Shreeji Shipping Global's Rs 411-cr IPO gets subscribed 58.10 times

New Delhi, Aug 21 (PTI) The initial share sale of Shreeji Shipping Global Ltd received 58.10 times subscription on the closing day of bidding on Thursday.

The initial public offer (IPO) got bids for 66,27,99,002 shares against 1,14,08,600 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) received 110.41 times subscription. The category for non-institutional investors fetched 72.70 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 21.94 times.

The Rs 411-crore initial share sale of Shreeji Shipping Global Ltd received 2.13 times subscription on the first day of the share sale on Tuesday.

Shreeji Shipping Global Ltd on Monday mobilised more than Rs 123 crore from anchor investors.

The initial public offering has a price band of Rs 240-252 per share.

Shreeji Shipping Global's IPO is entirely a fresh issue of 1.63 crore equity shares with no offer-for-sale (OFS) component.

The company is planning to use Rs 251.2 crore out of the IPO proceeds for the acquisition of dry bulk carriers in the supramax category in the secondary market, and Rs 23 crore for repaying debt.

The flagship company of Jamnagar-based Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India.

Beeline Capital Advisors Pvt Ltd and Elara Capital (India) Pvt Ltd are the book-running lead managers to Shreeji Shipping's public issue. PTI SUM SUM MR