Kaushalya Logistics shares list at 33% premium over IPO price

Shares of Kaushalya Logistics debuted on Monday with a premium of 33.3% over the issue price. The stock was listed at Rs 100 on the NSE SME platform.

Ahead of the listing, the company’s shares traded with a premium of Rs 38 in the unlisted market. The IPO was priced in the range of Rs 71-75.

The SME IPO of Kaushalya Logistics was subscribed over 300 times on the final day of the bidding process. The strong response was led by NII investors, whose category was subscribed the most at over 800 times, followed by retail investors at 370 times and QIBs at 92 times.

The IPO, which opened for subscription on December 29 and closed on January 3, had a fresh equity issue of up to 38.8 lakh equity shares and an offer for sale (OFS) of 15 lakh shares. Through the issue, the company raised Rs 36.6 crore.

The net proceeds from the public offer will be used for repayment of unsecured loans, working capital and other general corporate purposes.

Kaushalya Logistics is into the business of providing clearing and forwarding services to one of the leading cement companies in India and is also engaged in the selling of electronic and white goods products on online e-commerce platforms. It has also ventured into the business of renting commercial properties during FY23.

The logistics sector in India is valued at $250 billion in 2021 and it is expected to increase $380 billion by 2025. The overall e-commerce market is also expected to reach $350 billion by 2030 and will experience 21.5% growth.For the period ended June 2023, the company clocked revenues of Rs 57 crore and net profit of Rs 2.1 crore.

Khandwala Securities acted as the lead manager to the issue and Skyline Financial Services was the registrar.

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