BSE SME Gconnect Logitech and Supply Chain jumps on debut

Shares of Gconnect Logitech and Supply Chain were quoting at Rs 44.10 on the BSE, a premium of 10.25% compared with the issue price of Rs 40.

The scrip was listed at Rs 42, a premium of 5% compared with the initial public offer (IPO) price. The stock is currently stuck at an upper limit of 5% over its listing price.

The counter hit a high of Rs 44.10 and a low of Rs 42. About 6.93 lakh shares of the company changed hands at the counter.

Gconnect Logitech and Supply Chain's IPO was subscribed 54.36 times. The issue opened for bidding on 26 March 2024 and it closed on 28 March 2024. The price of the IPO was fixed at Rs 40 per share. The shares will list on the BSE's SME platform.

The IPO comprised fresh issue of 14,01,000 shares. The promoter and promoter shareholding diluted to 47.85% from 76.76% pre-IPO.

The company intends to utilise the net fresh proceeds to purchase of vehicles and body building, finance the website development and app designing and general corporate purpose.

Gconnect Logitech and Supply Chain offers its services to other logistic companies, including surface logistic companies and to direct customers. The range of services offered by the company includes bulk load, Full Truck Load (FTL) service and dedicated load. It also provides dedicated load service, which includes multiple pick-ups and drops. The company has total 6 employees.

The company recorded revenue from operations of Rs 2.12 crore and net profit of Rs 0.22 crore for the period ended 30 September 2023.

Powered by Capital Market - Live News