Mon Oct 14 05:21:13 UTC 2024: ## Pranik Logistics IPO Over-Subscribed on Day Two, Retail Investors Lead the Charge
**Mumbai, India – October 11, 2023** – The initial public offering (IPO) of Pranik Logistics, a logistics company, is off to a strong start with the issue already oversubscribed 4.36 times on its second day of bidding. Retail investors have been particularly enthusiastic, driving the strong subscription figures.
On the first day, retail investors applied for over 78.40 lakh shares, exceeding their allocated quota of 9.66 lakh shares by a whopping 8.11 times. This strong demand from retail investors reflects their confidence in the company’s growth prospects.
Non-institutional investors (NIIs) also showed significant interest, subscribing 1.43 times their allotted quota of 4.14 lakh shares, applying for a total of 5.93 lakh shares.
Qualified Institutional Buyers (QIBs) did not submit any applications on the first day but have been allotted 5.55 lakh shares. Their participation is anticipated in the remaining days of the bidding period.
The IPO, valued at Rs 22.47 crore, involves a fresh issuance of 29.18 lakh shares. The offer price is expected to be between Rs 73 and Rs 77 per share, with a minimum investment of Rs 1,23,200 for retail investors.
The bidding period will continue until Monday, October 14, and the share allotment status is expected to be finalized on Tuesday, October 15. Successful bidders will see their shares credited to their Demat accounts on Wednesday, October 16, and the shares will be listed on Emerge, the NSE SME marketplace, on Tuesday, October 17.
First Piper 