Premier Roadlines IPO Opens May 10, Priced at Rs 63-67

New Delhi, May 7 (PTI) Logistics solutions provider Premier Roadlines on Tuesday said it has fixed the price band at Rs 63 to Rs 67 per equity share for its initial public offer which will hit the capital market on Friday to mop up a little over Rs 40 crore.

The company's shares will open for public subscription on May 10 and end on May 14. Shares of the company will be listed on the NSE's SME platform EMERGE, the company said in a statement.

The public offer is entirely a fresh issuance of up to 60.24 lakh equity shares, according to the Red Herring Prospectus (RHP).

The IPO comprises 50 per cent of the net issue for QIB, 35 per cent for retail investors and 15 per cent for Non-Institutional Investors (NII).

At the upper end of the price band, the company will raise up to Rs 40.36 crore from the initial public offering (IPO).

The company intends to utilise the proceeds from the issue to pare debt availed by the company, purchase vehicles for commercial purposes, meet working capital requirements and general corporate purposes.

Investors can bid for a minimum of 2,000 equity shares and in multiples thereof.

Established in 2008, Premier Roadlines Ltd offers logistics solutions for companies, especially for surface transportation of goods between 1 MT and 250 MT. It also offers project logistics, oversized/overweight cargo and contracted logistics services across India.

Hem Securities Ltd is the sole book running lead manager, while Maashitla Securities Pvt Ltd is the registrar for the issue.