New Delhi, May 6 (KNN) Iware Supplychain Services experienced a muted market entry on May 6, with shares listing at Rs 85.05 on the NSE Emerge platform, reflecting a 10.47 percent discount from its initial public offering (IPO) price of Rs 95 per share.

This underwhelming debut contrasts sharply with pre-listing expectations, as unlisted shares had been trading at a Rs 2 premium in the grey market according to Investorgain data.

Despite the lukewarm listing, the Gujarat-based logistics company had garnered reasonable investor interest during its subscription period, with the issue being oversubscribed 2.86 times.

Retail investors demonstrated particularly strong support, subscribing 3.28 times their allocated portion, while non-institutional investors subscribed 2.75 times their reserved segment.

The company’s initial public offering aimed to raise Rs 27.13 crore at Rs 95 per share.

Iware Supplychain had indicated that proceeds from the IPO, excluding offer expenses, would be directed toward constructing new industrial facilities, meeting working capital requirements, and general corporate purposes.

Founded in 2018, Iware Supplychain Services operates across multiple Indian states including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, providing warehousing, transportation, rake handling, and business auxiliary services.

(KNN Bureau)