Ashapura Logistics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2024 – 01 Aug 2024
- Listing date
- 06 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹144 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹52.66 Cr
- Market cap at offer price
- ₹195 Cr
- Promoter holding
- 92.45% → 67.51% pre-issue → post-issue
- ISIN
- INE0LAA01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- B-902 Shapath Hexa, Opp.High Court, S.G.Highway, Sola, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,40,000 | — | — |
| Market maker | 1,83,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹144
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,88,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,64,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.48 | 9.11 |
| P/E (×) | 11.54 | 15.81 |
| Price to book (×) | 2.18 | — |
| Market cap | — | ₹195 Cr |
Key performance indicators
- Return on net worth
- 18.92%
- ROCE
- 20.69%
- Debt / equity
- 0.63
- PAT margin
- 4.86%
- NAV per share
- ₹65.99
- Price to book
- 2.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ashapura Logistics
Ashapura Logistics Limited was incorporated as 'Ashapura Forwarders Private Limited' at Ahmedabad, Gujarat on April 02, 2002, converted into a public limited company in April 2021, and renamed 'Ashapura Logistics Limited' in January 2023. With over 20 years of operational experience and pan-India operations through 9 branch offices, it serves customers across industries including automotive, paper, textile and steel (marquee customers include Ford India Private Limited, Piramal Glass Private Limited, TT Steel Services Private Limited and JK Paper Limited). The company follows an 'asset-based' business model: as of March 31, 2024 it owned 250 commercial trucks (69 directly and 181 through material subsidiary Jai Ambe Transmovers Private Limited), 60 forty-foot containers, and operated 7 leased warehouses (~283,392 sq ft) across Gujarat, Maharashtra, Karnataka and Tamil Nadu, supplemented by hired vehicles from business partners. It has three subsidiaries — Jai Ambe Transmovers Private Limited (transportation), Ashapura Warehousing Private Limited (warehousing and distribution) and Amanzi International Private Limited (logistics solutions). In FY2024 it reported revenue from operations of ₹19,900.91 Lakhs and profit after tax of ₹1,235.71 Lakhs, with transportation contributing 53.81%, cargo handling 41.30%, warehousing 4.78% and coastal movement 0.10% of revenue; approximately 76% of revenue is derived from the state of Gujarat.
Company Analysis
from RHPAshapura Logistics Limited is an integrated logistics company in India providing cargo handling and freight forwarding, transportation (including project logistics and third-party logistics/3PL), warehousing and distribution, and other services including coastal movement.
Ashapura Logistics Limited was incorporated as 'Ashapura Forwarders Private Limited' at Ahmedabad, Gujarat on April 02, 2002, converted into a public limited company in April 2021, and renamed 'Ashapura Logistics Limited' in January 2023. With over 20 years of operational experience and pan-India operations through 9 branch offices, it serves customers across industries including automotive, paper, textile and steel (marquee customers include Ford India Private Limited, Piramal Glass Private Limited, TT Steel Services Private Limited and JK Paper Limited). The company follows an 'asset-based' business model: as of March 31, 2024 it owned 250 commercial trucks (69 directly and 181 through material subsidiary Jai Ambe Transmovers Private Limited), 60 forty-foot containers, and operated 7 leased warehouses (~283,392 sq ft) across Gujarat, Maharashtra, Karnataka and Tamil Nadu, supplemented by hired vehicles from business partners. It has three subsidiaries — Jai Ambe Transmovers Private Limited (transportation), Ashapura Warehousing Private Limited (warehousing and distribution) and Amanzi International Private Limited (logistics solutions). In FY2024 it reported revenue from operations of ₹19,900.91 Lakhs and profit after tax of ₹1,235.71 Lakhs, with transportation contributing 53.81%, cargo handling 41.30%, warehousing 4.78% and coastal movement 0.10% of revenue; approximately 76% of revenue is derived from the state of Gujarat.
Objects of the Issue
- Funding capital expenditure requirement towards purchase of trucks (Vehicles) and ancillary equipment (Equipment) — 30 commercial container trucks ₹1,502.05 Lakhs p.85
- Construction of warehouses at the company's facilities located at Mundra, Gujarat (proposed capacity of 65,000 sq ft) ₹1,639.82 Lakhs p.87
- Funding the incremental working capital requirement of the company ₹600.00 Lakhs p.92
- General Corporate Purposes (not to exceed 25% of Gross Proceeds) ₹ [●] p.96
- Public Issue Related Expenses ₹ [●] p.96
Issue Structure
- Total Issue
- 3657000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 3657000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●] – ₹ [●] per Equity Share (Floor Price and Cap Price not disclosed; Cap Price shall be at least 105% and not more than 120% of Floor Price)
- Lot Size
- [●] Equity Shares (minimum bid lot not disclosed)
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue through four business verticals: cargo handling income (loading/unloading of goods, customs clearance, and stuffing/unstuffing of containers at ports such as Mundra, Hazira, Pipavav, Kandla and JNPT and various ICDs); transportation income (road movement of goods using its owned fleet of 250 commercial trucks plus hired vehicles, acting as a goods transportation agency/logistics service provider under term contracts and spot enquiries); warehouse income (storage of domestic and EXIM cargo in leased warehouses); and other services including coastal movement. It relies on an 'asset-based' model wherein key assets such as commercial vehicles, containers and warehouses are owned or leased, and typically incorporates third-party service provider charges into the pricing of services offered to customers.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sujith Chandrasekhar Kurup | Promoter | 25.21% | 18.41% |
| Mrs. Chitra Sujith Kurup | Promoter | 67.24% | 49.10% |
| Ms. Arya Sujith Kurup | Promoter Group | Negligible | Negligible |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.