Om Freight Forwarders in upper circuit after 35% fall on listing day

Shares of Om Freight Forwarders Ltd. are locked in a 5% upper circuit on Thursday, October 9, after listing at a steep discount to its issue price a day earlier.

The stock currently trades 5% higher at ₹90.9, after having ended its trading debut with losses in excess of 35%.

Om Freight Forwarder shares listed at a discount on Wednesday in comparison to its issue price of ₹135 and remained at those listing levels through the day. At the day's low, the stock was down 40% at ₹81.5.

Om Freight Forwarders’ ₹122.3-crore initial public offering (IPO) received a subscription of 3.87 times during its issue period from September 29 to October 3. The shares were offered in the range of ₹128 to ₹135 apiece.

The IPO attracted bids for 3.06 crore shares against the 79.17 lakh shares available, as per consolidated data from the NSE.

The IPO comprised a fresh issue of up to ₹24.43 crore and an offer for sale of up to 72.5 lakh shares by promoters Rahul Jagannath Joshi, Kamlesh Rahul Joshi and Harmesh Rahul Joshi.

Of the total funds raised, about ₹17.15 crore will be allocated towards capital expenditure, primarily for the acquisition of commercial vehicles and heavy equipment, while approximately ₹4.08 crore has been earmarked for general corporate purposes.

Among investor categories, the non-institutional investor (NII) segment was subscribed 7.39 times, while the qualified institutional buyer (QIB) portion saw a 3.97 times subscription. The retail investor category was subscribed 2.75 times.

Before the issue opened to the public, the company had mobilised ₹15.9 crore through its anchor investor round.

Shares of Om Freight Forwarders are trading 5% higher ₹90.9.