Shares of of Arvind and Company Shipping Agencies made an impressive debut on Wednesday, October 26, listing at a 77.78% premium over its IPO price of ₹45. The stock opened at ₹80 and went on to hit a day's high of ₹84 on the NSE SME platform.

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Ahead of its listing, the stock of Arvind and Company commanded a premium of ₹18 in the grey market, implying a listing price of ₹63.

The IPO received a decent response from investors as it was subscribed 359.62 times. Retail investors bought 321.96 times the allotted quota, while the portion reserved for high net-worth individuals was subscribed 436.15 times.

The company raised ₹14.74 crore through the public offer. The IPO consisted entirely a fresh issue of 32.76 lakh shares and there was no offer-for-sale component.

Most of the fresh issue money will be utilised for the capital expenditure of the company, and the remaining amount will be used for general corporate purposes and public issue expenses.

Beeline Capital Advisors Pvt Ltd acted as the book-running lead manager to the issue, while Skyline Financial Services Private Ltd was the registrar. The market maker for Arvind and Company Shipping Agencies IPO was Spread X Securities.

Company overview

Incorporated in September 1987, Arvind and Company Shipping Agency is situated in Gujarat's Jamnagar. The company is in the business of carrying and forwarding agents. The company operates in vessels like Cargo Barges, Flat Top Barges, Crane Mounted Barges, Hopper Barges, Spud Barges and tugs for Cargo.

The company mainly provides services related to Marine Vessels and Ancillary equipment and supplies equipment to multinational corporations. It has also expanded its business horizon by entering into the hospitality business with Hotel Millennium Plaza and Hotel 999.

Arvind and Company Shipping Agency Limited has over 15 employees and has completed more than 850 projects.

The company's revenue surged by 153.77% and profit after tax (PAT) increased by 246.15% between the financial year ending with March 31, 2023 and March 31, 2022.