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Business News/ Markets / Ipo/  GConnect Logitech and Supply Chain IPO: Stock lists at 42, a 5% premium to issue price
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GConnect Logitech and Supply Chain IPO: Stock lists at ₹42, a 5% premium to issue price

GConnect Logitech and Supply Chain made a decent debut on the bourses today, April 3, 2024. On BSE SME, GConnect Logitech and Supply Chain share price was listed at ₹42 per share, 5 percent higher than the issue price of ₹40.

GConnect Logitech and Supply Chain IPO ListingPremium
GConnect Logitech and Supply Chain IPO Listing

GConnect Logitech and Supply Chain made a decent debut on the bourses today, April 3, 2024. On BSE SME, GConnect Logitech and Supply Chain share price was listed at 42 per share, 5 percent higher than the issue price of 40.

The initial public offering (IPO) was opened for subscription between March 26 and March 28 with a price of 40 per share.

The IPO of GConnect Logitech was subscribed 57.38 times over a three-day issue period. The issue received bids worth 7.6 crore shares as against 13.26 lakh on offer. The public issue was subscribed 71.74 times in the retail category and 42.90 times in the 'others' category by March 28, 2024.

Read here: Bharti Hexacom IPO opens today: GMP, review, other key details. Apply or not?

About the IPO

GConnect Logitech IPO is a fixed price issue of 5.60 crores. The issue is entirely a fresh issue of 14.01 lakh shares. The minimum lot size for an application was 3000 shares with a minimum investment required by retail investors at 1,20,000. Meanwhile, the minimum lot size investment for HNI is 2 lots (6,000 shares) amounting to 2,40,000.

Fedex Securities Pvt Ltd is the book-running lead manager of the GConnect Logitech IPO, while Kfin Technologies is the IPO registrar.

The company proposes to utilize the net issue proceeds for the purchase of vehicles; finance the website development and app designing; and for general corporate purposes.

Read here: 13 IPOs listed in FY24 deliver multibagger returns in the range of 104%-325%

About the firm

GConnect Logitech and Supply Chain Ltd was incorporated in July 2022 and provides surface logistics services, including goods transport. Its service offerings include bulk loads, Full Truck Loads (FTL) service, and dedicated loads. It has an asset-light model and works with third parties to provide necessary assets, such as vehicles.

As of 30 September 2023, the company serves approximately 24 customers, with over 8 of them having been associated with it for over 4 years. As of 30 October 2023, the company has partnered with 4 fleet management companies and has utilized 23 vehicles of various sizes and carrying capacities as per the requirements of customers. As of March 2024, the company employs a total of 6 individuals across various departments.

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Published: 03 Apr 2024, 10:00 AM IST
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