Om Freight Forwarders IPO listing: Shares of Om Freight Forwarders witnessed a weak debut in the Indian stock market on Wednesday, October 8, as they listed at a massive discount to their initial public offering (IPO) price.
Om Freight Forwarders share price listed at ₹81.50 on the National Stock Exchange (NSE), down 39.63% or ₹53.50, as against its issue price of ₹135. At the same time, on the BSE, Om Freight Forwarders shares debuted at ₹82.50, a discount of 38.89% or ₹52.50 to the IPO price.
Om Freight Forwarders IPO listing was much below expectations as signaled by the latest grey market premium (GMP). Ahead of the stock market debut today, Om Freight Forwarders IPO GMP was – ₹3, suggesting a discounted debut at 2% to the issue price.
Om Freight Forwarders IPO Details
The tepid listing followed a decent subscription for the IPO. Om Freight Forwarders IPO was booked 3.88 times at the end of the bidding period, garnering bids for 3,07,09,482 shares as against 79,16,945 shares on offer.
The qualified institutional buyers (QIB) quota was subscribed 3.97 times, the non-institutional investors (NII) part was booked 7.39 times and the retail portion saw 2.77 times subscription. However, the employee segment did not sail through, receiving only 0.57 times bids.
The IPO, which ran for bidding from September 29 to October 3, was a mix of fresh issue of up to ₹24.43 crore and an offer for sale of up to 72,50,000 shares.
Om Freight Forwarders IPO price band was set at ₹128-135 per share. Investors could apply for the IPO in lots of 111 shares, requiring an investment of at least ₹14,985 at the upper end of the price band.
The allotment for Om Freight Forwarders IPO was finalised on October 6, with credit of shares done on October 7.
Smart Horizon Capital Advisors is the book-running lead manager to the offer.
(This is a developing story. Check back for updates.)