity shares. The promoter and promoter group shareholding diluted to 73.47% from 99.99% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.

Rapid Multimodal Logistics engaged in the business of providing one-stop logistical solution to its clients. It cater to the B2B segment of the industry. It provides an end-to-end logistics solution to manufacturers/traders to transport raw materials or finished goods. The firm provides single as well as multimodal transportation services which involves the coordinated use of multiple modes of transportation (such as road, rail, sea). The company has 17 employees.

The company recorded revenue from operations of Rs 71.82 crore and net profit of Rs 1.79 crore for the period as on 31 March 2024.