Arvind and Company Shipping Agencies, a commercial barge service provider under the Arcadia group, is set to launch its initial public offering (IPO) on Thursday, October 12, 2023. The IPO, managed by Beeline Capital and Skyline Financial, will involve a fresh issue of 32.76 lakh shares priced at ₹45 each. This issuance is expected to aggregate to ₹15 crore.
Investors will have the opportunity to bid for at least 3,000 shares per lot. Half of this offering has been reserved for retail investors. The IPO will close on Monday, October 16, with share allotment scheduled for Thursday, October 19. The company plans to list on the National Stock Exchange’s Small and Medium Enterprises (NSE SME) platform on Wednesday, October 25.
The proceeds from the IPO will be used to meet capital expenditure needs and for other corporate purposes. Arvind and Company Shipping Agencies’ decision to go public comes following a successful fiscal year in 2023. The company reported revenue and net profit of ₹8.4 crore and ₹3.4 crore, respectively.
