Om Freight Forwarders Ltd.'s initial public offering opened for subscription for the second day on Tuesday. The IPO was subscribed 1.39 times led by non-institutional investors on its first day on Monday.
The Rs 122.31-crore IPO is a book-built issue that comprises a fresh issue of 18 lakh shares to raise Rs 24.44 crore and an offer-for-sale component of 73 lakh shares worth Rs 97.88 crore.
The IPO’s price band has been set between Rs 128 and Rs 135 per share.
The IPO is scheduled to close on Oct. 3, with the tentative allotment expected on Oct. 6. Refunds to unsuccessful applicants are likely to begin on Oct. 7, the same day the shares are expected to be credited to successful investors’ Demat accounts.
The IPO is tentatively set to list on the BSE and NSE on Oct. 8.
The lot size for retail investors is 111 shares, requiring a minimum investment of Rs 14,985. For SNIIs, the lot size is 14 lots, or 1,554 shares, requiring Rs 2,09,790, while BNIIs can apply for 67 lots, or 7,437 shares, amounting to Rs 10,03,995.
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager for the IPO, while Bigshare Services Pvt. Ltd. has been appointed as the registrar of the issue.
About Om Freight Forwarders
Om Freight Forwarders Ltd., is a Mumbai-based logistics firm with more than 40 years of experience. The company has expanded its operations across five continents, reaching over 700 locations worldwide.
The company focuses on technology-driven solutions, providing paper-free documentation, GPS tracking and real-time shipment monitoring. Its services span international freight forwarding, customs clearance, vessel agency operations, transportation, warehousing and distribution.
The company plans to utilise the net proceeds from its IPO primarily to fund capital expenditure, including the acquisition of commercial vehicles and heavy equipment. The remaining funds will be allocated for general corporate purposes.
Subscription: Day Two
The Om Freight Forwarders IPO was subscribed 1.68 times as of 11:21 a.m. on Tuesday.
Institutional investors (QIB): 2.21 times.
Non-Institutional investors (NII): 4.12 times.
Retail investors: 0.69 times or 69%.
Employee Reserved: 0.19 times or 19%.
Om Freight Forwarders: IPO GMP
The latest grey market premium of Om Freight Forwarders is Rs 9 as of 11:00 a.m. according to Investorgain.com. The stock's estimated listing price is Rs 144, implying a gain of 6.67% over the IPO price of Rs 135.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
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