Pooja Logistics IPO Day 1: Subscribed 0.14x; Retail leads with 0.19x demand

2 min read | Published on 23 Sept 2026, 11:25 AM |Updated on 23 Sept 2026, 12:27 PM

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Ritika DScanX News Team

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Key Highlights

Pooja Logistics IPO subscribed 0.14x on Day 1
Retail investors led with 0.19x demand
QIB and Small HNI categories remained at 0.00x
Big HNI segment recorded 0.28x subscription
Price band set between ₹109.00 and ₹115.00

*this image is generated using AI for illustrative purposes only.

Pooja Logistics IPO opened with a slow start on Day 1, recording a cumulative subscription of 0.14x. Retail investors were the primary contributors with 0.19x, while QIB and Small HNI segments remained at zero.

Subscription Status

The issue witnessed minimal participation across most investor categories during the first day of bidding. The overall subscription level remains significantly below the required threshold for a successful issue so far.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	23-09-2026	0.00x	0.28x	0.00x	0.19x	0.14x

Category-wise Breakdown

Retail Individual Investors (RII) The retail category showed the highest relative interest among active segments, reaching a subscription level of 0.19x. This was the only segment to record significant bids during the first day.

Qualified Institutional Buyers (QIB) Institutional investors did not participate in the first day of the issue, resulting in a subscription of 0.00x.

Non-Institutional Investors (NII) Big HNI (bHNI) category recorded a subscription of 0.28x, while Small HNI (sHNI) category remained at 0.00x.

Intra-day Timeline

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.00x	0.04x	0.02x
12:15	0.00x	0.00x	0.19x	0.14x

Offer Details

Company: Pooja Logistics
Price Band: ₹109.00 - ₹115.00
Issue Size: ₹39.24 crore - ₹50.00 crore
Min Bid Qty: 2400 shares
Open Date: 23-09-2026
Close Date: 25-09-2026

About the Company

Pooja Logistics Limited, incorporated in 2011, provides temperature-controlled logistics services for perishable goods across India. The company operates a GPS-enabled refrigerated truck fleet of over 424 vehicles, serving clients in confectionery, dairy, QSRs, pharmaceuticals, and e-commerce sectors. It operates in more than 26 states, with revenue from operations growing to ₹16,570.10 lakhs in FY2026. The company is led by Promoter and Managing Director Mr. Deepak Khanna.

Financial Highlights

Metric	FY2024	FY2025	FY2026
Revenue from Operations (₹ Cr)	123.75	148.77	165.70
Total Revenue (₹ Cr)	125.14	150.49	167.77
Profit Before Tax (₹ Cr)	7.55	14.64	16.33
Net Profit (₹ Cr)	5.73	11.02	12.34

Objects of the Issue

Purchase of Vehicles: Expand existing fleet by adding 92 new refrigerated vehicles to meet rising demand and improve EBITDA margins.
General Corporate Purpose: Deploy proceeds towards strategic alliances, growth opportunities, and general corporate exigencies (capped at 15% of Gross Proceeds or ₹10 crore).
Public Issue Related Expenses: Cover underwriting fees, printing, distribution, advertisement, legal fees, and listing charges.

Risk Factors

Customer Concentration: Top 10 customers contributed 68.15% of revenue in Fiscal 2026; top customer alone accounted for 27.69%.
Substantial Indebtedness: Total outstanding indebtedness stood at ₹2,900.23 lakhs as of March 31, 2026, with a debt-to-equity ratio of 1.12.
Contingent Liabilities: Contingent liabilities of ₹2,714.94 lakhs primarily comprising GST demands for periods 2018–19 to 2023–24.
Geographical Concentration: Operations are concentrated in Delhi, Haryana, Maharashtra, and Uttar Pradesh, exposing the company to regional disruptions.
Fuel Cost Pass-Through: Inability to fully pass on rising fuel and refrigeration costs could impact profitability.