Committed Cargo Care, the integrated logistics services firm, made a robust entry into the market on October 18, listing at a premium of 6.5 percent over the IPO price. The stock commenced trading at Rs 82 on the NSE SME platform, significantly higher than its issue price of Rs 77. In a remarkable surge, it swiftly climbed almost 12 percent to reach Rs 86.10.
Anticipating the listing, the grey market premium stood at Rs 6, indicating a potential listing price of Rs 83. The company successfully raised Rs 24.98 crore through its initial public offering, which garnered immense investor interest during the subscription period from October 6 to October 10.
The IPO witnessed an exceptional response, being oversubscribed 81.36 times, with bids pouring in for 26.36 crore equity shares against the offering size of 32.44 lakh.
Utilizing the funds, totaling Rs 15.96 crore from the IPO, Committed Cargo Care intends to address its working capital requirements, with the remaining amount allocated for general corporate purposes.
In the financial year 2023, the Delhi-based firm specializing in import and export handling reported a net profit of Rs 5.33 crore, reflecting a substantial increase from the previous year’s figure of Rs 3.09 crore. Despite the growth in profit, the company experienced a decline in revenue, which dropped to Rs 122.2 crore from Rs 146.1 crore. Despite this, the market’s enthusiastic response on its debut showcased investor confidence in Committed Cargo Care’s potential.
