Shreeji Shipping IPO Subscribed 2.13x on Day 1

New Delhi, Aug 19 (PTI) The initial public offer of Shreeji Shipping Global Ltd, a provider of shipping and logistics solutions for dry bulk cargo, received 2.13 times subscription on the first day of share sale on Tuesday.

The Rs 411-crore initial share sale got bids for 2,42,92,024 shares against 1,14,08,600 shares on offer, as per NSE data.

Non-Institutional Investors part received 3.53 times subscription, while the category for Retail Individual Investors (RIIs) fetched 2.12 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1.09 times.

Shreeji Shipping Global Ltd on Monday mobilised more than Rs 123 crore from anchor investors.

The initial public offering (IPO), with a price band of Rs 240-252 per share, would be available for subscription till August 21.

Shreeji Shipping Global's IPO is 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 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.

Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers to Shreeji Shipping's public issue.