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Committed Cargo Care Limited, a logistics firm specializing in import and export cargo, has announced the opening of its initial public offering (IPO) today, Friday. The company aims to raise Rs 24.95 crore by offering shares at a fixed price band of Rs 77 each. Bidding will remain open until Tuesday, October 10.
The IPO is managed by Fedex Securities Pvt Ltd and Bigshare Services Pvt Ltd. Investors interested in participating must apply for a minimum of 1,600 shares, translating to a minimum investment of Rs 1,23,200. The grey market premium (GMP) for the IPO is currently fluctuating between Rs 15-30.
The company’s financial performance for the fiscal year ending March 31, 2023, reported a revenue of Rs 122.22 crore, compared to Rs 146.12 crore in the previous fiscal year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for FY23 were recorded at Rs 7.38 crore, while profit after tax (PAT) stood at Rs 5.33 crore.
The proceeds from the IPO will be utilized for working capital needs and other corporate purposes. Committed Cargo Care Limited’s price-to-earnings (P/E) ratio stands at 10.94, in comparison with its peers Jet Freight Logistics Ltd, Total Transport Systems Ltd, and Tiger Logistics (India) Ltd.
The final allotment of shares is scheduled for October 13 with an expected listing on the Bombay Stock Exchange (BSE) on October 18. Investors can check their allotment status on both the BSE and Bigshare’s website.
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