Brace Port Logistics IPO Receives 42.21x Subscription on Day 1 So Far, Check GMP Today

Brace Port Logistics IPO: The initial public offering (IPO) of Brace Port Logistics Ltd was opened for public subscription on Monday, August 19. The price band of the SME IPO was fixed at Rs 76-80 per share. Till 4:22 pm on the first day of bidding on Monday, the 24.41-crore IPO received a 42.21 times subscription, garnering bids for 9,95,50,400 shares as against 23,58,400 shares on offer.

According to the latest data, the retail quota received a 65.54 times subscription, while the non-institutional investors category also got a 23.18 times subscription. The QIB category received a 6.59 times subscription.

The Brace Port Logistics IPO will be closed on August 21. Its price band has been fixed at Rs 76-Rs 80 apiece. The share allotment will likely be finalised on August 22, while its listing will take place on the NSE SME on August 26.

Brace Port Logistics IPO GMP Today

According to market observers, unlisted shares of Brace Port Logistics Ltd are trading Rs 92 higher in the grey market than its issue price. The Rs 92 grey market premium or GMP means the grey market is expecting a whopping 115 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Brace Port Logistics IPO: More Details

Brace Port Logistics Ltd, which was founded in November 2020, specialises in providing ocean cargo logistics services to clients across various sectors of the economy. The company also provides services such as Air Freight, Warehousing facilities, special cargo services such as handling cargo in foreign countries and delivery of the same in other foreign countries and customs clearance services.

The Brace Port Logistics IPO is entirely a fresh issue of 30.51 lakh shares.

Investors need to apply for a minimum of 1,600 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,28,000 [1,600 (lot size) x Rs 80 (upper price band)].

Holani Consultants Private Limited is the book running lead manager of the Brace Port Logistics IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for Brace Port Logistics IPO is Holani Consultants.

Brace Port Logistics Limited’s revenue declined 22 per cent and its net profit dropped by 21 per cent during the financial year 2023-24.