SJ Logistics IPO receives stellar response on day 3. Issue subscribed over 316 times led by retail investors, NII

SJ Logistics IPO has opened for subscription on Tuesday, December 12, and will close on Thursday, December 14. The SJ Logistics IPO price band has been set in the range of ₹121 to ₹125. The SJ Logistics IPO lot size is 1,000 shares. Investors can bid for a minimum of 1,000 shares and in multiples thereof. The allocation to anchor investors for SJ Logistics IPO is scheduled to take place Monday, December 11.

SJ Logistics (India) Limited offers its clients supply chain and logistics solutions. The business offers services for transportation handling, customs clearance, and goods forwarding.

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Over 3,100 bills of lading to Africa, South America, Australia, Europe, the Gulf, Southeast Asia, Russia, and the United States were processed by the company in the fiscal year 2023.

As stated in the Red Herring Prospectus (RHP), the company's listed peers are Patel Integrated Logistics Limited (with P/E of 14.07), and Tiger Logistics (India) Limited (with P/E of 18.12).

Also Read: SJ Logistics IPO opens next week, price band set at ₹121-125 per share. GMP, issue details, more

SJ Logistics IPO details

SJ Logistics IPO, which is worth ₹48 crore, is completely a fresh issue of 3,840,000 equity share; there is no offer for sale (OFS) component, according to RHP.

The company plans to use the net proceeds for general corporate purposes, working capital requirements, and the repayment and/or prepayment, in full or in part, of certain loans that it has taken out.

The S J Logistics IPO's registrar is Maashitla Securities Private Limited, and the book running lead manager is Hem Securities Limited. Hem Finlease is the market maker for the S J Logistics IPO.

The company's promoter is Rajen Hasmukhlal Shah.

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SJ Logistics IPO subscription status

SJ Logistics IPO subscription status is 316.26 times on day 3. The issue received stellar response from retail investors who's portion set was subscribed 356.33 times, and non-institutional buyers who's portion was subscribed 489.45 times, according to data on chittorgarh.com. Qualified Institutions Buyers (QIBs) portion was booked 116.16 times. 

The company has received bids for 80,80,50,000 shares against 25,55,000 shares on offer, according to data on chittorgarh.com.

SJ Logistics IPO subscription status is 24.56 times on day 1, and the issue was subscribed 62.87 times.  

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SJ Logistics IPO GMP today

SJ Logistics IPO GMP today or grey market premium is +125, similar to the previous two session but a jump from December 11th GMP of +105. This indicates SJ Logistics share price were trading at a premium of ₹125 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, the estimated listing price of SJ Logistics share price was indicated at ₹250 apiece, which is 100% higher than the IPO price of ₹125.

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

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SJ Logistics IPO Review

“The company is in providing services related to logistics and supply chain solutions. It marked inconsistency in its top lines for the reported periods, but marked sudden boost in its bottom lines from FY23 onwards. Based on super annualised FY24 earnings, the issue appears reasonably priced. Well-informed investors may park funds for long-term rewards," said Dilip Davda, the contributing editor at Chittorgarh.

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