Overview

• The Rs 410.71 crore book-built issue, an all-fresh offer priced at Rs 240–252 a share, is open Aug 19–21 with a planned listing on Aug 26.
• Ahead of opening, 48.89 lakh shares were placed at Rs 252 with 15 anchor investors to raise about Rs 123 crore, including allocations to Bank of India Mutual Fund and Morgan Stanley Asia.
• By 11:54 a.m. on day one, the offer was subscribed 0.53% overall, with retail at 0.72%, NIIs at 0.77% and no QIB bids yet.
• Proceeds are earmarked chiefly for acquiring Supramax dry-bulk carriers (about Rs 251 crore), with a portion for debt repayment and general corporate purposes.
• Grey-market quotes implied roughly a 10–12% premium even as research notes cited a fully priced issue at about 28.5x FY25 earnings, with views ranging from subscribe for the long term to neutral.