Overview

• The Rs 410.71 crore, fully fresh issue is open Aug. 19–21 in a Rs 240–252 price band, with listing targeted for Aug. 26 on the BSE and NSE.
• On Aug. 18, the company allotted 48.89 lakh shares at Rs 252 to 15 anchor investors, raising Rs 123 crore, including allocations to Bank of India funds and Morgan Stanley Asia (Singapore).
• Grey‑market indications around Rs 24–26 suggest roughly 9–10% listing gains over the cap price, though these signals are unofficial.
• Of the proceeds, Rs 251 crore is earmarked to acquire Supramax dry‑bulk carriers from the secondary market, with Rs 23 crore for debt repayment and the balance for general purposes.
• For FY25, revenue was about Rs 610 crore and net profit about Rs 141 crore, while Anand Rathi estimates ~28.5x FY25 P/E at the upper band and advises 'Subscribe Long Term'.