Pooja Logistics IPO Day 2: Subscribed 0.38x; Retail leads at 0.64x

3 min read | Published on 24 Sept 2026, 11:28 AM |Updated on 24 Sept 2026, 12:24 PM

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Ritika DScanX News Team

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Key Highlights

Pooja Logistics IPO subscribed 0.38x by end of Day 2
Retail investors lead with 0.64x subscription
QIB interest remains at 0.00x
Issue closes on 25-09-2026 with allotment on 28-09-2026

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

Pooja Logistics IPO saw subdued demand on Day 2, closing with a cumulative subscription of 0.38x as of 24-09-2026. Retail investors led the charge with a subscription rate of 0.64x, while Qualified Institutional Buyers (QIB) showed no significant interest, recording 0.00x.

Subscription Status

The issue has struggled to gain traction among institutional investors since its opening on 23-09-2026. The overall subscription level remained low at the end of Day 1 and saw only marginal improvement by the close of Day 2. Retail investors continue to be the primary source of demand, though even their participation remains below full subscription levels.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	23-09-2026	0.00x	0.09x	0.35x	0.57x	0.34x
Day 2	24-09-2026	0.00x	0.17x	0.35x	0.64x	0.38x

Category-wise Breakdown

Retail investors have consistently outperformed other categories, with their subscription rising from 0.57x on Day 1 to 0.64x on Day 2. Non-Institutional Investors (NII) also saw a slight uptick in the bigger HNI segment, moving from 0.09x to 0.17x, while smaller HNIs held steady at 0.35x. QIBs have not participated significantly in the issue so far.

Intra-day Timeline

Data for the final snapshot on Day 2 indicates that retail demand had already reached its peak for the day early in the session.

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.15x	0.62x	0.37x
12:15	0.00x	0.17x	0.64x	0.38x

Offer Details

The Pooja Logistics IPO opened for subscription on 23-09-2026 and will close on 25-09-2026. The price band is set between ₹109.00000 and ₹115.00000 per share. The minimum bid quantity is 2400 shares. The total issue size ranges from ₹392400 crore to ₹500000 crore based on the price band.

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 across 26+ states. The company is led by Promoter and Managing Director Mr. Deepak Khanna.

Financial Highlights

The company has shown consistent growth in revenue from operations over the last three fiscal years.

Metric (₹ crores)	FY2026	FY2025	FY2024
Revenue from Operations	165.70	148.77	123.75
Total Revenue	167.77	150.49	125.14
Profit Before Tax	16.33	14.64	7.55
Net Profit	12.34	11.02	5.73
Total Assets	98.13	70.06	59.78
Total Equity	42.31	25.85	14.83

Objects of the Issue

Purchase of Vehicles: ₹33.97 crores allocated for expanding the fleet by adding 92 new refrigerated vehicles.
General Corporate Purpose: A portion of proceeds for strategic alliances and growth opportunities, capped at 15% of Gross Proceeds or ₹10 crores.
Public Issue Related Expenses: For underwriting fees, printing, distribution, advertisement, legal fees, and listing fees.

Risk Factors

Customer Concentration: Top 10 customers contributed 68.15% of revenue in FY2026, with the top customer accounting for 27.69%.
Indebtedness: Total outstanding indebtedness stood at ₹2,900.23 lakhs with a debt-to-equity ratio of 1.12 as of March 31, 2026.
Contingent Liabilities: GST demands of ₹2,700.84 lakhs are pending appeal, which could impact financial condition if materialized.
Geographical Concentration: Operations are heavily concentrated in Delhi, Haryana, Maharashtra, and Uttar Pradesh.