Rapid Multimodal Logistics, a Chennai-based logistics services provider, has launched its initial public offering (IPO) on August 22, 2024. The IPO, categorized under the Small and Medium Enterprises (SME) segment, aims to raise ₹8.49 crore through the issue of 1,011,200 equity shares with a face value of ₹10 each. The price band has been set at ₹84 per share, representing 8.4 times the face value. Investors are required to purchase a minimum lot size of 1,600 shares, translating to a minimum investment of ₹1,34,400.
The company, known for providing tailored logistical solutions to the B2B sector, serves a diverse range of industries, including glass, plywood, paper, edible oil, gypsum boards, iron & steel, scraps, tiles, sanitary products, and the liquor industry. Despite a slight decline in revenue from ₹72.7 crore in FY23 to ₹71.8 crore in FY24, and a reduction in net profit from ₹2 crore to ₹1.79 crore over the same period, the company is poised for growth through this public offering.
The subscription window for the IPO will close on August 27, with the allotment of shares expected on August 28. Refunds to investors who do not receive shares will begin on August 29, and the shares are set to list on the BSE SME index on August 30. Gretex Corporate Services Limited is the book running lead manager, and Bigshare Services Pvt Ltd is the registrar for the issue.
This IPO represents a significant opportunity for investors looking to enter the growing SME segment, with Rapid Multimodal Logistics positioned as a key player in the logistics sector.