Tejas Cargo IPO: Subscription Status, Latest GMP, Price Band And Other Key Details

Tejas Cargo India Ltd.'s IPO opened for bidding on Friday and was booked 0.32 times on the opening day. The SME IPO has been subscribed 0.4 times so far on Tuesday, the second day of bidding.

The logistics company aims to raise nearly Rs 106 crore through the public offer in the primary market, making it one of the largest SME IPOs of the year. Those looking to subscribe to the offer must check out these key details before making an investment call:

Tejas Cargo IPO is an entirely fresh issuance of 63 lakh shares offering shares at a price band of Rs 160 to Rs 168 apiece. The total offer size is valued at Rs 105.84 crore at the upper price band 

Retail investors can subscribe to the IPO with a minimum lot size of 800, resulting in an investment of Rs 1,34,400.

The subscription window for Tejas Cargo IPO will remain open till Feb. 18. Allotment of shares in the offer is expected to be finalised on Feb. 19.

Credit of shares into the demat account of successful bidders will be done on Feb. 20. Refunds for the non-allottees will also be done on the same day. Shares of Tejas Cargo India Ltd. are proposed to be listed on the NSE SME platform on Feb. 24. 

New Berry Capitals Private Ltd. has been appointed as the sole running lead manager and the market maker for this SME issue whereas Bigshare Services Pvt. is its registrar.

The Tejas Cargo IPO has been subscribed 0.4 times as of 11:50 a.m. on Monday.

• QIBs: 0.35 times

• NIIs: 0.06 times

• Retail Investors: 0.57 times

*The subscription status will be updated at regular intervals

The grey market premium for the Tejas Cargo IPO stood at Rs 0 as of 11:00 a.m. on Feb. 17, according to InvestorGain. This indicates a possible flat listing for the IPO.

Note: The GMP is not an official source of data. It is based on speculation.

Faridabad-based Tejas Cargo India Ltd. is a logistics firm which offers supply chain transportation services. The company caters to multiple sectors including logistics, steel, e-commerce, FMCG, and white goods with its express road transportation services under Full Truck Load (FTL). 

Its fleet includes over 1100 vehicles including more than 900 container trucks and 218 trailers.

Tejas Cargo has proposed to use the net proceeds from the IPO to buy trailers and fund its operational and working capital requirements. A section of the proceeds will be used to settle the company’s debts and general corporate purposes. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.