Marinetrans India share price hits 5% lower circuit after listing at 15.4% premium on NSE SME exchange

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Marinetrans India IPO listing: Shares of Marinetrans India Limited listed on NSE SME Emerge platform at ₹30 per share levels, delivering 15.4% premium against the issue price of ₹26 per equity share. However, profit booking soon triggered and Marinetrans India share price hit 5 per cent lower circuit at ₹28.50 apiece levels within few minutes of stock listing. Marinetrans India shares have logged 8.56 lakh trade volume in first 13 minutes of share listing.

The public issue worth ₹10.92 crore opened for subscribers on 30th November 2023 and it remained open for bidding till 5th December 2023. The company has said in its RHP that neet proceeds of the public issue will be used to pay for the following in order to meet its working capital needs, cover general corporate expenses, and pay for issue expenses in order to reap the benefits of being listed on the NSE Emerge Platform. Listed peers of the company are Cargosol Logistics Ltd (with P/E of 8.56), Cargotrans Maritime Ltd (with P/E of 12.54), AllCargo logistics Ltd with P/E of 13.88), and Total Transport Systems Ltd (with P/E of 35.66), as per Red Herring Prospectus (RHP).

Marinetrans is a sea freight forwarding company. From its start as a goods forwarder, the business later grew to provide door-to-door delivery and third-party logistics (3PL) services to the logistics sector through unofficial agreements with service providers. The company offers a wide range of freight-related and transport management services to its clients, including freight forwarding, which handles both air and sea freight.