PDP Shipping & Projects shares off to a poor start, hit 20% lower circuit on listing

PDP Shipping & Projects IPO Listing: Shares of PDP Shipping & Projects, a company engaged in the logistics sector, were off to a weak start on Tuesday, March 18. The stock got listed at ₹108.25 apiece on the BSE SME, down 20% from its issue price of ₹135, and touched its lower price band.

The SME IPO of PDP Shipping & Projects was open for subscription from March 10 to March 12, garnering 1.01 times bids during this period. The retail investors portion was booked 1.88 times while the non-institutional buyers portion was subscribed 0.14 times.

PDP Shipping IPO was a fixed price issue of ₹135 per share, with the company looking to raise ₹12.65 crore via a fresh issue of 9.37 lakh shares.

The minimum lot size for an application was 1,000, requiring an investment of at least ₹1,35,000 by the retail investors for subscribing to one lot of the issue. The minimum lot size investment for HNI was two lots (2,000 shares) worth ₹2,70,000.

PDP Projects plans to use the funds raised via the initial share sale for part funding the long-term working capital requirements and general corporate purposes.

About the company

PDP Projects & Shipping is an end-to-end solutions provider in the logistics & transport industry, providing sea and air freight transportation, custom clearance and value-added services in the logistics industry.

The company also handles the transport of cargo worldwide which are of various shapes, sizes, and weights via sea, air, road, rail, coastal barges, or through multi-modal transportation.

Its primary focus remains on handling logistics for imports and exports of specialized goods in heavy engineering machinery, defence equipment, automobile & Infrastructure products from mainly Brazil and other countries such as USA, South Korea, Thailand, etc. through third-party networks.

Sun Capital Advisory Services (P) Ltd was the book-running lead manager of the PDP Shipping IPO, while KFin Technologies Limited was the registrar for the issue.

Read all market-related news here

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.