Kaushalya Logistics IPO subscribed 141.8 times on day 3, Check GMP Now

The Kaushalya Logistics IPO was subscribed 141.8 times so far on January 2, the third day of the auction, as investors bought 468.4 million shares against an offer of 3.3 million shares.

Retail investors buy 195.7 times the portion set for them. High-net-worth individuals (non-institutional investors) picked up 209.8 times the reserved quota, and qualified institutional buyers bought 4.55 times the allocated quota.

The New Delhi-based logistics, and clearing and forwarding services provider plans to raise Rs 36.60 crore through a general public issue at a maximum price. The IPO consisted of 3.38 million shares worth Rs 253.5 million, and an offer for sale of 15 million shares worth Rs 11.25 million by promoters Uddhav Poddar, and Bhumika Realty.

The price band for the offer, which opened on December 29 and closed on January 3, was set at Rs 71-75 per share. Before the IPO, the company mopped up Rs 10 crore through its anchor book. Five investors including Neomile Growth Fund Series, Saint Capital Fund, and LC Radiance Fund VCC participated in the anchor book.

Kaushalya Logistics operates as a clearing and forwarding agent for cement companies and sells electronics and white goods. The company intends to use the net fresh issue for debt repayment (amounting to Rs 1.71 crore), and working capital requirements (of Rs 17.26 crore), apart from general corporate purposes.

The company has also invested in pre-leased real estate, currently having 18 retail outlets in a commercial project in Udaipur. It is also looking to expand its business into other verticals within logistics such as warehousing, logistics and more.