Shreeji Shipping Global lists at nearly 8% premium on exchanges
Shreeji Shipping Global kicked off its stock market journey on a high note this Tuesday, listing at nearly 8% above its issue price—₹271.85 on BSE and ₹270 on NSE.
The IPO ran from August 19-21, raising ₹411 crore with a minimum lot size of 58 shares.
The company specializes in dry bulk cargo shipping and logistics
Shreeji Shipping Global specializes in dry bulk cargo shipping and logistics, mainly working out of non-major ports along India's west coast and Sri Lanka.
As part of the Jamnagar-based Shreeji Group, it operates at various ports and jetties in India and Sri Lanka.
The company plans to buy new supramax dry bulk carriers
The company plans to spend ₹251.2 crore from the IPO proceeds to buy new supramax dry bulk carriers and use ₹23 crore to pay down debt.
Experts predict India's port cargo volume will grow by about 10.8% each year until FY30, which could positively impact Shreeji Shipping's future plans.