Committed Cargo Care IPO Begins with a Share Price of Rs. 77

In FY23, the company recorded total revenue of Rs 122.22 crore, and profit after tax of Rs 5.33 crore.

Integrated shipping 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 end 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.

The Initial Public Offering (IPO) is simply a fresh issue of up to 32.4 lakh equity shares at a face value of Rs 10 each. Proceeds from the issue will be utilized for meeting working capital needs and for general company uses. Investors can bid for a minimum of 1,600 equity shares in the public offer 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 top source of complete transportation services. Its main strengths lie in cargo and order management, foreign freight handling, courier, custom exchange, and smooth cross-border movement. It hopes to grow operations to all big metros across the country.

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In FY23, the company reported total sales 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 agent for the IPO.

Source: Money Control

Committed Cargo Care

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