Shreeji Shipping Debuts, Stock Climbs 8%

New Delhi, Aug 26 (PTI) Shares of Shreeji Shipping Global made a moderate market debut on Tuesday listed with a premium of 8 per cent against the issue price of Rs 252.

The stock started trading at Rs 271.85 apiece, reflecting a jump of 7.87 per cent from the issue price on the BSE.

On the NSE, the stock listed at Rs 270, up 7.14 per cent.

The company's market valuation stood at Rs 4,268.46 crore on the NSE.

The initial public offer of Shreeji Shipping Global Ltd received 58.10 times subscription on the closing day of bidding on Thursday driven by heavy investors demand.

The Rs 411-crore initial public offer (IPO) had a price band of Rs 240-252 per share.

Shreeji Shipping Global's IPO was entirely a fresh issue of 1.63 crore equity shares with no offer-for-sale (OFS) component.

The company is planning to use Rs 251.2 crore out of the IPO proceeds for the acquisition of dry bulk carriers in the supramax category in the secondary market, and Rs 23 crore for repaying debt.

The flagship company of Jamnagar-based Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India.