Brace Port Logistics
Book Building issueSME₹24.41 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹24.41 Cr
1 lot at cut-off
₹1,28,000
Lot size
1,600shares
Open
19 Aug 2024
Close
21 Aug 2024
Allotment
22 Aug 2024
Listing
26 Aug 2024
Listing performance
Issue price
₹80
Listed at
₹152
Listing-day close
₹159.60
Latest price
₹56
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
-30.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Aug 2024 – 21 Aug 2024
- Listing date
- 26 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹80 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹24.41 Cr
- Market cap at offer price
- ₹90.41 Cr
- Promoter holding
- 96.04% → 70.11% pre-issue → post-issue
- ISIN
- INE0R4Z01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- A-182, Mahipalpur Extension, 5, Road No 4, Mahipalpur, New Delhi
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 | 5,37,600 | — | — |
| Market maker | 1,55,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹80
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,28,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,24,000 |
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.
Shares allocated
5,37,600
Anchor portion
₹4.30 Cr
at ₹80 per share
Valuation and performance
Valuation at offer price
₹80 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.93 | 4.33 |
| P/E (×) | 13.49 | 18.48 |
| Price to book (×) | 4.79 | — |
| Market cap | — | ₹90.41 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.52%
- ROCE
- 47.05%
- Debt / equity
- 0.04
- PAT margin
- 8.89%
- NAV per share
- ₹16.69
- Price to book
- 4.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Brace Port Logistics
Brace Port Logistics Limited is an Indian logistics company incorporated on November 7, 2020, and converted to a public limited company on August 7, 2023. The company provides ocean cargo logistics services to clients across various economic sectors and offers value-added services including air freight, warehousing facilities, special cargo services, and custom clearance services. Operating at a worldwide level with an extensive global network through group companies and holding company, Brace Port Logistics caters to clients globally and provides cross-border shipment facilities. As of March 31, 2024, the company generated revenue from services of ₹5,500.43 lakhs with a net worth of ₹1,377.18 lakhs.
Company Analysis
from RHPBrace Port Logistics Limited is a service-based logistics company providing ocean cargo logistics, air freight, warehousing, special cargo, and custom clearance services globally.
Brace Port Logistics Limited is an Indian logistics company incorporated on November 7, 2020, and converted to a public limited company on August 7, 2023. The company provides ocean cargo logistics services to clients across various economic sectors and offers value-added services including air freight, warehousing facilities, special cargo services, and custom clearance services. Operating at a worldwide level with an extensive global network through group companies and holding company, Brace Port Logistics caters to clients globally and provides cross-border shipment facilities. As of March 31, 2024, the company generated revenue from services of ₹5,500.43 lakhs with a net worth of ₹1,377.18 lakhs.
LogisticsSupply Chain ManagementOcean Cargo LogisticsAir Freight ServicesWarehousingCustom Clearance
Objects of the Issue
- Working Capital Requirements ₹1,610.00 lakhs p.24
- General corporate purposes p.24
- Funding the working capital requirement of our Company Rs. 1,610.00 lakhs p.90
- General corporate purposes [●] p.90
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (Up to 30,51,200 Equity Shares of face value of Rs. 10/- each)
- Fresh Issue
- Up to 30,51,200 Equity Shares of face value of Rs. 10/- each fully paid up, aggregating up to Rs. [●]
- Offer for Sale
- NIL
- Price Band
- [●] to [●] per Equity Share (to be determined and advertised)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company earns revenue through providing ocean cargo logistics services and value-added services including air freight, warehousing facilities, special cargo services, and custom clearance services. It operates as a third-party logistics provider, relying on independent third parties to provide freight services (truck, rail, ocean, and air) and delivery information. The company also generates revenue through international operations and cross-border shipment facilities.
Business Segments
Primary business of providing ocean cargo logistics services to clients operating in various sectors of the economy
Provision of air freight, warehousing facilities, special cargo services and custom clearance services
Provides customs clearance, shipping company coordination, cargo onboarding, and documentation services for marine shipments
Provides customs clearance, shipping coordination, cargo onboarding, and documentation services for air freight shipments
Transportation of goods by ships across oceans and seas through full container loads (FCL) and less-than-container loads (LCL), including customs clearance, port handling, and inland transportation to final delivery location.
Transportation of goods via aircraft including booking cargo space, managing customs and documentation, arranging pickup and delivery, and providing real-time tracking. Includes dedicated air cargo and belly cargo movement.
Storage of goods in designated facilities with inventory management, security, order fulfillment, value-added services including labeling and repackaging, and cross-docking to minimize storage time.
Specialized services including RORO (Roll-In Roll-Out) movement for vehicles, handling of medical equipment and oxygen concentrators, cross-border shipments, and project cargo movement.
Provides ocean cargo logistics services including freight forwarding, customs clearance, container management, and cross-border shipment facilities for goods transported via vessels.
Provides air cargo logistics services including air freight forwarding, customs clearance, and cross-border air shipment facilities for goods transported via aircraft.
Provides warehousing facilities, custom clearance services (CHA agreements), special cargo handling, and other logistics support services.
SWOT Analysis
Strengths
- • Established pan-India and global network through 102 agents with diversified geographic reach(p.144)
- • Strong long-term client relationships with top 10 customers accounting for 67-84% of revenue(p.144)
- • Leadership team with over 20+ years of industry expertise in logistics(p.144)
- • Comprehensive service offerings across ocean, air, warehousing, and specialty logistics(p.142)
- • ISO certifications demonstrating quality and safety standards compliance(p.143)
- • Technology-integrated services through proprietary ERP system Cargo Dash(p.146)
- • Strong relationships with leading carriers enabling favorable commercial terms(p.146)
- • Diversified customer base across multiple sectors including pharma, auto, retail and e-commerce(p.145)
- • Experienced management with 20+ years industry expertise(p.256)
- • Strong global network across 60+ countries(p.221)
- • Pan-India and global network serving diverse industries(p.256)
- • Diversified service offerings including air freight, ocean freight, warehousing and CHA(p.221)
- • Technology-enabled unified systems approach(p.221)
Weaknesses
- • High customer concentration risk(p.31)
- • Reliance on third-party service providers for cargo delivery(p.32)
- • Unregistered trademark obtained through assignment(p.32)
- • High working capital requirements concentrated in trade receivables(p.37)
- • Negative cash flow from investing and financing activities(p.38)
- • Significant related party transactions(p.39)
- • Rented premises for registered office(p.39)
- • Regulatory non-compliance history including delayed statutory filings(p.42)
- • Dependence on Indian financial infrastructure and market stability(p.56)
- • Exposure to Indian stock exchange volatility and trading disruptions(p.57)
- • Vulnerability to foreign investor restrictions limiting capital raising(p.57)
- • Reliance on Indian sovereign credit rating affecting financing costs(p.57)
- • Revenue decline of 22% from FY 2022-23 (Rs. 7,045.35 Cr) to FY 2023-24 (Rs. 5,500.43 Cr)(p.143)
- • High concentration of business with top 10 customers representing 67.34% of FY24 revenue(p.144)
- • High concentration of suppliers with top 10 suppliers contributing 80.39% of revenue in FY24(p.146)
- • Asset-light model with no owned warehouses, requiring dependency on promoter company facilities(p.161)
- • Limited employee base of only 25 employees as of July 18, 2024(p.162)
- • Inadequate insurance coverage for third-party liability and transportation risks(p.164)
- • Heavy dependence on top 10 suppliers for 80% of services(p.257)
- • High customer concentration with top 5 clients generating 48% of revenue(p.264)
- • No direct control over transportation assets and service delivery(p.264)
- • Reliance on third parties for service delivery causing operational risk(p.264)
- • Significant debt obligations with long-term borrowings(p.235)
- • Significant dependence on working capital financing from banks(p.270)
- • High leverage with restrictive debt covenants limiting operational flexibility(p.276)
- • Multiple promoter-related litigation pending across various courts(p.282)
- • Promoter tax proceedings with significant outstanding amounts(p.286)
Opportunities
- • Growing logistics demand for supply chain services(p.23)
- • Expanding customer base beyond top 10 customers(p.31)
- • Global network expansion across multiple countries(p.23)
- • Value-added services portfolio expansion(p.23)
- • Strong government support through National Logistics Policy 2022 focused on integration and modernization(p.165)
- • Indian express industry expected to grow at CAGR of 15%+ with market size reaching $10 billion by 2025(p.140)
- • Indian logistics market expected to grow from $215 billion (FY20) to $320 billion by FY25(p.130)
- • E-commerce growth driving B2C logistics with tier-2 and tier-3 cities emerging as major drivers(p.138)
- • Make in India initiative and PLI schemes driving domestic manufacturing and logistics demand(p.138)
- • Infrastructure development with Bharat Mala, DFCs and Sagarmala project creating logistics efficiency gains(p.129)
- • Organized logistics players capturing larger market share with 75% of express industry controlled by organized players(p.127)
- • Coastal shipping growth with government initiatives targeting 250 MTPA by 2025(p.131)
- • Rising demand for value-added services in logistics becoming necessity rather than luxury(p.138)
- • Expansion of customer base with potential to grow market share(p.257)
- • Leverage existing customer relationships to cross-sell services(p.257)
- • Potential for margin expansion through service pricing optimization(p.257)
- • Opportunity to enhance expertise and market position in core verticals(p.257)
- • Revenue growth from expanding customer base evidenced by 314 customers in FY23(p.268)
Threats
- • Intense competition from larger logistics players(p.45)
- • Foreign exchange rate fluctuation risk(p.37)
- • Political instability and economic policy changes in India(p.53)
- • Terrorist attacks and civil unrest affecting business(p.53)
- • Regulatory and tax law uncertainty and changes(p.54)
- • GST implementation complexity and compliance burden(p.54)
- • Global financial instability contagion effects(p.55)
- • Volatility in Indian securities markets affecting share price(p.56)
- • Global economic and political uncertainty impacting business performance(p.57)
- • Risk of natural and man-made disasters disrupting operations(p.58)
- • Geopolitical instability affecting investor sentiment and stock price(p.58)
- • Risk from civil unrest and adverse social events in India(p.58)
- • Global recession risk and supply chain shocks impacting logistics market performance(p.125)
- • Intense competition in B2B express segment with new entrants causing margin erosion(p.128)
- • Blurring gap between express and non-express segments as major industry challenge(p.140)
- • Lack of skilled manpower as critical constraint for express logistics sector growth(p.140)
- • Limited availability of first-mile and last-mile partners affecting service delivery(p.140)
- • Higher logistics costs in India compared to developed countries limiting competitiveness(p.129)
- • Road freight dominance at 60% creating underutilization of alternative modes(p.130)
- • Anticipated consolidation reducing number of express players from current 1000 active players(p.141)
- • Volatile container and freight prices due to international commodity markets(p.265)
- • Significant revenue decline from container price collapse(p.265)
- • Intense competition in logistics industry with price pressures(p.258)
- • Dependence on customers' renewal of service contracts(p.258)
- • Exposure to macro-economic fluctuations in India(p.259)
- • Exposure to inflation affecting service costs and margins(p.272)
- • Credit risk from customer non-payment(p.272)
- • Interest rate risk affecting debt service obligations(p.272)
- • Liquidity risk in meeting financial obligations(p.272)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Skyways Air Services Private Limited | Corporate Promoter | 69.98% | — |
| Sachin Arora | Promoter | 21.00% | — |
| Rishi Trehan | Promoter | 3.00% | — |
| Yash Pal Sharma | Promoter | 1.03% | — |
| Tarun Sharma | Promoter | 1.03% | — |
| Skyways Air Services Private Limited | Promoter | 69.98% | [●] |
| Sachin Arora | Promoter | 21.00% | [●] |
| Rishi Trehan | Promoter | 3.00% | [●] |
| Yash Pal Sharma | Promoter | 1.03% | [●] |
| Tarun Sharma | Promoter | 1.03% | [●] |
| Sachin Arora | Promoter & Managing Director | 21.00% | — |
| Rishi Trehan | Promoter & Whole Time Director | 3.00% | — |
| Yash Pal Sharma | Promoter | 1.03% | — |
| Tarun Sharma | Promoter | 1.03% | — |
| Yash Pal Sharma | Promoter | 1.03% | — |
| Tarun Sharma | Promoter | 1.03% | — |
| Sachin Arora | Promoter | 21.00% | — |
| Rishi Trehan | Promoter | 3.00% | — |
| Skyways Air Services Private Limited | Promoter Group | 69.99% | — |
Leadership
Yash Pal Sharma · Chairman
Sachin Arora · Managing Director
Radhakrishnan Pattiyil Nair · Chief Financial Officer
Megha Verma · Company Secretary and Compliance Officer
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.
Brace Port Logistics IPO FAQs
What is the lot size of Brace Port Logistics IPO?
The minimum lot size of Brace Port Logistics IPO is 1,600 shares. One lot costs ₹1,28,000 at the cut-off price.
When does Brace Port Logistics IPO open and close?
Brace Port Logistics IPO opened for subscription on 19 Aug 2024 and closed on 21 Aug 2024.
What is the listing date of Brace Port Logistics IPO?
Brace Port Logistics IPO listed on 26 Aug 2024.