Arvind and Company Shipping IPO: Check subscription status on day 3, GMP, review, other details

Arvind and Company Shipping Agencies IPO opened for subscription on Thursday, October 12, and will close on Monday, October 16. Arvind and Company Shipping IPO's price band is set at ₹45.

The face value of the equity shares is ₹10 each and the issue price is ₹45. The issue price is 4.5 times of the face value. Investors can bid for a minimum of 3000 shares and in multiples thereof. The company's promoters are Arvind Kantilal Shah, Vinit Arvind Shah, Parul Arvind Shah, and Chintan Arvind Shah.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Arvind and Company Shipping IPO details

Arvind and Company Shipping IPO, which is worth ₹14.74 crore, is completely a fresh issue of 3,276,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

The proceeds from the fresh issue will be utilised for the following purposes: financing the company's capital expenditures, general corporate purposes, and public issue expenses.

In its RHP, the company stated that it would have flexibility over how to use the profits designated for general corporate objectives. To support the expansion of its business, it plans to invest ₹182,05 lakh in general corporate objectives.

The total expenses of the issue are estimated to be approximately ₹190.15 lakhs. Among the costs associated with this are the underwriting and management fees, printing and distribution costs, advertising costs, legal costs, and listing costs.

Also Read: Arvind and Company Shipping IPO opens on Thursday, issue price set at ₹45. Check GMP, review, other details

Arvind and Company Shipping agencies IPO subscription status

Arvind and Company Shipping IPO subscription status was 385.03 times on day 3. The issue received overwhelming response from retail investors who's portion set was subscribed 321.97 times, and strong response from non-institutional buyers who's portion set was subscribed 436.05 times, according to data on chittorgarh.com.

The company has received bids for 1,19,66,79,000 shares against 3,276,000 shares on offer, according to data on chittorgarh.com.

Arvind and Company Shipping IPO subscription status was 18.59 times on day 1, and was subscribed 41.33 times on day 2.

Arvind and Company Shipping IPO GMP today

Arvind and Company Shipping IPO GMP today or grey market premium is +15, lower than previous trading session, which was +18. This indicates Arvind and Company Shipping share price were trading at a premium of ₹15 in the grey market on Monday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Arvind and Company Shipping share price was indicated at ₹60 apiece, which is 33.33% higher than the IPO price of ₹45.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Arvind and Company Shipping IPO Review

“The company is currently having barges chartering services as its source of income. It has ventures in to hospitality segment that will be operational during second half of current fiscal. Based on FY24 annualised earnings, the issue appears reasonably priced. Well-informed investors may park funds for medium to long-term rewards," said Dilip Davda, the contributing editor at Chittorgarh.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.