Sahara Maritime’s much-anticipated listing on the BSE SME witnessed a modest beginning, as its share price opened at ₹81, aligning precisely with its issue price. However, shortly after its debut, the stock encountered a slight setback, slipping by over 2% and trading at ₹79.15 apiece on the BSE SME.
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IPO Listing Details and Performance
The Sahara Maritime IPO, open for subscription from December 18 to December 20, received significant investor attention. The company, specializing in logistics, transport management, and freight-related services, garnered immense interest during its IPO phase.
IPO Insights and Key Figures
- Issue Price: ₹81
- Lot Size: 1,600 shares
- IPO Response: The IPO witnessed robust demand, being oversubscribed over 13 times.
- Offer Details: The IPO amounted to ₹6.88 crore, solely comprising a fresh issue of 849,600 equity shares without any offer for sale (OFS) component.
Utilization of IPO Proceeds
The net proceeds from Sahara Maritime’s IPO are earmarked for several pivotal purposes, including general corporate activities, office equipment, working capital, and funding the procurement of commercial vehicles.
Stakeholders and IPO Facilitators
Nadeem Aboobakar Hira and Sohrab Rustom Sayed stand as the promoters of Sahara Maritime. The IPO saw Bigshare Services Pvt Ltd acting as the registrar, while Swaraj Shares and Securities Private Limited took charge as the book running lead manager. Shreni Shares played the role of the market maker for the IPO.
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Sahara Maritime IPO Performance Metrics
The grey market premium (GMP) for Sahara Maritime on the day of its debut stood at ₹0, indicating that shares traded at their issue price of ₹81 without any premium or discount in the grey market.
Conclusion: A Cautious Debut Amidst Initial Market Fluctuations
Sahara Maritime’s listing on the BSE SME platform started on par with its issue price but faced a mild downturn shortly after. The company’s utilization of IPO funds and subsequent market movements will be closely monitored to gauge investor sentiment and stock trajectory.