Smooth Sailing: Shreeji Shipping Global's IPO Surges with 6.59x Subscription

Shreeji Shipping Global Ltd's IPO witnessed a significant 6.59 times subscription by the second day of its three-day public offering. The company aims to fund its fleet expansion and debt repayment through the raised capital. Major interest from non-institutional and retail investors drove the demand.

Shreeji Shipping Global Ltd, a leader in shipping and logistics for dry bulk cargo, saw overwhelming interest in its IPO on the second day, achieving a 6.59 times subscription rate. This three-day public offering drew bids for over 75 million shares, according to the latest NSE data.

The allocation for non-institutional investors proved particularly popular, seeing a 11.22 times subscription, while retail individual investors subscribed 6.99 times. Qualified institutional buyers also showed confidence in the company with a 2.42 times subscription rate.

Raising over Rs 411 crore, Shreeji Shipping's IPO will support its strategic move to acquire supramax dry bulk carriers and reduce its debt load, focusing operations on non-major ports along India's west coast. Advisors Beeline Capital and Elara Capital are steering the public issue.

(With inputs from agencies.)