On March 1st, Sadhav Shipping witnessed a robust debut on the NSE SME platform, with its stock opening at Rs 135, marking a substantial 42.1% premium over its IPO price of Rs 95.
Before its listing, the stock was trading at a notable 30% premium in the grey market, an unofficial platform where shares are traded prior to IPO allotment and until listing day. The grey market premium (GMP) is closely monitored by investors to gauge the potential listing price.
The impressive debut was fueled by strong subscription figures during the IPO period, with the offer being oversubscribed 135 times, and the retail portion witnessing 65 times oversubscription between February 23rd and February 27th. Through a fresh issue of 40.18 lakh shares, the company successfully raised Rs 38.18 crore.
Sadhav Shipping Limited is promoted by Kamal Kant Biswanath Choudhury, Sadhana Choudhury, Vedant Kamal Kant Choudhury, and Subhas Chandra Choudhury. Isk Advisors acted as the book-running lead manager, Maashitla Securities served as the registrar, and Sunflower Broking acted as the market-makers for the issue. The company intends to utilize the net proceeds from the fresh issue to repay certain outstanding borrowings, partially fund capital expenditure for the acquisition of additional boats and vessels, and address additional working capital needs, with the remaining funds allocated for general corporate purposes.
Sadhav Shipping Limited specializes in owning and operating marine assets to provide port and coastal logistics services, as well as other maritime-related services. With a fleet of 24 ships, comprising 19 owned and 5 leased vessels, the company is actively engaged in various sectors of maritime trade in India.
