IPO Update: Ritco Logistics opens for subscription

The initial public offering (IPO) of Ritco Logistics Limited opens for subscription on BSE, on Monday, January 28. The company is an integrated logistics solution provider with pan-India presence.

The IPO is for equity shares totalling upto 66,00,000, of face value Rs. 10 each. The IPO consists of a fresh issue of 50,00,000 and an offer for sale (OFS) of 16,00,000 equity shares. The OFS includes 8,30,000 shares of Sanjeev Elwadhi and 7,67,000 shares of Manmohan Chadha, the company's promoters and selling shareholders. The price range for the issue is Rs. 71.00-73.00 per share. The minimum lot size is 1,600 equity shares.

The company plans to use the net proceeds of the fresh issue for warehouse development, fleet upgradation, technology upgradation, besides funding working capital need and general corporate purposes, according to the company's Red Herring Prospectus (RHP). The company plans to raise Rs. 23 crore.

Ritco Logistics Limited is a diversified supply chain solutions company that is engaged in providing a range of goods transport service including Contract Logistics, Bulk load, Less than Truck Load (LTL), Full Truck Load (LTL) and Fleet Rental Services. The company is among the largest mover of dry products from various mines in the country as well as a leading transporter in petrochemical products. It also serves textile, FMCG and pharma industry.

The IPO will close at 5.00 p.m on January 30. The book running lead managers (BRLM) of the issue is Pantomath Capital Advisors and the sponsor bank is HDFC Bank.