27 Jul 2017

SME IPO Total Transport Systems subscribed 2.76 times on Day 1

Source: Indiainfoline
The initial public offering (IPO) of the Total Transport Systems, a logistics company, was subscribed 2.76 times by investors on the first day of its subscription.
The company has issued 3.78 million shares at a fixed price of Rs 45 per share of face value of Rs 10 each, including premium of Rs 35 per share. The issue opened on Tuesday and will close on Friday, July 28, 2017. Sarthi Capital Advisors is the sole lead manager for the issue.
Subscription from both the high net worth individuals (HNI) and qualified institutional buyers (QIB) was reported at 2.77 times, while retail portion was subscribed 3.05 times by Tuesday evening. HNI Investor Mukul Agarwal took up 4.75% stake in the company.
The company’s offers almost everything in logistics business keeping a focus on business activities like consolidation of export cargoes, deconsolidation of import cargoes, full container loads and air freight from India to worldwide destinations. TTSL’s major clients include Reliance Group, Tata Group and DHL among others.
On the financial front, the company reported revenue of Rs 210 crore and a net profit of Rs 6 crore in the last fiscal.