- Om Freight Forwarders Ltd. share price fell nearly 40% on its stock market debut
- The IPO was subscribed 3.88 times on the final day across categories
- Proceeds of Rs 16.64 crore from the fresh issue will fund capital expenditure
Om Freight Forwarders Ltd. share price fell nearly 40% during its debut on the stock market on Wednesday. The scrip opened at Rs 81.5 on the NSE and Rs 82.5 on the BSE, compared to the IPO price of Rs 135.
In the grey market, the listing price was estimated to be Rs 132 per share, according to Investorgain.com.
The Om Freight Forwarders IPO was a book-built issue of Rs 122.31 crore. It comprised 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.
Among the promoters, Rahul Jagannath Joshi, Harmesh Rahul Joshi and Kamesh Rahul Joshi sold shares.
The IPO was subscribed 3.88 times on the final day. The public issue was subscribed 2.77 times in the retail category, 3.97 times in the QIB category, and 7.39 times in the NII category.
The proceeds received from the fresh issue of up to Rs 16.64 crore will be utilised towards funding the capital expenditure requirements of the company, including acquisition of commercial vehicle and heavy equipment and for general corporate purposes. The remaining funds will be allocated for general corporate purposes.
Om Freight Forwarders was founded in June 1995 and is an ISO-certified logistics company. It holds memberships with prominent industry bodies, including IATA, FIATA, WCA, GLPN, FFI, and MTO.
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.
Om Freight Forwarders's revenue increased by 17% and net profit rose by 113% in the financial year ending March 31, 2025.
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