IPO Watch: Mumbai-based Om Freight Forwarders files DRHP for IPO with SEBI. Details here | Stock Market News
Source: Live Mint
IPO Watch: Mumbai-based logistics and freight firm Om Freight Forwarders Limited filed its draft red herring prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI), to raise funds from the Indian stock market.
Om Freight Forwarders is a logistics and freight company with offices in China, Hong Kong, the UK (Europe), and Singapore. According to its official website, it caters to more than 700 national and international destinations worldwide, providing them with end-to-end logistics, legal, warehousing, and distribution solutions.
Om Freight Forwarders IPO
Om Freight Forwarders, through a book-built issue, is offering a combination of fresh issue of equity shares and an offer-for-sale (OFS) component. The company aims to raise ₹25 crore from the fresh issue of shares with the face value of ₹10 apiece.
The company is offering 72,50,000 or 72.50 lakh equity shares at a face value of ₹10 per share as the offer-for-sale component for the promoters selling stakeholding.
The total amount of the public issue remains undisclosed in the draft red herring prospectus.
According to the DRHP data, Rahul Jagannath Joshi, Harmesh Rahul Joshi, and Kamesh Rahul Joshi are the promoters selling shareholders in the IPO.
The company aims to use the proceeds from the public issue to fund ₹16.643 crore of capital expenditure needs related to purchasing commercial vehicles and heavy equipment. The remaining money raised from the stock markets will be used for general corporate purposes.
Smart Horizon Capital Advisors Pvt. Ltd is the book-running lead manager for the public issue, while Bigshare Services Pvt. Ltd is the registrar for the offer.
Om Freight Forwarders Financials
According to the DRHP filing data, Om Freight Forwarders made a net profit of ₹13.224 crore as of the July to September quarter in the financial year 2024-25.
As of the end of the 2023-24 fiscal, the net profit was ₹10.345 crore, compared to ₹27.158 crore in the financial year 2022-23. The net profits as of the end of the 2021-22 fiscal were ₹9.211 crore, as per the draft papers.
The logistics and freight company’s revenue from core operations was at ₹250.285 crore as of September 30, 2024, as Om Freight Forwarders’ net worth was at ₹164.716 crore as of the July to September quarter in the financial year 2024-25.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
