Zeal Global Services IPO: Subscription status on day 1, and other key details here

livemint.com:

₹103 per equity share and the share will be listed on the NSE SME exchange Wednesday, 9 August. Zeal Global Services IPO plans to raise ₹36.46 crore. The company plans to use the issue's proceeds to pay for the following things: working capital needs, investments in subsidiaries for company growth, partial debt repayment, general corporate purposes, and issue expenditures.

Zeal Global Services IPO share allotment will take place on Friday, 4 August. Those allotted shares will get them in their Demat accounts on Tuesday, 8 August. The refund process for those who did not get shares will begin on Monday, 7 August.

Zeal Global Services Limited, a company founded in 2014, specialises in providing logistical solutions for the air cargo industry. The business has its headquarters in Delhi and also provides its services in other places. The business acts as a GSSA, or general sales and service agent, as well as an airline's sales partner in the area.

Also Read: Zeal Global Services IPO: Air cargo logistics company ZGSL sets sights on SME IPO Zeal Global Services IPO was subscribed 66% on day 1 so far. The issue received positive response from retail investors who's portion set was subscribed 38%, and non-institutional buyers who's portion set was subscribed 94%, at 17:00 IST, according to data on chittorgarh.com. The company has received bids for 22,16,400 shares against 3,540,000 shares on offer, according to data on chittorgarh.com.

“The company is operating in a competitive segment that has no entry barriers. It has posted window-dressed performances for the last 22 months to pave the way for fancy pricing of the IPO. Based on super earnings of 10M FY23 the issue appears fully priced discounting all near-term positives.