Mon Oct 14 08:02:13 UTC 2024: ## Pranik Logistics IPO Opens Strong, Retail Investors Drive Demand

**New Delhi, October 10, 2024:** Pranik Logistics Limited, a leading provider of logistics solutions across India, has commenced its Initial Public Offering (IPO), aiming to raise ₹22.47 crore through a fresh equity issue.

The IPO, priced between ₹73 and ₹77 per share, has garnered strong interest from investors, particularly retail investors, who have already subscribed 2.34 times their allocated quota by mid-morning on the first day of bidding.

Pranik Logistics, founded in 2015, offers a comprehensive range of services including transportation, warehousing, and freight forwarding for various sectors, including retail, telecommunications, pharmaceuticals, and manufacturing. The company currently operates a fleet of over 80 vehicles and manages 30 warehouses.

The IPO proceeds will be utilized to further expand Pranik Logistics’ operational capacity and enhance its logistics offerings. The company reported total revenues of ₹66.83 crore and a net profit of ₹4.06 crore for the financial year ending March 2024, reflecting a significant increase in both revenue and profit compared to the previous year.

While the IPO has seen strong initial demand, the Grey Market Premium (GMP) currently stands at zero, indicating a cautious investor sentiment regarding immediate listing gains.

Pranik Logistics’ IPO will remain open for subscription until October 14, 2024, with the allotment of shares expected to be finalized on October 15. The shares are expected to be listed on the NSE SME platform by October 17.

Investors are closely observing the performance of Pranik Logistics’ IPO and its potential impact on the Indian logistics sector.

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