Shreeji Shipping Global shares list at 8% premium over IPO price

Shreeji Shipping Global made a strong entrance into the stock market on Tuesday, with shares opening at Rs 271.85 on the Bombay Stock Exchange (BSE), reflecting a 7.9% premium over the initial public offering (IPO) price of Rs 252. On the National Stock Exchange (NSE), the stock listed at Rs 270, marking a 7% premium. Prior to the listing, the shares had already shown promise in the unlisted market, commanding a 13% grey market premium, indicating positive investor sentiment.

IPO Details and Investor Demand

The IPO, which raised Rs 411 crore, was open for subscription from August 19 to 21 and consisted of a fresh issue of 1.63 crore shares priced at Rs 252 each. The overwhelming demand for the offering was evident, as the IPO was subscribed 58.08 times overall. Qualified Institutional Buyers (QIBs) led the charge, with a remarkable subscription rate of 110.41 times. Non-Institutional Investors (NIIs) and retail investors also showed strong interest, subscribing 72.70 times and 21.92 times, respectively.

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Shreeji Shipping Global, established in 1995, specializes in shipping and logistics, focusing on dry-bulk cargo operations. The company operates over 80 vessels, including bulk carriers, barges, tugboats, and floating cranes, serving more than 20 Indian ports and one port in Sri Lanka. Additionally, it manages a fleet of 370 earthmoving machines for cargo handling and logistics, further enhancing its operational capabilities.

The proceeds from the IPO are earmarked for acquiring dry bulk carriers in the Supramax category, repaying existing borrowings, and supporting general corporate purposes. Financially, the company reported a revenue of Rs 610.45 crore for FY25, a decrease from Rs 736.17 crore in FY24, while profit after tax rose by 13% to Rs 141.24 crore, showcasing resilience in its financial performance.