Marinetrans India share hits lower circuit after listing at 15.4% premium on NSE

Marinetrans India shares have logged 8.56 lakh trade volume in first 13 minutes of share listing.

The public issue worth ₹10.92 crore opened for subscribers on 30th November 2023 and it remained open for bidding till 5th December 2023.  The company has said in its RHP that neet proceeds of the public issue will be used to pay for the following in order to meet its working capital needs, cover general corporate expenses, and pay for issue expenses in order to reap the benefits of being listed on the NSE Emerge Platform.

Listed peers of the company are Cargosol Logistics Ltd (with P/E of 8.56), Cargotrans Maritime Ltd (with P/E of 12.54), AllCargo logistics Ltd with P/E of 13.88), and Total Transport Systems Ltd (with P/E of 35.66), as per Red Herring Prospectus (RHP).

Marinetrans is a sea freight forwarding company. From its start as a goods forwarder, the business later grew to provide door-to-door delivery and third-party logistics (3PL) services to the logistics sector through unofficial agreements with service providers. The company offers a wide range of freight-related and transport management services to its clients, including freight forwarding, which handles both air and sea freight.

The business has a branch in Ahmedabad, Gujarat, and its headquarters are in Navi Mumbai, Maharashtra. Its main mode of operation for shipping cargo worldwide is through JNPT, Nhava Sheva, Mundra, Kandla, Chennai, Vizag, and other locations in India.

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Published: 08 Dec 2023, 10:21 AM IST