Arvind and Company Shipping Agencies, a Gujarat-based chartering business, launched its initial public offering (IPO) on Thursday. The public issue has seen strong demand, with an oversubscription of 15.37 times, as investors placed bids for over 50 million shares against an offer size of about 3.3 million shares.
The company, which owns five barges and manages two hotels, has attracted significant interest from retail investors and high-net-worth individuals (HNIs). The shares were divided equally between these two groups after setting aside a portion for the market maker.
Through this IPO, Arvind and Company Shipping Agencies aims to raise Rs 14.74 crore ($2 million) at Rs 45 ($0.60) per share. The funds raised will be allocated towards capital expenditure, corporate requirements, and costs associated with the public issue.
The firm has shown a strong financial performance in the past, exhibiting substantial growth in net profit and revenue. Beeline Capital Advisors and Skyline Financial Services have been entrusted with managing the issue and serving as the registrar for the IPO, respectively.
The IPO will remain open for subscription until Monday, October 16, 2023.
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