Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Rapid Multimodal Logistics saw a strong start in the stock market on August 30, with shares listing at Rs 103, representing a 22.6% premium over the IPO price of Rs 84 on the BSE SME platform. The initial gains exceeded grey market expectations, where shares were trading at an 11% premium compared to the previous close on the NSE. The grey market allows shares to trade unofficially before the subscription period and continues until the listing day.
The public offer, worth Rs 8.49 crore, garnered significant investor interest, being oversubscribed by more than 350 times over three days. Non-institutional investors led the charge, buying 512 times the portion set aside for them, while retail investors subscribed 172.5 times their allotted share. Qualified institutional buyers (QIBs) did not participate in the issue.
Established in 2020, Rapid Multimodal Logistics is based in Chennai and provides comprehensive logistics solutions mainly for the B2B sector. The company offers both single and multimodal transportation services, integrating road, rail, and sea transport to improve supply chain efficiency. Its services include planning, route optimization, carrier selection, documentation, containerization, tracking, communication, last-mile delivery, and performance evaluation.
The funds raised from the IPO will be used for working capital needs and general corporate purposes.
Chat on WhatsApp
Request a call back
