The initial public offering (IPO) of Cargosol Logistics opened for subscription on Wednesday and will close on September 30. On the first day, the IPO received cumulative bids for 21.04 lakhs shares at Rs 28, according to the latest data available on the BSE.

In the Rs 7.168 crore-SME IPO, the company will issue 27 lakh equity shares at a face value of Rs 10 at an issue price of Rs 28, including a premium of Rs 18 per equity share.

According to the draft prospectus, the proceeds of the issue shall be to purchase vehicles for a commercial purpose; purchase containers for expansion of the non-vessel owning common carrier division; meet working capital requirements; general corporate purpose and meet issue-related expenses.

Investors can bid for a minimum lot of 4,000 shares in the offer. The shares of Cargosol Logistics will list on the BSE. Post the issue, promoters holding in the logistics firm shall stand at 73.52 per cent.

Hem Securities is the lead manager of the issue, while Link Intime is the registrar.

Headquartered in Mumbai, Cargosol Logistics is a complete 3 PL (third-party logistics) service provider, delivering end-to-end solutions in the logistics and supply chain domain involving transport operations, owning and operating containers, sea and air freight, transportation, warehousing, custom clearance services and handling of project cargo.

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