Committed Cargo Care IPO Receives Remarkable Response: Subscribed 87.78 Times Till Last Day
Committed Cargo Care IPO
Committed Cargo Care’s Initial Public Offering (IPO) has witnessed a remarkable surge in investor interest, reflecting the company’s potential and the confidence of the market in its future prospects.
As of the final day of subscription, the IPO has been oversubscribed by a staggering 87.78 times, underscoring the enthusiasm and demand among investors.
The IPO received an overwhelming response, with bids pouring in for a total of 26.99 crore equity shares, significantly surpassing the IPO size of 32.44 lakh equity shares.
Committed Cargo Care aimed to raise approximately Rs 24.98 crore through this IPO and had set a fixed price of Rs 77 per share.
The subscription window for this highly anticipated offering remained open from October 6th to October 10th.
Subscription Breakdown
The subscription data reveals a vivid picture of the investor appetite for Committed Cargo Care’s IPO:
- Retail Investor Enthusiasm: Retail investors showed substantial interest in the IPO, with the reserved portion for this category being oversubscribed by an impressive 78.73 times. This highlights the widespread appeal of Committed Cargo Care’s offering among individual investors looking to participate in the company’s growth journey.
- High Net Worth Individuals (HNIs): The category of High Net Worth Individuals displayed remarkable enthusiasm as well, subscribing to the IPO at a rate of 94.20 times. This demonstrates the confidence that high net worth individuals have in the company’s prospects and the potential for strong returns on their investments.
IPO Details
Committed Cargo Care’s IPO exclusively comprised new shares, totaling 32.4 lakh shares, each with a face value of Rs 10.
The company has communicated its intent to utilize the proceeds generated from the IPO to address its working capital requirements and for other general corporate purposes.
Investors were given the opportunity to bid for the IPO on a lot-wise basis, with each lot consisting of 1,600 shares. Retail investors were eligible to bid for a minimum of one lot and a maximum of one lot.
To participate in one lot, they were required to invest a total of Rs 1,23,200 (calculated as 1,600 shares x Rs 77 per share).
This structure allowed a broad range of investors to participate in the IPO, from individual retail investors to institutions.
About Committed Cargo Care
Committed Cargo Care stands as a prominent player in the logistics services sector, offering a wide range of services tailored to meet the diverse needs of its clients.
The company specializes in various aspects of logistics, including cargo and order management, international freight forwarding, courier services, customs brokerage, and cross-border movement solutions.
Its commitment to excellence and a customer-centric approach have contributed to its success and reputation in the industry.
The company’s strategic vision includes expanding its business footprint to cover all major metropolitan areas across the country.
This expansion plan reflects the company’s aspiration to tap into growing markets and capitalize on the increasing demand for logistics and related services in India.
Financial Performance
In the fiscal year 2023, Committed Cargo Care delivered strong financial results, further solidifying its position in the market.
The company reported a total revenue of Rs 122.22 crore, indicating robust top-line growth.
Additionally, it achieved a net profit of Rs 5.33 crore, reflecting the company’s ability to manage its operations efficiently and generate positive returns for its stakeholders.
Key Players in the IPO Process
In managing this IPO, Committed Cargo Care has enlisted the services of reputable financial institutions:
- Book-Running Lead Manager: FedEx Securities Private Limited has taken on the crucial role of the book-running lead manager for the IPO. As an established player in the financial industry, FedEx Securities brings its expertise and extensive network to ensure the success of the IPO.
- Registrar: BigShare Services Private Limited has been appointed as the registrar for this IPO. Registrars play a critical role in handling various aspects of the IPO process, including share allotment, refund processing, and maintaining investor records.
In conclusion, Committed Cargo Care’s IPO has witnessed an overwhelming response from the market, with subscription figures indicating strong investor confidence in the company’s future growth prospects.
The funds raised through this IPO will enable the company to bolster its operations and pursue its expansion plans, further solidifying its position as a leading player in the Indian logistics industry.
With a solid financial track record and a strategic vision for expansion, Committed Cargo Care is poised for an exciting future as it continues to serve the evolving needs of its clients and stakeholders.
