The shares of GConnect Logitech and Supply Chain entered the stock market arena with a subdued performance on April 3, debuting at Rs 42, which represented a marginal premium of 5 percent over the issue price of Rs 40 on the BSE SME platform. However, this debut fell short of the optimistic estimates prevailing in the grey market, where expectations hinted at a premium of 22.5 percent.
Following the listing, the stock price quickly ascended by 10 percent, reaching Rs 44, according to data from the exchange.
The initial public offering (IPO) of GConnect Logitech amounted to Rs 5.60 crore, featuring a fresh issue of 14.01 lakh shares. Established in July 2022, GConnect specializes in surface logistics services, encompassing goods transport, bulk loads, Full Truck Loads (FTL) service, and dedicated loads.
During the three-day IPO subscription period, GConnect Logitech garnered significant interest from investors, witnessing a subscription of 57.38 times. Bids were received for 7.6 crore shares against the 13.26 lakh shares offered. The retail category demonstrated strong demand, recording a subscription of 71.74 times, while the ‘others’ category witnessed a subscription of 42.90 times by March 28, indicating robust investor confidence in the company’s prospects.
The proceeds generated from the initial public offering (IPO) will be strategically allocated to various endeavors, including vehicle acquisitions, the development of the company’s website and mobile application, and for general corporate needs.
Fedex Securities Pvt Ltd has been appointed as the book-running lead manager for the GConnect Logitech IPO, while Kfin Technologies has taken up the role of the IPO registrar.
The issue price for the IPO was set at Rs 40 per share, providing investors with a clear reference point for their investment decisions.
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