Kolkata-based Jayesh Logistics received an overwhelming response to its initial public offering (IPO), which was subscribed 61.26 times by the close of bidding on October 29. The robust demand came from investors across all categories.
The company opened its IPO on October 27 to raise ₹28.63 crore through the issuance of 23.47 lakh shares in the price band of ₹116–₹122 per share.
By the end of the bidding period, investors had placed bids for 10.97 crore shares against the 17.91 lakh shares on offer, through 26,768 applications. The non-institutional investor (NII) segment led the rally, subscribing 139.1 times its allotted quota, while the retail investor and qualified institutional buyer (QIB) categories were subscribed 51.8 times and 40.86 times, respectively.
The company will finalise share allotment on October 30, with its listing scheduled on the NSE Emerge platform on November 3.
Despite the strong subscription numbers, grey market activity remained muted, with Jayesh Logistics’ shares trading at only a single-digit premium, according to market observers.
Jayesh Logistics plans to use the IPO proceeds for the purchase of side wall trailers, working capital needs, implementation of Phase 2 of its Smart Logistics Application, and for general corporate purposes.
Indcap Advisors served as the merchant banker to the issue.
