New Delhi, 24 February (HS): Tejas Cargo, a company providing supply chain transportation services, made a great entry in the stock market on Monday, but shortly after this, these shares fell under selling pressure. The company's shares were issued at a price of Rs 168. Today, it entered at a price of Rs 175 with a listing gain of 4.17 percent on the SME platform of the National Stock Exchange. However, shortly after listing, these shares fell to a price of Rs 168.

Tejas Cargo's Rs 105.84 crore IPO was open for subscription between February 14 and 15. This IPO received an average response from investors, due to which it was subscribed 1.15 times overall. In these, the reserve portion for Qualified Institutional Buyers (QIBs) was subscribed 1.33 times. Similarly, the reserve portion for non-institutional investors (NIIs) got 1.07 times subscription. Apart from this, the reserve portion for retail investors was subscribed 1.09 times.

Under this IPO, 63 lakh new shares with a face value of Rs 10 have been issued. The company will use the money raised through the IPO to purchase new trailers, repay old debt, meet working capital requirements and for general corporate purposes.

Talking about the financial position of the company, according to the claim made in the prospectus, it had a net profit of Rs 13.22 crore in 2023-24, while the company got a revenue of Rs 422.59 crore during this period. In the first half of the current financial year i.e. between April to September 2024, the company has made a net profit of Rs 8.75 crore. Similarly, during this period the company has earned a revenue of Rs 225.09 crore.

Hindusthan Samachar / Jun Sarkar