NSE SME Premier Roadline makes a firm debut

Shares of Premier Roadline were quoting at Rs 91.35 on the NSE, a premium of 36.34% compared with the issue price of Rs 67.

The scrip was listed at Rs 87, a premium of 29.85% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 91.35 and a low of Rs 87. About 23.96 lakh shares of the company changed hands at the counter.

Premier Roadlines' IPO was subscribed 78.23 times. The issue opened for bidding on 10 May 2024 and it closed on 14 May 2024. The price band of the IPO was fixed at Rs 63 - 67 per share.

The IPO comprised fresh issue of 60,24,000 shares. The promoter and promoter shareholding dilute to 73.65% from 100% pre-IPO.

The company intends to utilise the net proceeds for repayment and/ or pre-payment of certain borrowings availed by the company, purchase of vehicle for commercial purpose, to meet working capital requirement and general corporate expenses.

Ahead of the IPO, Premier Roadlines raised Rs 11.48 crore on 9 May 2024. The board allotted 17.14 lakh shares at Rs 67 per share to seven anchor investors.

Premier Roadlines are engaged in providing logistics solutions to businesses, particularly surface transportation of goods ranging from 1 MT to 250 MT. It provides general transport services, project logistics, and over dimensional/overweight cargo movements on a Pan India basis to customers. We mainly serve B2B customers under the Contract Logistics division, who have requirement to transport bulk quantities of their goods from one place to another within India As on March 31, 2024, the company has 214 permanent full-time employees.

The company recorded revenue from operations of Rs 174.16 crore and net profit of Rs 8.74 crore for the period as on 31 January 2024.

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