Mon Oct 14 06:20:42 UTC 2024: ## Pranik Logistics IPO Over-Subscribed, But No Premium Expected

**Mumbai, October 14, 2024:** Pranik Logistics Ltd’s initial public offering (IPO), which opened for subscription on Thursday, has closed today with a 5.84 times oversubscription. The IPO, which sought to raise Rs 22.47 crore, was priced at Rs 73 to Rs 77 per share.

Despite the strong response, the IPO is currently trading at zero grey market premium (GMP), indicating that investors are not expecting immediate listing gains. The non-institutional investors category received 2.85 times subscription, while the retail individual investors (RIIs) category saw a strong 10.47 times oversubscription.

Pranik Logistics, founded in 2015, provides integrated logistics solutions across India, offering services like transportation, warehousing, material handling, and freight forwarding. The company caters to various industries, including retail, consumer durables, telecom, manufacturing, and pharma.

The IPO was entirely a fresh issue of 29.18 lakh shares. The allotment is expected to be finalized on Tuesday, October 15, with listing on the NSE SME scheduled for Thursday, October 17.

Narnolia Financial Services Ltd is the book running lead manager for the IPO, while Maashitla Securities Private Limited is the registrar. Prabhat Financial Services is the market maker.

Pranik Logistics has witnessed impressive growth, with revenue rising 11% and profit after tax (PAT) increasing by 336% in the financial year 2023-24. Despite the oversubscription, the lack of a grey market premium suggests that investors may be taking a cautious approach, potentially due to factors like the current market conditions or concerns about the company’s future prospects.

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