Rapid Multimodal Logistics Ltd, a prominent player in the logistical solutions sector, has launched its initial public offering (IPO), which commenced on August 22, 2024. This SME IPO is generating significant interest as it opens strong with substantial early subscription.

IPO Subscription Status

The Rapid Multimodal Logistics IPO has experienced impressive demand, with a subscription rate of 6.78 times on its opening day. By 12:30 PM on August 22, bids had been received for 65.12 lakh equity shares, exceeding the offered 9.60 lakh shares. The subscription breakdown is as follows:

* Retail Investors: Subscribed 12.40 times their allotted quota, indicating strong retail interest.

* Non-Institutional Investors (NIIs): Subscribed 1.16 times the reserved shares, showing moderate interest from this category.

Grey Market Premium (GMP)

As of today, the Grey Market Premium (GMP) for Rapid Multimodal Logistics shares is ₹0. This indicates that the shares are trading at their issue price of ₹84 per share in the grey market. The absence of a premium or discount reflects that the market expectations are aligned with the issue price.

IPO Details and Timetable

* Opening Date: The IPO opened for public subscription on August 22, 2024.

* Closing Date: The subscription window will remain open until August 27, 2024.

* Allotment Date: Shares are expected to be allotted on August 28, 2024.

* Listing Date: The equity shares will be listed on the BSE SME segment on August 30, 2024.

* Price Band and Investment Details

* Issue Price: The price band for the IPO is set at ₹84 per share.

* Lot Size: The minimum lot size is 1,600 shares, requiring a minimum investment of ₹134,400.

* Issue Size: The company aims to raise ₹8.49 crore through this fresh issue of 10.11 lakh equity shares.

Utilization of Proceeds

The net proceeds from the IPO will be utilized for working capital requirements and general corporate purposes. The company is focused on enhancing its operational capabilities and supporting its growth strategy through these funds.

* Book Running Lead Manager and Registrar

* Book Running Lead Manager: Gretex Corporate Services is managing the IPO process.

* Registrar: Bigshare Services Pvt Ltd has been appointed as the registrar for the IPO.

Promoters

The company is promoted by Narayan Agarwal, Manoj Goel, Summit Agarwal, and Nidhi Agarwal, who are instrumental in the company's operations and growth strategy.

Company Profile

Rapid Multimodal Logistics Ltd specializes in providing chauffeured car rentals (CCR) and employee transportation services (ETS). With operations spread across 109 cities in 21 states and 4 union territories in India, the company has established a robust presence in the logistics sector.

Conclusion

The Rapid Multimodal Logistics IPO is off to a strong start, reflecting significant investor interest. The high subscription rate on the first day indicates a positive market sentiment towards the company. As the IPO progresses, stakeholders and potential investors will be keenly observing the final subscription numbers and the performance of the shares post-listing.

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Check latest IPO Review & analysis, Live GMP today, Live Subscription Status Today, Share Price, Financial Information, latest IPO news, Upcoming IPO News before applying in the IPO. The Upcoming IPOs in this week and coming weeks are Indian Phosphate Limited. The current active IPO is Rapid Multimodal Limited, Resourceful Automobile Limited, Ideal Technoplast Industries Limited, QVC Exports Lmited, Orient Technologies Limited.

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