Mon Oct 14 05:03:07 UTC 2024: ## Pranik Logistics IPO Over-Subscribed, Expected to List on October 17th

**Mumbai, India** – Pranik Logistics’ initial public offering (IPO) has been oversubscribed, with strong demand from retail investors. The IPO, which opened for subscription on October 10th, closed on October 14th, with a total subscription of 3.94 times.

Retail investors particularly showed strong interest, subscribing 7.39 times the allotted shares. However, the Qualified Institutional Buyers (QIB) category saw no participation, while Non-Institutional Investors (NII) subscribed 1.19 times.

The IPO, priced between ₹73-₹77 per share, raised ₹22.47 crore through a fresh issue of 29.18 lakh shares. The minimum investment for retail investors was ₹123,200 (1600 shares), while High Networth Individuals (HNIs) had to invest a minimum of ₹246,400 (3,200 shares).

Pranik Logistics plans to use the IPO proceeds to fund various initiatives, including investments in technology, capital expenditure, working capital requirements, general corporate purposes, and issue expenses.

The shares are expected to be allotted on October 15th and will be listed on the NSE SME on October 17th. Notably, the grey market premium (GMP) for Pranik Logistics IPO is currently nil, indicating that shares are trading at the upper band of the issue price.

**Disclaimer:** This article is for informational purposes only and should not be considered investment advice. It is essential to consult with certified financial experts before making any investment decisions.

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