Sadhav Shipping shares list at 42% premium on NSE SME
Sadhav Shipping debuted with a premium of 42% on the NSE SME platform on Friday. The stock listed at Rs 135 as against an offer price of Rs 95.
Ahead of the listing, the company's stock traded with a premium of Rs 30 in the unlisted market.
The IPO, which is entirely a fresh equity issue of 40.18 lakh shares, received a healthy response from investors. The issue was booked 135 times at close, driven by strong interest from other investors.
The net proceeds from the public offer will be used for repayment of debt, funding capex, working capital requirements and general corporate purposes.
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Mumbai-based Sadhav Shipping was incorporated in 1996 with an objective to own and operate marine assets to service ports, coastal logistics and other port maritime related services.
Currently, the company owns and operates 24 vessels that includes 19 owned vessels and 5 rented vessels, in various sectors of maritime trade in India.
With modern dynamic positioning offshore fleet and dedicated onboard and shore crew the company had said it is committed to provide best in class services to its clients.
The company was the first to set up and operate India’s port based Tier 1 Oil Spill Response Centre in Mumbai and are now operating in most of the major ports in India.
The barges playing in Coastal and Inland Waterways also operate for transportation or lighterage of cargo. The company further operates and manages port crafts
