Brace Port Logistics IPO Soars: Subscribed 48x on Day 1 – Check Subscription Status, GMP, and More!

The initial public offering (IPO) of Brace Port Logistics, a company specializing in ocean cargo logistics, opened for subscription on August 19, and was met with high demand, being subscribed over 48 times on the first day.

About Brace Port Logistics

Established in November 2020, Brace Port Logistics provides a range of services including ocean cargo logistics, air freight, warehousing, specialized cargo handling in foreign countries, international delivery, and customs clearance.

IPO Subscription Status

On the first day, the company received 12.06 crore applications for the 25.13 lakh shares available, leading to a subscription rate of over 48 times. The retail category was subscribed 81.41 times, the non-institutional investors’ category was subscribed 29.03 times, and the Qualified Institutional Buyers (QIB) category received a 6.59 times subscription.

IPO Details

The IPO will remain open for subscription from August 19 to August 21. The offering is a book-built issue valued at ₹24.41 crore, with a fresh issue of 30.51 lakh shares. The price band has been set at ₹76 to ₹80 per share. Share allotment is expected to be finalized on August 22, and the listing is scheduled for August 26 on the NSE SME platform.

Holani Consultants Private Limited is the lead book manager for this IPO, and Link Intime India Private Ltd is the registrar. Holani Consultants is also acting as the market maker for the issue.

IPO Grey Market Premium (GMP)

In the grey market, Brace Port Logistics shares are trading at a premium of ₹92, suggesting a potential listing price of ₹172, which is 115% higher than the issue price of ₹80. The grey market premium reflects investors’ willingness to pay more than the issue price for these shares.