Shreeji Shipping Global Share Price: Stock List At 8% Premium After Solid IPO Bidding

Shreeji Shipping Global Ltd. made its market debut on Tuesday, listing at a premium of 8% over the IPO price. The scrip opened at Rs 271.85 apiece on the BSE and Rs 270 on the NSE. The IPO issue price was Rs 252.

The initial public offering was a book-built issue of Rs 410.71 crore. It comprised a fresh issue of 1.63 crore shares.

The issue was oversubscribed 58.1 times on the last day of bidding on Aug. 21. The allotment of shares was finalised the following day, Aug. 22. The issue drew bids for 66.28 crore shares against the 1.14 crore shares on offer.

Qualified Institutional Buyers drove the strong demand for the issue, bidding 110.41 times their allotted quota. The Non-Institutional Investors (NIIs) segment was subscribed 72.7 times, while the retail investors’ portion saw 21.94 times subscription.

Shreeji Shipping Global, set up in 1995, is a shipping and logistics company that handles dry-bulk cargo. It mainly works at non-major ports and jetties, especially on India’s west coast and in Sri Lanka.

The company has served more than 20 ports and jetties, including Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi, Dharmatar and Puttalam.

The company will use the fresh issue proceeds for three purposes — to buy dry bulk carriers in the Supramax category, repaying borrowings and general corporate needs.

The latest grey market premium for Shreeji Shipping Global IPO was Rs 34, indicating the stock to list at around Rs 286, implying a potential gain of 13% per share, as per InvestorGain.

The total market capitalisation stood at Rs 4,260 crore.