PNN
New Delhi [India], October 7: Pranik Logistics Limited, a prominent player in the logistics and warehousing sector, has announced the opening of its Initial Public Offering (IPO) on October 10, 2024. Founded in 2015, Pranik Logistics has emerged as a transformative force in India's Clearing and Forwarding industry. It delivers exceptional third-party Logistics solutions, including transportation, warehousing and freight forwarding, all supported by robust infrastructural capabilities.
The company is set to issue 29, 18,400 equity shares with a face value of Rs 10 each. The funds will support Pranik's growth plans, including investments in technology and capital expansion.
With the total issue size of 29, 18,400 equity shares, 1, 61,600 shares are reserved for market makers. The remaining 27, 56,800 shares will be available for public subscription. The allocation of the net issue will adhere to SEBI regulations, with 5, 55,200 shares being allocated for QIBs, 4, 14,400 shares for NIIs, and 9,66,400 shares for RIIs. This distribution aims to ensure broad participation from various investor categories in the offering.
Proceeds from the IPO will strengthen Pranik Logistics' working capital, develop its technology systems, and expand the company's fleet and warehousing capabilities. Additionally, the company plans to improve its logistical infrastructure, further bolstering its services for the automotive, engineering, consumer durables, and retail industries. A portion of the funds will also be allocated for general corporate purposes, providing the company with the flexibility to meet various business needs.
Narnolia Financial Services Limited is the book-running lead manager for the Issue, and Maashitla Securities Private Limited is the registrar for the issue.
Pranav Kumar Sonthalia, Managing Director of Pranik Logistics Limited, expressed, "This IPO is a crucial step forward for Pranik Logistics as we look to enhance our capabilities in providing seamless logistics solutions across India. The funds raised will allow us to make strategic investments in technology, expand our fleet, and increase our warehousing footprint. We are confident that this capital will enable us to scale efficiently and meet the growing demand in the logistics industry."
Vipin Aggarwal, Director (Investment Banking Division) of Narnolia Financial Services, shared, "Pranik Logistics has demonstrated robust growth in an evolving logistics landscape. Their commitment to operational excellence and innovation positions them as a leader in the sector. We are proud to partner with Pranik Logistics for this IPO and believe this is a great opportunity for investors to join the company's ambitious growth journey."
For more information, visit www.pranikgroup.com
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)