Sadhav Shipping Ltd Share Price – NSE

Shipping, Small Cap

Sadhav Shipping will hold a meeting of the Board of Directors of the Company on 30 March 2024.

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The scrip was listed at Rs 135, a premium of 42.11 % compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 141.75 and a low of Rs 135. About 25.77 lakh shares of the company changed hands at the counter.

Sadhav Shipping's IPO was subscribed 120.72 times. The issue opened for bidding on 23 February 2024 and it closed on 27 February 2023. The price of the IPO was set at Rs 95 per share.

The company intends to utilize the net proceeds for repayment/prepayment, in part or full of certain outstanding borrowings availed by the company, part funding of capital expenditure to purchase/ acquire additional boats/ vessels, additional working capital requirements and general corporate purposes.

Sadhav Shipping is engaged in the business of operate marine assets to service ports, coastal logistics and other port maritime related services. The company owns and operates 24 vessels that include 19 owned vessels and 5 rented vessels, in various sectors of maritime trade in India. The company has developed strong customer base in the sector and is providing its services to leading companies which includes ONGC, Mumbai Port Authority, Pradip Port Authority, Bhabha Atomic Research Centre, Shipping Corporation of India, New Mangalore Port Authority, Deendayal Port Authority (Kandla/Vadinar), Jawaharlal Nehru Port Authority (JNPA ),BPCL, Gujarat Police, JSW Ports and more. As on 31 March 2023, the company has 421 employees.

The company recorded revenue from operations of Rs 33.68 crore and net profit of Rs 4.06 crore for the period as on 30 September 2023.

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