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Neptune Logitek Shares List At 26% Discount, IPO Investors Suffer Losses
Neptune Logitek Shares List At 26% Discount, IPO Investors Suffer Nearly Rs 30,000 Losses
The stock opened at Rs 100 per share, which was 26 per cent lower than the IPO issue price of Rs 126.
Mumbai: Shares of Neptune Logitek made a weak debut on the BSE SME platform on Monday, listing at a steep discount to the IPO price and causing losses to investors.
The stock opened at Rs 100 per share, which was 26 per cent lower than the IPO issue price of Rs 126.
Soon after listing, selling pressure continued and Neptune Logitek share price slipped further by over 5 per cent to Rs 95.80 apiece during the intra-day session.
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This meant that investors who received allotment in the IPO saw their investment value fall sharply on the very first day of trading.
The company's IPO had a lot size of 1,000 shares. Based on the opening price of Rs 100 against the issue price of Rs 126, investors lost about Rs 26,000 per lot at listing.
With the stock falling further to Rs 95.80, the loss increased to nearly Rs 30,200 per lot. The weak debut created a negative sentiment around the stock in the market.
Ahead of listing, the grey market premium (GMP) of the Neptune Logitek IPO was around zero, which had already signalled a muted debut for the shares.
Neptune Logitek's IPO was priced at Rs 126 per share, valuing the company at around Rs 173 crore after the issue.
The public issue closed on December 17 and received an overall subscription of 1.61 times, driven mainly by interest from retail investors.
The IPO was a fixed-price issue worth Rs 46.62 crore and consisted entirely of a fresh issue of about 0.37 crore shares.
The company plans to use the IPO proceeds mainly for capital expenditure, including the purchase of additional trucks and related equipment.
A part of the funds will also be used for partial repayment of debt and for general corporate purposes.
Neptune Logitek is an integrated logistics solutions provider offering services such as freight forwarding, customs clearance, air cargo handling, road and rail transportation, and multimodal coastal forwarding.
The company follows an asset-heavy business model, with ownership of its fleet, supported by in-house maintenance facilities and a captive fuel setup.
Source: ZeeNews
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