Sadhav Shipping IPO Day 3: Check subscription status, GMP and other key details

Sadhav Shipping initial public offerings (IPO) opened for subscription on Friday, February 23. The small and medium enterprise (SME) IPO has 1.44 times on the first day of bidding.

The Sadhav Shipping IPO offers 4,018,800 shares, which includes 1,908,000 (47.48%) to Non-Institutional Investors (NII) and 1,908,000 (47.48%) to retail investors.

Sadhav Shipping Limited owns and operates marine assets to service ports, and coastal logistics, and provides other port maritime-related services. The company was previously known as Homa Offshore & Shipping Company Private Limited.

Sadhav Shipping Limited's revenue increased by 13.08% and profit after tax (PAT) rose by 157.68% between the financial year ending with March 31, 2023 and March 31, 2022.

Sadhav Shipping IPO subscription status

The Sadhav Shipping IPO was subscribed over 120.72 times on Tuesday, February 27. The SME IPO received 48,51,46,800 applications against offered 40,18,800 shares on the third day of subscription, as per data available at NSE.

The retail category 13,21,16,400 shares on the third day. NII and QIB received 31,24,29,600 and 4,06,00,800 applications, respectively.

On the first day, the retail portion received 37,46,400 share applications, against offered 19,08,000 shares, meanwhile, NII and QIB received 20,29,200 and 2,400 applications, respectively.

Sadhav Shipping IPO details

Sadhav Shipping IPO is a fixed price issue of ₹38.18 crores. The issue is entirely a fresh issue of 40.19 lakh shares.

The company has set the price band of SME IPO at ₹95 per share, with face value of ₹10 per share. Investors can bid for a minimum of 1200 shares and in multiples thereof. The minimum amount of investment required by retail investors is ₹114,000. 

The allotment for the Sadhav Shipping IPO is expected to be finalized on Wednesday, February 28, 2024. Sadhav Shipping IPO will list on NSE SME with tentative listing date fixed as Friday, March 1, 2024.

The SME issue is reserved 50 percent for the retail investors and rest 50 percent for the other investors.

The company proposes to utlise the net proceeds towards repayment / prepayment, in part or full of certain outstanding borrowings availed by the company, part funding of capital expenditure to purchase/ acquire additional boats/ vessels, additional working capital requirement, and general corporate purposes.

Sadhav Shipping IPO GMP today

The shares of Sadhav Shipping IPO are trading at ₹31in the grey market, which means the shares of Sadhav Shipping IPO are trading at a premium of ₹31 higher than the issue price of ₹95 in the grey market. The estimated listing price is expected to be ₹126, as per data by Chittorgarh.com.