Investors placed bids for 2.83 crore shares out of the 79.17 lakh shares available, making Om Freight Forwarders‘ Rs 122.31-crore offering 3.58 times subscribed at 3:09 pm on the last day of bidding.
Om Freight Forwarders Ltd.‘s initial public offering (IPO) saw robust interest as it approached its final hours of bidding on Friday. According to combined statistics from the NSE and BSE, the Rs 122.31-crore public offering had subscribed 3.58 times by 3:09 pm, with investors placing bids for 2.83 crore shares out of the 79.17 lakh shares available.
NIIs’ strong reaction
With a 6.75-fold subscription rate, non-institutional investors (NIIs) have been the driving force behind Om Freight Forwarders‘ first public offering (IPO). Individual investors sought for more than 69 lakh shares, which led to the high-value section of bids over Rs 10 lakh attracting 6.49 times subscription. The “Others” sub-segment brought in 2.75 lakh shares, while corporate investors contributed 4.47 lakh shares.
Demand was 7.28 times higher for the smaller NII sector, which includes bids between Rs 2 lakh and Rs 10 lakh. The 41.61 lakh bids in this case were from individual individuals, with minor contributions from corporations and other investors.
Retail hunger increases and QIBs continue to participate steadily.
QIBs, or qualified institutional buyers, subscribed 3.97 times their allotted amount. International institutional investors placed bids for 14.82 lakh shares, with 38.36 lakh shares falling under the “Others” subcategory. Thus far, there have been no proposals from mutual funds or domestic financial institutions.
With a 2.49 times subscription rate, the retail individual investor (RII) category shown better traction. More than 83.6 lakh of the 1.09 crore offers that were received were put at the cut-off price, with 25 lakh of those bids being price-specific.
With just 2.33 lakh bids submitted out of 4.5 lakh shares available, the employee reserve continued to exhibit little interest, leading into a 0.52-fold subscription.
IPO specifics and subsequent actions
The Om Freight Forwarders IPO, which began accepting subscriptions on September 29 and ends at 5 p.m. today, includes an offer to sell 72.5 lakh shares valued at Rs 97.88 crore and a new issuance of 18.1 lakh shares totaling Rs 24.44 crore. There is a lot size of 111 shares available, and the price range for each equity share is Rs 128–135 per share. Retail investors must apply with a minimum investment of Rs 14,985 at the top end.
From the pre-issue basis of 3.19 crore shares, the company’s total ownership would increase to 3.37 crore shares after the offer. The book-running lead manager is Smart Horizon Capital Advisors Pvt. Ltd., while the registrar is Bigshare Services Pvt. Ltd.
It is anticipated that the basis for share allocation will be finalized on October 6 and that the equity shares would be listed on the NSE and BSE on October 8.