Ashapura Logistics IPO is a book-built issue, raising ₹52.66 crores through a fresh issue of 36.57 lakh shares.
The bidding for this IPO opened on July 30, 2024, and closed on August 1, 2024. The allotment was finalized on Friday, August 2, 2024, and the shares were listed on the NSE SME platform on August 6, 2024.
The price band for the IPO was set between ₹136 and ₹144 per share. The minimum application lot size is 1,000 shares, requiring a minimum investment of ₹144,000 from retail investors. For High Net Worth Individuals (HNIs), the minimum investment is two lots, totaling 2,000 shares and ₹288,000.
- Book Running Lead Manager –Beeline Capital Advisors Pvt. Ltd.
- Registrar of the Issue – Kfin Technologies Limited
- Market Maker – Spread X Securities.
Below are the details of Ashapura Logistics Limited IPO Details, Timeline, Lot Size, Anchor Investor, and Promoter Holding.
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Ashapura Logistics IPO Details
| IPO Date | July 30, 2024 to August 1, 2024 |
| Listing Date | August 6, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹136 to ₹144 per share |
| Lot Size | 1000 Shares |
| Total Issue Size | 3,657,000 shares (aggregating up to ₹52.66 Cr) |
| Fresh Issue | 3,657,000 shares (aggregating up to ₹52.66 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 9,899,121 |
| Share holding post issue | 13,556,121 |
| Market Maker portion | 183,000 shares |
Ashapura Logistics IPO Timeline
| IPO Open Date | Tuesday, July 30, 2024 |
| IPO Close Date | Thursday, August 1, 2024 |
| Basis of Allotment | Friday, August 2, 2024 |
| Initiation of Refunds | Monday, August 5, 2024 |
| Credit of Shares to Demat | Monday, August 5, 2024 |
| Listing Date | Tuesday, August 6, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 1, 2024 |
Ashapura Logistics Limited IPO Lot Size
Investors can bid for a minimum of 1000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1000 | ₹144,000 |
| Retail (Max) | 1 | 1000 | ₹144,000 |
| HNI (Min) | 2 | 2,000 | ₹288,000 |
Ashapura Logistics IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,040,000 (28.44%) |
| Market Maker Shares Offered | 183,000 (5.00%) |
| QIB Shares Offered | 696,000 (19.03%) |
| NII (HNI) Shares Offered | 522,000 (14.27%) |
| Retail Shares Offered | 1,216,000 (33.25%) |
| Total Shares Offered | 3,657,000 (100%) |
Ashapura Logistics Limited IPO Promoters
The Promoters of the company are Mr. Sujith Chandrasekhar Kurup and Mrs. Chitra Sujith Kurup.
| Share Holding Pre Issue | 92.45% |
| Share Holding Post-Issue | 67.51% |
Ashapura Logistics IPO Anchor Investors
| Bid Date | July 29, 2024 |
| Shares Offered | 1,040,000 |
| Anchor Portion Size (In Cr.) | 14.98 |
| Anchor lock-in period end date for 50% shares (30 Days) | September 1, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 31, 2024 |
Ashapura Logistics IPO Financial Information
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 12,644.88 | 10,461.66 | 11,568.76 |
| Revenue | 19,934.57 | 22,260.31 | 22,713.84 |
| Profit After Tax | 1,235.44 | 946.98 | 788.26 |
| Net Worth | 6,532.31 | 4,796.60 | 3,852.04 |
| Reserves and Surplus | 5,542.40 | 4,759.80 | 3,815.32 |
| Total Borrowing | 12.90 | 9.87 | 8.17 |
| Amount in ₹ Lakhs | |||
Ashapura Logistics Limited IPO Review
Ashapura Logistics Ltd. (ALL) is an integrated logistics company in India with operations spanning cargo handling, freight forwarding, transportation, warehousing, and other related services. The company operates across India through a network of nine branch offices. With over 20 years of experience, Ashapura offers a range of logistics solutions, benefiting from a Pan-India presence, integrated services, technological advancements, and a large vehicle fleet. The company’s asset-based model includes both owned and leased assets, such as commercial vehicles, containers, and warehouses. As of March 31, 2024, Ashapura Logistics maintained a fleet of 250 commercial trucks, supported by its subsidiary Jai Ambe Transmovers Private Limited, and 60 containers of 40 TEUs for cargo handling. Their warehousing network includes seven facilities located in strategic areas across India.
Ashapura’s technology-driven approach enhances its logistics capabilities, offering tailored solutions to diverse industries. The company has developed software to streamline cargo handling and transportation and is working on additional software for its transportation segment. Ashapura’s ISO 9001:2015 certification reflects its commitment to quality, further supported by recognition from organizations like the Container Corporation of India (CONCOR). Its customer base spans the automotive, paper, textile, and steel industries, with notable clients such as Ford India, Piramal Glass, TT Steel Services, and JK Paper. As of June 30, 2024, Ashapura Logistics employed 219 staff, with additional contract labor as needed.
Investment Overview
Investing in Ashapura Logistics Ltd. can be considered with a focus on both the company’s strengths and potential risks. The company has shown consistent growth, with strong revenue and profit margins. The logistics industry in India is expanding rapidly, driven by e-commerce and infrastructure developments, which bodes well for Ashapura’s future prospects. The company’s investment in technology and expansion plans, such as the purchase of new vehicles and warehouse construction, indicate a strategy aimed at long-term growth.
However, investors should be aware of potential challenges, including regulatory risks and the need for continuous license renewals, which could impact operations. Additionally, while the company has a strong asset base, the logistics sector is competitive, and maintaining profitability may require sustained operational efficiency.
Overall, Ashapura Logistics Ltd. presents an opportunity for investors seeking exposure to the growing logistics sector in India, but they should weigh the potential risks against the company’s growth potential and strategic initiatives