Brace Port Logistics made a remarkable debut on the NSE SME platform on August 26, with shares opening at ₹152 each. This figure represents a 90% premium over the IPO price of ₹80.
Although the debut was strong, the actual listing gains fell short of the grey market estimates, where shares had been trading at a 145% premium. The grey market, an unofficial platform for pre-listing share trades, had suggested even higher gains.
The company’s public offering, which consisted of 30.51 lakh shares valued at ₹24.41 crore, was met with significant investor interest. The offer was oversubscribed by 657.81 times. Non-institutional investors led the charge, bidding 854.49 times their allocated portion. Retail investors also showed strong demand, subscribing 588.74 times their allotted share. Qualified Institutional Buyers bid 450.04 times their portion.
The proceeds from this fresh issue will be used to support the company’s working capital needs and for general corporate purposes.
Brace Port Logistics, an emerging player in the freight logistics sector, is notable for being the first Indian company to manage Ro-Ro (Roll-on/Roll-off) operations.
