Shreeji Shipping Global IPO: Price band set at ₹240-252 per share; check key dates, issue details, more
The floor price and the cap price are 24 times and 25.2 times the face value of the equity shares, respectively. The Shreeji Shipping Global IPO lot size is 58 equity shares and in multiples of 58 equity shares thereafter.
Shreeji Shipping Global IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, Shreeji Shipping Global IPO basis of allotment of shares will be finalised on Friday, August 22 and the company will initiate refunds on Monday, August 25 while the shares will be credited to the demat account of allottees on the same day following refund. Shreeji Shipping Global share price is likely to be listed on BSE and NSE on Tuesday, August 26.
Shreeji Shipping Global IPO will consist solely of a fresh issue totalling 1.6 crore shares. If priced at the upper limit, the total size of the issue will approximate ₹ 410.71 crore.
Shreeji Shipping Global, the main entity of the Jamnagar-based Shreeji Group, primarily concentrates on non-major ports and jetties, especially along India's West Coast. The company intends to allocate ₹ 251.2 crore from the IPO proceeds for the purchase of dry bulk carriers in the Supramax category from the secondary market, and ₹ 23 crore will be used to reduce debt. The remaining funds will be dedicated to general corporate needs.
Beeline Capital Advisors Pvt Ltd will serve as the book-running lead manager for the Shreeji Shipping Global IPO, while Bigshare Services Pvt Ltd will handle the registrar duties for the issue.
Shreeji Shipping Global is engaged in the shipping and logistics sector, specializing in dry-bulk cargo. The company primarily targets non-major ports and jetties, particularly situated along the western coast of India and Sri Lanka.
Shreeji Shipping Global has delivered services at more than 20 ports and jetties, including Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar, and Puttalam.
Shreeji Shipping Global IPO GMP today is +9.5. This indicates Shreeji Shipping Global share price were trading at a premium of ₹ 9.5 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shreeji Shipping Global share price was indicated at ₹ 261.5 apiece, which is 3.77% higher than the IPO price of ₹ 252.
According to the most recent five sessions of grey market activity, today's IPO GMP is trending upwards and indicates a solid listing. The minimum GMP recorded is ₹ 0.00, while the maximum reaches ₹ 9.50, as noted by experts at investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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