Sampark India Logistics IPO subscribed 2.45 times
Sampark India Logistics Limited's IPO was subscribed 2.45 times, driven by strong demand from Non-Institutional Buyers (bHNI) at 9.37 times. The company plans to use proceeds for working capital, reporting consistent profit growth to ₹8.76 crore in FY25.
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Sampark India Logistics Limited's Initial Public Offering (IPO) was subscribed 2.45 times, with Non-Institutional Buyers (bHNI) leading the subscriptions at 9.37 times. The IPO aimed to support working capital requirements and general corporate purposes. Qualified Institutional Buyers (QIB) subscribed 1.43 times, while Retail Individual Investors subscribed 2.11 times. Non-Institutional Buyers (sHNI) subscribed 2.18 times, and Employees did not subscribe to the issue.
The New Delhi-based logistics provider had filed its Draft Red Herring Prospectus (DRHP) to raise funds, citing the working capital-intensive nature of its business. The company intends to utilise ₹19.72 crore of the net proceeds to meet working capital requirements. The total issue size and price band were not disclosed in the DRHP. Sampark India Logistics operates as a carrying and forwarding agent, offering end-to-end logistics solutions including freight forwarding, warehousing, and inventory management across 18 states.
Financial Performance
Sampark India Logistics demonstrated consistent profitability growth over the past three fiscal years. Net profit increased from ₹3.28 crore in FY23 to ₹6.37 crore in FY24, and further to ₹8.76 crore in FY25. Revenue from operations stood at ₹188.17 crore in FY23, dipped to ₹181.49 crore in FY24, and recovered to ₹200.97 crore in FY25. For the nine months ended 31-Dec-25, the company recorded a revenue of ₹152.88 crore and a net profit of ₹6.32 crore.
| Particulars | FY2023 (₹ Cr) | FY2024 (₹ Cr) | FY2025 (₹ Cr) | 9M FY2026 (₹ Cr) |
|---|---|---|---|---|
| Revenue from Operations | 188.17 | 181.49 | 200.97 | 152.88 |
| Total Revenue | 188.18 | 182.63 | 201.62 | 153.24 |
| Total Expenses | 179.81 | 169.34 | 184.73 | 139.84 |
| Profit Before Tax | 4.21 | 8.71 | 12.30 | 8.55 |
| Net Profit | 3.28 | 6.37 | 8.76 | 6.32 |
Operational Metrics and Risks
The company manages a network of 50 branch offices, 56 owned commercial vehicles, and 8 warehouses spanning 1,24,500 sq. ft. Its operations are ISO 9001:2015 and ISO 45001:2018 certified. A key differentiator is its Quicker Smart Service (QSS), offering same-day air delivery within 6 hours.
Despite the growth in profitability, the DRHP highlights material risks. The company reported negative operating cash flows in FY23 (-₹0.27 crore), FY24 (-₹1.07 crore), and the nine months ended 31-Dec-25 (-₹1.46 crore). Additionally, it holds unsecured loans of ₹1,455.70 lakhs that are callable at any time without formal agreements. Trade receivables stood high at ₹9,180.11 lakhs as of 31-Dec-2025.
Management and Objects of the Issue
The IPO consists of a fresh issue; there is no Offer for Sale. The leadership team includes Sanjay Kumar Rathi as Managing Director and Renu Rathi as CEO. The DRHP notes that none of the promoters or key management personnel have prior experience managing listed companies. Funds raised will also be directed towards general corporate purposes, though the specific allocation for this remains undisclosed.
How does the company plan to address the divergence between rising net profits and persistent negative operating cash flows post-IPO?
What strategies will management implement to reduce the high level of trade receivables and improve working capital cycles?
Given the lack of prior experience managing a listed entity, does the company plan to expand its board or appoint independent directors to strengthen governance?
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