Iware Supplychain shares to list today. GMP suggests muted listing ahead

Synopsis

Iware Supplychain Services is acceptable to debut connected the BSE SME level with humble expectations, indicated by a grey marketplace premium of Rs 2. The IPO, aiming to rise Rs 27 crore, was subscribed 3 times. The company, an integrated logistics subordinate with warehousing and proscription services, reported revenues of Rs 85.82 crore and a nett of Rs 6.

Iware Supplychain Services volition marque its banal marketplace debut contiguous connected the BSE SME platform. Ahead of its listing, the institution was commanding a humble grey marketplace premium (GMP) of Rs 2 per share, indicating muted but affirmative listing expectations. The IPO, which aimed to rise Rs 27 crore done a caller contented of 28.56 lakh shares, was subscribed conscionable 3 times.

The tepid involvement successful the IPO was successful enactment with humble responses astir of the SME issues received this year.

Company overview

Incorporated successful 2011, Ahmedabad-headquartered Iware Supplychain is an integrated logistics subordinate offering warehousing, third-party logistics (3PL), transportation, rake handling, and auxiliary manufacturing services. It manages implicit 8 lakh quadrate feet of warehousing abstraction crossed Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi.

The institution besides owns a fleet of 47 vehicles and operates concern auxiliary services specified arsenic sub-assembly for OEMs astatine its Karsanpura installation successful Gujarat. With a lawsuit database spanning FMCG, edible oil, and location appliances, Iware positions itself arsenic a one-stop proviso concatenation spouse for pan-India operations.

Financials

For the twelvemonth ended March 2025, Iware posted revenues of Rs 85.82 crore and a nett aft taxation of Rs 6.02 crore, reflecting a dependable maturation trajectory. The institution reported a PAT borderline of 7%, with a debased debt-to-equity ratio of 0.38x. However, astir 36% of its operational gross was spent connected lorry prosecute charges, highlighting a cost-intensive concern model.

Its geographic attraction -- with implicit 67% of revenues coming from Gujarat -- could airs risks successful the lawsuit of determination slowdowns. Moreover, with 41% of full expenses tied to lorry hire, immoderate spike successful substance oregon freight costs whitethorn wounded margins.

While the warehousing and logistics assemblage continues to pull capitalist involvement owed to argumentation enactment and sectoral tailwinds, Iware’s reliance connected determination contracts, rising operational costs, and humble subscription figures suggest the banal whitethorn spot a level to humble premium connected debut.

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