Premier Roadlines IPO: Check latest GMP, subscription status on day 3, other details

Premier Roadlines IPO started for subscriptions on Friday, May 10, and will end on Tuesday, May 14. Premier Roadlines IPO price band has been set between ₹63 and ₹67 per equity share with a face value of ₹10 each. The lot size for the Premier Roadlines IPO is 2,000 shares. A minimum of 2,000 equity shares must be applied for, with further shares applied for in multiples of 2,000.

According to the Red Herring Prospectus, the company provides logistics solutions to businesses, with a focus on surface transportation of items weighing between 1 and 250 MT. The firm is a products transport agency that provides point-to-point services, which means that items are loaded at the client's location and transported to the delivery place specified by the customer. They also offer general transportation services, project logistics, and over-dimensional/overweight freight moves to its customers in India.

The company's Contract Logistics department primarily services business-to-business (B2B) clients that need to transfer significant volumes of products between sites in India and neighboring countries such as Nepal, Bhutan, etc.

The company's listed peers include VRL Logistics Ltd (P/E of 29.73), AVG Logistics Ltd (P/E of 79.61), and Ritco Logistics Ltd (P/E of 27.08).

Between March 31, 2022 and March 31, 2023, Premier Roadlines Limited's profit after tax (PAT) grew by 84.89%, while revenue increased by 38.48%.

The shares for the Premier Roadlines IPO are expected to be allocated on Wednesday, May 15, and credited to the allottees' demat accounts on Thursday, May 16. The refund procedure will start on Thursday itself. Premier Roadlines shares are expected to be launched on the NSE SME on Friday, May 17.

Also Read: Premier Roadlines IPO to open May 10, price band set at ₹63-67 per share

Premier Roadlines IPO subscription status

Premier Roadlines IPO subscription status is 117.57 times, on day 3.

The retail portion was subscribed 106.50 times, and NII portion was booked 180.25 times. Qualified institutions buyers (QIBs) were subscribed 89.95 times.

The company has received bids for 47,09,82,000 shares against 40,06,000 shares on offer, according to data on chittorgarh.com.

Premier Roadlines IPO subscription status was 1.42 times, on the first day of bidding, and the issue was booked 7.05 times. 

Premier Roadlines IPO details

Premier Roadlines IPO, which is worth about ₹40.36 crore, consists of a fresh issue of 6,024,000 equity shares with a face value of ₹10. There is no offer-for-sale component.

The firm plans to use the issue's proceeds for the following purposes: prepayment or repayment of some of the company's outstanding debt, either in full or in part; purchase of vehicle for commercial purposes, satisfaction of working cash needs, and general corporate reasons.

15% of the net issue for the NII sector, 35% for retail investors, and 50% for QIB are included in the IPO.

Retail investors need to contribute a minimum of ₹1.34 lakh considering the minimum lot size for an application is 2,000 shares. For HNIs, the minimum bidding size is two lots, or 4,000 shares, for a total investment of ₹2.68 lakh at the upper price band.

Maashitla Securities Private Limited is the registrar for the Premier Roadlines IPO, while Hem Securities Limited is the book running lead manager.

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Premier Roadlines IPO GMP today

Premier Roadlines IPO GMP is +25. This indicates Premier Roadlines share price were trading at a premium of ₹25 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Premier Roadlines IPO expected listing price was indicated at ₹92 apiece, which is 37.31% higher than the IPO price of ₹67.

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

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