Integrated logistics services company Committed Cargo Care Ltd said it has set the price for its Rs 24.95 crore initial share sale at Rs 77 apiece. The issue will open on Friday and conclude on October 10, and the shares will be listed on the EMERGE platform of the National Stock Exchange (NSE), the company said in a statement on Wednesday.

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The Initial Public Offering (IPO) is purely a fresh issuance of up to 32.4 lakh equity shares at a face value of Rs 10 each. Proceeds from the issue will be utilised for meeting working capital requirements and for general corporate purposes. Investors can bid for a minimum of 1,600 equity shares in the public issue and in multiples of 1,600 equity shares thereof, the company said.

”The funds raised through this IPO will be instrumental in strengthening our working capital, enabling us to continue our mission of seamless cargo management, both nationally and internationally,” Committed Cargo Care Ltd Director & CEO Nitin Bharal said.

The company is a leading provider of comprehensive logistics services. Its core competencies lie in cargo and order management, international freight forwarding, courier, custom brokerage, and seamless cross-border movement.

It plans to expand operations to all major metros across the country. In FY23, the company recorded total revenue of Rs 122.22 crore, and profit after tax of Rs 5.33 crore. Fedex Securities Pvt Ltd is the book-running lead manager, while Bigshare Services Pvt Ltd is the registrar for the IPO.