Iware Supplychain Services Limited, a pan-India integrated logistics player, has launched its IPO on April 28, 2025, with a price of ₹95 per equity share. The issue closes on April 30, 2025, and the listing is expected on the NSE SME platform on May 6, 2025. The total IPO issue size is ₹27.13 Crores, comprising 28.56 lakh fresh equity shares in a Fixed Price Issue format.

About the Company

Iware Supplychain Services operates in multiple logistics verticals such as warehousing (including 3PL and C&F operations), transportation, rake handling, business auxiliary services, and rental income. Its widespread logistics network operates across Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, ensuring broad coverage and efficient delivery.

IPO Details

• Issue Price: ₹95 per share

• IPO Lot Size: 1,200 shares

• Minimum Investment (Retail): ₹1,14,000

• Minimum Investment (HNI): 2 lots (2,400 shares) = ₹2,28,000

• Post IPO Market Cap: ₹101.80 Crores

• Registrar: KFin Technologies Ltd

• Lead Manager: Getfive Advisors Pvt Ltd

• Market Maker: SMC Global Securities Ltd

Objectives of the Issue

The net proceeds from the IPO will be used for:

1. ₹1,406.43 Lakh - Construction of new industrial shed

2. ₹680.00 Lakh - Working capital requirements

3. ₹386.77 Lakh - General corporate purposes

Financial Highlights

• Revenue (₹ in Lakhs):

  • FY2025: ₹4,372.00

  • FY2024: ₹5,876.86

  • FY2023: ₹8,610.90

• EBITDA (₹ in Lakhs):

  • FY2025: ₹638.88

  • FY2024: ₹1,093.22

  • FY2023: ₹1,729.20

• Profit After Tax (₹ in Lakhs):

  • FY2025: ₹42.29

  • FY2024: ₹416.96

  • FY2023: ₹801.93

These figures suggest a declining revenue trend over the past three years but positive profitability metrics.

Key Ratios

• Pre-Issue EPS (FY24): ₹5.3

• Post-Issue EPS (FY24): ₹3.89

• Pre-Issue P/E Ratio: 17.92x

• Post-Issue P/E Ratio: 24.42x

• Industry Average P/E: 15x

• Annualised EPS: ₹10.2

• P/E based on annualised EPS: 9.31x

• ROCE (FY24): 30.34%

• ROE (FY24): 58.52%

• RoNW: 49.54%

The above metrics suggest that valuations are high based on past results but attractive if based on forward estimates.

Grey Market Premium (GMP)

As of April 24, 2025, the GMP is ₹18, indicating a potential listing price of ₹113, which translates to 18.94% potential listing gains. However, the GMP is unofficial, highly volatile, and not recommended for sole investment decision-making.

GMP Trend Table

Live Subscription Status

Subscription opens on April 28, 2025 and will remain open until April 30, 2025. Live subscription status updates will be made available during the offer period.

Allotment & Listing Timeline

• IPO Open Date: April 28, 2025

• IPO Close Date: April 30, 2025

• Allotment Date: May 02, 2025 (Friday)

• Listing Date: May 06, 2025 (Tuesday, tentative)

How to Check Allotment Status

Investors can check the allotment status using the steps below:

1. Go to the official registrar website (KFin Technologies).

2. Select Iware Supplychain Services IPO from the dropdown.

3. Enter your Application Number / PAN / DP ID-Client ID.

4. Click on Submit to check allotment.

Leadership & Management

The company is led by Krishnakumar Jagdishprasad Tanwar and Rajnish Gautam, both with 20+ years of experience in the logistics and transportation industry.

Expert Opinion

The IPO is fully priced based on FY24 results but appears reasonably priced on annualised EPS. Despite declining revenue, high ROCE and ROE reflect efficient capital deployment. The GMP of ₹18 hints at listing gains, but the offer may not suit conservative investors.

Should You Subscribe?

This IPO is suitable for risk-taking investors aiming for short-term listing gains. Given the high P/E and moderate revenue drop, it's best avoided by long-term conservative investors. Investors should apply only after assessing their risk appetite and consulting a SEBI-registered financial advisor.

Disclaimer:
This article is for educational and informational purposes only and does not constitute financial advice. Always consult a registered advisor before making investment decisions. IPO investments are subject to market risk. Please read all documents carefully before investing.

The Upcoming IPOs in this week and coming weeks are Ather Energy, Iware Supplychain Services, Arunaya Organics,Kenrik Industries.

The Current active IPO are Tankup Engineers.

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