The Kaushalya Logistics IPO witnessed an overwhelming response from investors on January 3, the last day of bidding, with a subscription of 197 times. Investors eagerly subscribed to 70 crore equity shares, surpassing the offer size of 35.45 lakh equity shares.
In the various investor categories, high net worth individuals took the lead, subscribing 371 times the portion allocated to them. Retail investors also showed strong interest, picking up 265.35 times the reserved portion, while qualified institutional buyers (QIBs) secured 16.1 times the allotted quota.
The New Delhi-based logistics and clearing and forwarding services provider aims to raise Rs 36.60 crore through its maiden public issue at the upper price band. The IPO comprises a fresh issuance of equity shares worth Rs 25.35 crore and an offer-for-sale of Rs 11.25 crore worth of shares by promoters Uddhav Poddar and Bhumika Realty.
Kaushalya Logistics plans to utilize the net fresh issue proceeds for debt repayment (Rs 1.71 crore) and working capital requirements (Rs 17.26 crore), in addition to general corporate purposes.
The company successfully raised Rs 10 crore through its anchor book, with participation from five investors, including Neomile Growth Fund Series, Saint Capital Fund, and LC Radiance Fund VCC.
Srei Capital Markets Ltd is the book-running lead manager for the Kaushalya IPO, while Link Intime India Private Ltd serves as the registrar for the issue.