Iware Supplychain Services
Fixed Price issueSMENSE₹27.13 Cr issue
-10.47%
Listing gain over issue price
Issue size
₹27.13 Cr
1 lot at cut-off
₹1,14,000
Lot size
1,200shares
Open
28 Apr 2025
Close
30 Apr 2025
Allotment
02 May 2025
Listing
06 May 2025
Listing performance
Issue price
₹95
Listed at
₹85.05
Listing-day close
₹80.90
Latest price
₹360.15
Close on 23 Oct 2026
Listing gain
-10.47%
Return since issue
+279.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Apr 2025 – 30 Apr 2025
- Listing date
- 06 May 2025
- Face value
- ₹10 per share
- Issue price
- ₹95 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹27.13 Cr
- Market cap at offer price
- ₹102 Cr
- Promoter holding
- 100.00% → 73.35% pre-issue → post-issue
- ISIN
- INE1AII01014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GetFive Advisors Pvt.Ltd.
- Registered office
- 7 th Floor 707 Iscon Elegance, Nr.Jain Temple, Prahladnagar Cross Road, S.G.Highway, 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 |
|---|---|---|---|
| Market maker | 1,44,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,26,000 |
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.
Valuation and performance
Valuation at offer price
₹95 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.20 | 7.48 |
| P/E (×) | 9.31 | 12.70 |
| Price to book (×) | 4.61 | — |
| Market cap | — | ₹102 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 51.05%
- ROCE
- 30.34%
- Debt / equity
- 1.84
- PAT margin
- 9.34%
- NAV per share
- ₹20.59
- Price to book
- 4.61
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Iware Supplychain Services
Iware Supplychain Services Limited, incorporated on 17.01.2018 and converted to a public company on 27.11.2024, is an integrated pan-India logistics company operating through branch offices in Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi. With over 6 years of operational experience since inception and backed by promoters with combined experience of more than 20 years, the company provides five types of services: warehousing (including third-party logistics and Carrying & Forwarding Agent services), transportation, rake handling services, business auxiliary services, and rental income. The company operates a fleet of 47 vehicles and manages 13 warehouses across India. Revenue from operations grew from ₹4,355.45 lakhs in FY2023 to ₹8,582.25 lakhs in FY2025, with profit after tax increasing from ₹42.29 lakhs to ₹801.93 lakhs over the same period.
Company Analysis
from RHPIware Supplychain Services Limited is a pan-India logistics company providing integrated warehousing, transportation, rake handling, and business auxiliary services across multiple states.
Iware Supplychain Services Limited, incorporated on 17.01.2018 and converted to a public company on 27.11.2024, is an integrated pan-India logistics company operating through branch offices in Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi. With over 6 years of operational experience since inception and backed by promoters with combined experience of more than 20 years, the company provides five types of services: warehousing (including third-party logistics and Carrying & Forwarding Agent services), transportation, rake handling services, business auxiliary services, and rental income. The company operates a fleet of 47 vehicles and manages 13 warehouses across India. Revenue from operations grew from ₹4,355.45 lakhs in FY2023 to ₹8,582.25 lakhs in FY2025, with profit after tax increasing from ₹42.29 lakhs to ₹801.93 lakhs over the same period.
logistics and supply chainwarehousingthird-party logistics (3PL)transportation and freight forwardingcarrying and forwarding servicesrake handling services
Objects of the Issue
- Setting-up Industrial Shed at Chadvada Bhachau, Kutch, Gujarat ₹1,406.43 lakhs (51.84% of Gross Issue Proceeds) p.23
- Funding Working Capital Requirements ₹680.00 lakhs (25.06% of Gross Issue Proceeds) p.23
- General Corporate Purpose ₹386.77 lakhs (14.26% of Gross Issue Proceeds) p.23
- Capital expenditure requirement for the construction of new industrial shed ₹1,406.43 lakhs p.91
- Funding Working capital requirements ₹680.00 lakhs p.91
- General Corporate Purpose ₹386.77 lakhs p.91
Issue Structure
- Total Issue
- ₹2,713.20 lakhs (up to 28,56,000 Equity Shares of Face Value ₹10 each)
- Fresh Issue
- ₹2,713.20 lakhs (28,56,000 Equity Shares of Face Value ₹10 each)
- Offer for Sale
- Nil
- Price Band
- ₹95 per Equity Share (Issue Price is 9.5 times the face value)
- Lot Size
- Market lot and trading lot for the Equity Share is 1200 and in multiples of 1200 thereafter; subject to a minimum allotment of 1200 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through five service verticals: (1) Transportation income (64.41% of FY2025 revenue at ₹5,527.92 lakhs), (2) Warehouse income (13.62% at ₹1,168.90 lakhs), (3) Rake handling income (19.31% at ₹1,656.98 lakhs), (4) Business auxiliary services (0.38% at ₹32.46 lakhs), and (5) Rental income (2.28% at ₹195.98 lakhs). The company operates primarily on term contracts with customers in automotive, food and agro, FMCG, and technology sectors, acting as a Carrying and Forwarding Agent.
Business Segments
Transportation and freight forwarding services including carrying and forwarding agent services
Third-party logistics (3PL) and warehousing services including carrying and forwarding agent services
Rake handling services for rail-based logistics
Auxiliary services supporting logistics operations
Rental income from warehousing and logistics facilities
Third-party logistics and carrying & forwarding agent services for storage and supply chain management
Transportation services and carrying & forwarding agent services for movement of goods
Services related to handling of railway rakes
Auxiliary services to support logistics and supply chain operations
Rental income from leasing of property
Road Transport via own vehicle fleet of 47 vehicles (15 of 22-foot open body and 32 of 32-foot containers) with National Permits, and Rail Transport via rake handling services for bulk transportation
Warehousing and 3PL services managing 11 warehouses across 7 states (Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, Delhi) with total space of 8,04,466 sq. ft., providing storage and distribution solutions
Rail logistics services including customer request, indent filing, transportation to rake sidings, loading into wagons, unloading at destination, delivery to distributors, and proof of delivery
Specialized services for OEMs including assembly line operations at Karsanpura unit in Gujarat for receiving child parts, organization, assembly, and packing of components
Rental income from owned warehouses in Jhajjar, Haryana and leased land in Kutch, Gujarat
C&F charges income from carrying and forwarding of goods via rail transport
C&F charges income and warehousing management including 3PL services
Transportation income including carrying and forwarding services via vehicles
Business auxiliary services income
Rental income from warehouses and facilities
SWOT Analysis
Strengths
- • Pan-India logistics presence with 6+ years operational experience(p.20)
- • Diversified service offerings across multiple logistics segments(p.20)
- • Strong revenue growth trajectory(p.23)
- • Growing profitability and improving profit margins(p.23)
- • Established presence with over 5 years of operational history and long-standing client relationships(p.101)
- • Diverse service portfolio spanning warehousing, transportation, rake handling, business auxiliary services, and rental income(p.92)
- • Strong financial growth with revenue increasing 46.19% in FY2025 and PAT margin expanding to 9.34%(p.104)
- • High return on equity of 58.52% in FY2025 demonstrating efficient use of shareholder capital(p.104)
- • Diversified service portfolio across five logistics segments(p.120)
- • Experienced management with 20+ years in logistics sector(p.120)
- • Pan-India geographic presence with 7 operational states(p.120)
- • Fleet ownership providing control and reliability(p.120)
- • Strong revenue growth trajectory(p.122)
- • Warehouse capacity of 8+ lakh square feet(p.127)
- • Strong customer relationships enabling repeat business(p.123)
- • Improving profitability margins(p.122)
- • Established integrated pan-India logistics network across multiple service lines(p.230)
- • Experienced management team with 20+ years combined industry expertise(p.230)
- • Significant revenue growth of 46.18% YoY with expanding service portfolio(p.233)
- • Strong profitability improvement with PAT margin expanding to 9.31%(p.236)
- • Quality certifications and compliance systems in place(p.230)
- • Diversified customer base across multiple industries(p.230)
Weaknesses
- • Extreme customer concentration with top 5 customers representing 91.90% of revenue(p.32)
- • High operating expense ratio with Lorry hire charges consuming 36.04% of revenue(p.34)
- • Significant working capital requirements with trade receivables at 16.38% of revenue(p.40)
- • High debt dependency with total borrowings of ₹2,973.73 lakhs as of March 31, 2025(p.24)
- • Promoter and director involvement in competing logistics entities creating conflict of interest(p.39)
- • History of delayed regulatory and statutory compliance filings(p.41)
- • No long-term customer contracts exposing revenue to volatility(p.56)
- • Leased premises for registered office with no ownership security(p.31)
- • High debt-to-equity ratio of 1.84, indicating significant leverage and dependence on borrowed funds(p.104)
- • Heavy dependence on customers with head offices or parent companies outside India, creating foreign revenue concentration risk(p.59)
- • Significant trade receivables burden with 63 days collection period in FY2025, straining working capital(p.95)
- • Small scale with pre-IPO paid-up capital of only ₹786 lakhs and relatively low absolute profitability(p.63)
- • High customer concentration risk with top customer at 51% of revenue(p.121)
- • Top 5 customers represent 91.9% of total revenue(p.121)
- • Elevated debt-to-equity ratio limiting financial flexibility(p.122)
- • Limited scale compared to established logistics operators(p.120)
- • Dependence on leased warehouses and external assets(p.128)
- • High financial leverage with debt-to-equity ratio of 1.84(p.242)
- • Heavy dependence on few major customers for revenue generation(p.240)
- • Reliance on related party vendors for vehicle fleet and services(p.240)
- • Negative working capital position with current ratio of 1.29(p.226)
- • Significant portion of direct operating expenses leaves limited margin for operational flexibility(p.235)
- • Pending tax proceedings with uncertain liability crystallization(p.251)
- • Concentration of trade payables with few large creditors(p.251)
- • Significant debt obligations and interest burden(p.260)
- • Limited track record and unproven public market performance(p.260)
Opportunities
- • Indian logistics sector growth supported by government infrastructure initiatives(p.20)
- • Expansion of modern warehousing and technology-driven logistics solutions(p.20)
- • Geographic expansion beyond current operational states(p.34)
- • Planned warehouse expansion in Kutch using IPO proceeds(p.23)
- • Improving customer concentration risk with top 5 customers declining from 97.77% to 91.90%(p.32)
- • Expansion into new geographic markets and onboarding of new clients with flexible credit terms driving growth(p.96)
- • Indian logistics sector growing at 14.4% of GDP with organized sector representing only 10%, offering consolidation opportunity(p.116)
- • Warehousing market projected to grow at 15.64% CAGR from 2022-2027, reaching US$34.99 billion(p.117)
- • Government support through National Logistics Policy 2022 and multi-modal logistics parks infrastructure development(p.118)
- • E-commerce sector growth expected to drive warehousing demand with 27% sectoral share in 2021(p.117)
- • Expansion of warehousing and logistics sector as institutional investment priority(p.119)
- • Growing investor confidence in Tier II cities(p.119)
- • E-commerce industry driving sector growth(p.119)
- • Technology adoption opportunities in logistics(p.119)
- • Foreign direct investment opportunity with 100% FDI permit(p.119)
- • Fleet expansion strategy to reduce dependence on hired vehicles(p.125)
- • Expansion into new geographic markets(p.125)
- • Significant expansion opportunity in transportation services showing 86.12% growth(p.234)
- • Warehouse expansion to serve new clients and geographic markets(p.234)
- • Fleet expansion capability with recent addition of 22 vehicles demonstrating scalability(p.230)
- • Access to corporate promoter's resources to address supply constraints(p.231)
- • Improved operational efficiency demonstrated through cost optimization(p.237)
- • Listing on NSE Emerge platform with market making support(p.279)
- • Potential migration to NSE main board based on financial performance(p.278)
- • Capital raising for business expansion and working capital(p.258)
- • Positive operating cash flows and FCFE generation(p.261)
Threats
- • Intense competition from organized and unorganized logistics players(p.30)
- • Fuel price volatility significantly impacting transportation profitability(p.30)
- • Seasonality in logistics demand from FMCG and automotive customers(p.30)
- • Macroeconomic slowdown impact on logistics demand across sectors(p.36)
- • Dependence on road infrastructure vulnerable to natural disasters and disruptions(p.36)
- • Regulatory changes and compliance requirements becoming increasingly stringent(p.33)
- • Geographic concentration risk with 67.38% of revenue from Gujarat(p.34)
- • External dependency on third-party vehicle leasing affecting cost control(p.34)
- • Global economic slowdown and geopolitical risks affecting international customer demand and profitability(p.59)
- • Foreign exchange volatility and rupee depreciation impacting export competitiveness and repatriation of proceeds(p.60)
- • Regulatory changes and tax policy uncertainty creating compliance costs and operational disruptions(p.58)
- • Natural disasters, pandemics, and terrorism risks that could disrupt operations and customer businesses(p.61)
- • Infrastructure bottlenecks in India's developing logistics sector creating operational and cost challenges(p.61)
- • Intense competition from organized logistics players and fragmented unorganized sector consolidation(p.58)
- • Highly competitive fragmented logistics market(p.139)
- • Price competition as primary factor in tender awards(p.139)
- • Exposure to transportation damage claims and liabilities(p.131)
- • Damage during warehousing operations affecting service quality(p.128)
- • Regulatory compliance burden across multiple states(p.144)
- • Industry cyclicality and economic sensitivity(p.119)
- • Motor transport worker regulation compliance requirements(p.147)
- • Intense competition from established and new logistics operators(p.232)
- • Regulatory changes affecting logistics and transportation operations(p.232)
- • Exposure to fuel cost volatility and inflationary pressures on vehicle running costs(p.235)
- • Interest rate fluctuations affecting debt servicing costs on vehicle and warehouse loans(p.232)
- • Economic downturn and reduced logistics demand from FMCG and industrial sectors(p.232)
- • Motor vehicle accident liabilities and insurance cost pressures from fleet operations(p.249)
- • Dependence on regulatory approvals and licenses for business continuity(p.257)
- • Regulatory and compliance burden from multi-state operations(p.256)
- • Promoter litigation and pending tax disputes across jurisdictions(p.251)
- • Significant GST contingent liabilities(p.251)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Krishnakumar Jagdishprasad Tanwar | Promoter/Director | 0.01% | 0.01% |
| Rajnish Gautam | Promoter/Director | 0.01% | 0.01% |
| Inter India Roadways Private Limited | Promoter Group/Holding Company | 99.94% | 73.29% |
| Twinkle Tanwar | Promoter Group | 0.01% | 0.01% |
| Jagadish | Promoter Group | 0.01% | 0.01% |
| Kanta Krishnakumar Tanwar | Promoter Group | 0.01% | 0.01% |
| Taruna Gautam | Promoter Group | 0.01% | 0.01% |
| Krishnakumar Jagdishprasad Tanwar | Promoter | 0.01% | 0.01% |
| Rajnish Gautam | Promoter | 0.01% | 0.01% |
| Inter India Roadways Private Limited | Promoter | 99.94% | 73.29% |
| Twinkle Tanwar | Promoter Group | 0.01% | 0.01% |
| Jagadish | Promoter Group | 0.01% | 0.01% |
| Kanta Krishnakumar Tanwar | Promoter Group | 0.01% | 0.01% |
| Taruna Gautam | Promoter Group | 0.01% | 0.01% |
| Krishnakumar Jagdishprasad Tanwar | Promoter | 0.01% | 0.01% |
| Rajnish Gautam | Promoter | 0.01% | 0.01% |
| Inter India Roadways Private Limited | Promoter Group | 99.94% | — |
| Inter India Roadways Private Limited | Corporate Promoter/Holding Company | 99.94% | — |
| Krishnakumar Jagadishprasad Tanwar | Promoter/Managing Director | 0.01% | — |
| Rajnish Gautam | Promoter/Whole-Time Director | 0.01% | — |
Leadership
Krishnakumar Jagdishprasad Tanwar · Promoter/Director
Rajnish Gautam · Promoter/Director
Twinkle Tanwar · CEO
Gagan Verma · CFO
Shweta Sharma · 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.
Iware Supplychain Services IPO FAQs
What is the lot size of Iware Supplychain Services IPO?
The minimum lot size of Iware Supplychain Services IPO is 1,200 shares. One lot costs ₹1,14,000 at the cut-off price.
When does Iware Supplychain Services IPO open and close?
Iware Supplychain Services IPO opened for subscription on 28 Apr 2025 and closed on 30 Apr 2025.
What is the listing date of Iware Supplychain Services IPO?
Iware Supplychain Services IPO listed on 06 May 2025.