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The Rs 42.99 crore IPO, which was open for subscription from May 28 to May 30, was entirely a fresh issue of 31.85 lakh equity shares. The issue was oversubscribed by more than 9 times overall, indicating strong interest despite the lack of any grey market momentum.
Blue Water Logistics is engaged in providing logistics and supply chain solutions for liquid and bulk cargo, particularly catering to the petrochemical and oil industries. The company specializes in providing end-to-end services including transportation, storage, and distribution of liquid chemicals and petroleum products across India.
The funds raised through the IPO will be used to purchase tankers and containers, invest in working capital, repay borrowings, and for general corporate purposes. MUFG Intime India Private Limited (Link Intime) is the registrar to the issue, and the shares will be listed on NSE SME.
Despite the solid fundamentals and demand in the IPO, market observers remain cautious due to the flat GMP. The absence of a premium may reflect broader SME market sentiment or valuation concerns, and investors will be watching closely to see how the stock performs once listed.
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