Shreeji Shipping Global's Initial Public Offering (IPO) has garnered significant investor interest, achieving an oversubscription of 2.91 times on the second day of its subscription period. The mainboard IPO, which aims to raise Rs 410.71 crore, has seen robust demand across various investor categories.

IPO Details

The IPO consists entirely of a fresh issue of 1.63 crore shares, with a price band set at Rs 240-252 per share. The subscription window opened on August 19 and is scheduled to close on August 21. Investors can look forward to the listing of Shreeji Shipping Global's shares on August 26.

Subscription Breakdown

The strong response to the IPO is evident from the subscription figures across different investor categories:

Retail Investor Participation

For retail investors interested in participating, the minimum investment required is Rs 13,920 for a lot of 58 shares. This accessibility has likely contributed to the strong retail investor interest in the IPO.

Company Profile

Shreeji Shipping Global operates in the shipping and logistics sector, with a specialization in dry-bulk cargo. This focus positions the company in a crucial segment of the global trade and transportation industry.

IPO Management

Beeline Capital Advisors is serving as the book-running lead manager for this IPO, overseeing the offering process and facilitating the company's entry into the public market.

The strong oversubscription, particularly from non-institutional buyers and retail investors, suggests a positive sentiment towards Shreeji Shipping Global's market debut. As the IPO enters its final day of subscription, it will be interesting to see the final subscription figures and the subsequent market response upon listing.

Shreeji Shipping Global Ltd. has kicked off its initial public offering (IPO) process with a strong start, securing Rs 123 crore from anchor investors ahead of its public issue. The company is set to open its IPO to raise up to Rs 410.7 crore, marking a significant step in its growth strategy.

Anchor Investment Details

The shipping company successfully allotted 48.89 lakh shares to 15 anchor investors at Rs 252 per share, which is at the upper end of the IPO price band. Notable allocations include:

• Bank of India Small Cap Fund: Received the highest allocation at 14.61%
• Bank of India Mid and Small Cap Equity and Debt Fund: Secured 9.74% of the anchor portion

IPO Specifics

• Price Band: Rs 240-252 per share
• IPO Duration: Three days, opening on Tuesday and concluding on Thursday
• Listing Plans: The company aims to list on both BSE and NSE

Utilization of IPO Proceeds

Shreeji Shipping Global has outlined clear objectives for the funds raised:

• Rs 251 crore: Acquisition of dry bulk carriers in the supramax category
• Rs 23 crore: Repayment of existing debt

Financial Performance

Shreeji Shipping reported:

• Revenue: Rs 607.6 crore
• Net Profit: Rs 141 crore

Industry Outlook

The company's focus on expanding its fleet of dry bulk carriers suggests a positive outlook on the shipping industry's future. The acquisition of supramax category vessels indicates Shreeji Shipping's strategy to enhance its capacity and potentially capture a larger market share in the global shipping sector.

Investor Interest

The strong response from anchor investors, particularly from reputed funds like Bank of India's small cap and mid-cap funds, signals confidence in Shreeji Shipping Global's business model and growth prospects. This initial success may bode well for the public subscription phase of the IPO.

As Shreeji Shipping Global Ltd. embarks on this new chapter with its IPO, investors and industry watchers will be keenly observing how the company leverages this capital infusion to strengthen its position in the competitive global shipping market.