Shares of Global Ocean Logistics India Ltd. made a subdued entry into the Indian stock market on Wednesday, December 24, listing at a marginal premium over their issue price on the BSE SME platform. The freight forwarding company's stock began trading at ₹79.20 per share, marking a premium of 1.54% over its initial public offering (IPO) price of ₹78.
A Muted Yet Steady Market Debut
Following its listing, the share price of Global Ocean Logistics showed some positive momentum, climbing to touch an intraday high of ₹82.40. This performance was slightly better than initial market expectations. Interestingly, in the unofficial grey market prior to listing, the IPO was commanding a premium (GMP) of ₹0, indicating limited speculative interest despite the strong formal demand seen during the subscription period.
Robust Investor Subscription Details
The public offering, which was open for subscription from December 17 to December 19, witnessed robust investor appetite. The issue was oversubscribed 13.64 times overall. Breaking down the categories, the retail investor portion was subscribed 11.90 times, while the Non-Institutional Investors (NII) category saw overwhelming demand, getting booked 29.47 times. The Qualified Institutional Buyers (QIB) segment attracted bids 4.77 times the shares on offer.
The ₹30.41 crore IPO consisted entirely of a fresh issue of 0.39 crore equity shares, with a price band set between ₹74 and ₹78 per share. Since the offering was a complete fresh issue, the company plans to utilize the net proceeds for meeting working capital requirements and for general corporate purposes.
Company Profile and Operational Reach
Global Ocean Logistics India operates as an integrated, multi-modal logistics and freight forwarding solutions provider. The company's services encompass:
- Ocean freight forwarding
- Road and rail transportation
- Air freight forwarding
- Container freight station (CFS) operations
- Customs clearance and other allied logistics services
The firm follows an asset-light business model, focusing on leveraging its extensive network and operational expertise rather than investing heavily in owned infrastructure. Its operations are spread across major Indian ports including Nhava Sheva, Mundra, Hazira, and Chennai, with a pan-India presence spanning over 23 states and union territories.
The company also maintains marketing offices in Visakhapatnam, Jaipur, Pune, and Tuticorin. On the international front, Global Ocean Logistics has facilitated shipments through 263 ports globally and has processed close to 25,000 bills of lading, highlighting its significant international footprint despite its relatively short operational history.
Marwadi Chandarana Intermediaries Brokers served as the book-running lead manager for the issue, while KFin Technologies was the registrar. Mansi Share & Stock Broking Pvt. Ltd. acted as the Market Maker for the company.
Disclaimer: This news article is for informational and educational purposes only. Readers are advised to consult with a certified investment advisor before making any financial decisions.
