GConnect Logitech and Supply Chain had a solid debut on the stock exchanges on April 3, 2024. The share price of GConnect Logitech and Supply Chain on the BSE SME platform opened at ₹42 per share, marking a 5 percent increase over the issue price of ₹40.
The initial public offering (IPO) of GConnect Logitech was open for subscription from March 26 to March 28 at a price of ₹40 per share.
The IPO of GConnect Logitech witnessed strong investor interest, with a subscription rate of 57.38 times over the three-day issue period. The public issue received bids for 7.6 crore shares against the 13.26 lakh shares on offer. Notably, the retail category was subscribed 71.74 times, while the ‘others’ category saw a subscription rate of 42.90 times by March 28, 2024.
The GConnect Logitech IPO is a fixed price issue of ₹5.60 crores, consisting entirely of fresh issuance of 14.01 lakh shares. The minimum lot size for an application was 3000 shares, requiring a minimum investment of ₹1,20,000 for retail investors. For High Net Worth Individuals (HNI), the minimum lot size investment was 2 lots (6,000 shares) amounting to ₹2,40,000.
Fedex Securities Pvt Ltd acted as the book-running lead manager for the GConnect Logitech IPO, with Kfin Technologies serving as the IPO registrar.
The net proceeds from the IPO will be utilized by the company for purchasing vehicles, financing website development and app designing, and for general corporate purposes.
Established in July 2022, GConnect Logitech and Supply Chain Ltd provides surface logistics services, including goods transport. The company follows an asset-light model and collaborates with third parties to provide necessary assets such as vehicles.
As of September 30, 2023, the company served approximately 24 customers, with over 8 of them being associated for over 4 years. It has also partnered with 4 fleet management companies and utilized 23 vehicles of various sizes and capacities as per customer requirements. Currently, the company employs 6 individuals across various departments as of March 2024.
