Iware Supplychain lists at 10% discount on NSE SME, misses GMP estimates

Iware Supplychain IPO listing today: Shares of integrated logistics company Iware Supplychain Services made a muted debut on the NSE SME platform on May 6. Iware Supplychain shares listed at ₹85.05 per share on the NSE, reflecting a discount of ₹9.95 per share or 10 per cent against the issue price of ₹95 per share.

 

Iware Supplychain listing was below the grey market expectations. Ahead of the listing, the unlisted shares of Iware Supplychain were trading at ₹97 per share, commanding a grey market premium (GMP) of ₹2 or 2.11 per cent over the issue price, according to sources tracking unofficial market activity.

 

 

Iware Supplychain IPO details

The ₹27.13 crore SME IPO comprises an entirely fresh issue of 2.85 million shares. There is no offer for sale (OFS) component. The public issue opened for subscription on Monday, April 28, 2025, and ended on Wednesday, April 30, 2025. The basis of allotment of shares was finalised on Friday, May 2, 2025. 

 

The issue received a decent response from investors, getting oversubscribed by 2.96 times. The retail investors portion was oversubscribed by 3.28 times, followed by non-institutional investors (NIIs) at 2.65 times.  Kfin Technologies is the registrar of the issue. GetFive Advisors is the sole book-running lead manager. 

 

According to the red herring prospectus (RHP), the company aims to utilise ₹14.06 crore from the net issue proceeds for setting up an industrial shed at Chadvada Bhachau, Kutch, Gujarat and ₹6.80 crore to meet working capital requirements. The remaining funds will be used for general corporate purposes.  

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About Iware Supplychain Services

Incorporated in 2018, Iware Supplychain Services offers pan-India logistics services including warehousing, transportation, rake handling services, business auxiliary services and rental income. The company operates through its various offices located in the states of Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana and Delhi. It owns a fleet of 47 vehicles, each with a National Permit. It serves clients across industries including FMCG, auto components, sanitary ware etc. 

  In the fiscal year 2024-25 (FY25), Iware Supplychain Services’ revenue from operations grew 46 per cent year-on-year (Y-o-Y) to ₹85.82 crore from ₹58.7 crore in FY24. It reported a profit after tax (PAT) of ₹8.01 crore in FY25, up 92 per cent from ₹4.16 crore in the previous fiscal.