The Iware Supplychain Services Limited IPO has opened for subscription starting 28th April 2025 and will close on 30th April 2025. This IPO is a fixed price issue and consists of a fresh issuance of 28,56,000 shares aggregating up to ₹27.13 crores. Post subscription, the shares are set to be listed on the NSE SME platform on the tentative listing date of 6th May 2025.
IPO Snapshot:
| Details | Information |
|---|---|
| IPO Open Date | 28th April 2025 |
| IPO Close Date | 30th April 2025 |
| Allotment Date | 2nd May 2025 |
| Refund Initiation | 5th May 2025 |
| Listing Date | 6th May 2025 |
| Issue Price | ₹95 per share |
| Face Value | ₹10 per share |
| Market Makers | 1,44,000 shares |
| Lot Size | 1,200 shares |
| Minimum Investment | ₹1,14,000 |
| Registrar | Kfin Technologies Limited |
| Issue Size | ₹27.13 crores |
| Listing At | NSE SME |
| Fresh Issue | 28,56,000 shares |
| Total Dilution | 26.65% |
About Iware Supplychain Services Ltd.
Founded in 2018, Iware Supplychain Services Limited is an integrated logistics solutions provider offering:
- Warehousing
- Transportation
- Rake handling
- Business auxiliary services
The company boasts a Pan-India presence, leveraging technology and strategic partnerships to provide reliable and sustainable supply chain solutions.
Strengths:
- Strategic alliances with major industries
- Technology-backed solutions
- Strong focus on sustainability
- Asset-light model reducing risk exposure
Clientele: Iware serves a diversified customer base across manufacturing, retail, automotive, and e-commerce sectors.
Financial Performance
| Financial Metrics | FY23 | FY24 | FY25 (Projected) |
|---|---|---|---|
| Revenue (₹ Cr) | 43.72 | 58.77 | 86.11 |
| Profit After Tax (₹ Cr) | 0.42 | 4.17 | 8.02 |
| Total Assets (₹ Cr) | 39.47 | 46.81 | 56.93 |
| Debt (₹ Cr) | 27.33 | 25.34 | 29.74 |
| Reserves & Surplus (₹ Cr) | 3.99 | 8.16 | 8.33 |
Highlights:
- Revenue grew 46.5% YoY.
- PAT doubled with 92.34% growth.
- Strong asset base expansion.
- Debt to Equity ratio improving over years, ensuring financial discipline.
Technical Analysis
| Indicator | Value |
|---|---|
| PE Ratio | 9.31 (Pre-IPO), 12.69 (Post-IPO) |
| PB Ratio | 4.61 |
| EPS | 10.20 (Pre-IPO), 7.48 (Post-IPO) |
| RoNW | 51.05% |
| ROE | 58.52% |
| ROCE | 30.34% |
| PAT Margin | 9.34% |
| Market Cap (Post-Listing) | ~₹101.8 crores |
Additional Metrics:
- Debt-to-Equity Ratio (Post IPO): ~0.45x
- Current Ratio: 1.56x, indicating decent liquidity.
Grey Market Premium (GMP) Trends
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain % |
|---|---|---|---|---|
| 23-25 April 2025 | ₹95 | ₹0 | ₹95 | 0% |
As of the last update (25th April 2025), there is no GMP movement, suggesting a flat listing if sentiment does not improve.
Peer Comparison
| Company | Revenue (₹ Cr) | PE Ratio | EPS (₹) | RoNW % |
|---|---|---|---|---|
| Iware Supplychain Services Ltd. | 86.11 | 9.31 | 10.2 | 49.54 |
| Pranik Logistics Ltd. | 22.49 | 12.73 | 7.54 | 35.56 |
| Shreeji Translogistics Ltd. | 66.70 | 16.74 | 2.33 | 32.64 |
Analysis: Iware has higher revenue, better profitability metrics, and lower valuation multiples than peers, indicating relatively better value for investors.
Promoters & Holdings
| Particulars | % Holding |
|---|---|
| Pre-IPO Promoter Holding | 100% |
| Post-IPO Promoter Holding | 73.35% |
Promoters include Krishnakumar Jagdishprasad Tanwar, Rajnish Gautam, and Inter India Roadways Pvt Ltd.
Purpose of the IPO
The IPO proceeds (₹27.13 crores) are aimed to be utilized for:
- Construction of new industrial sheds at strategic locations.
- Strengthening working capital to expand warehousing and transportation capacity.
- Investing in IT infrastructure for enhanced operational efficiency.
- General corporate purposes including brand building and strengthening marketing activities.
Pros & Cons
Pros:
- Rapid revenue and PAT growth.
- Strong ROE, ROCE, and RoNW indicators.
- Pan-India integrated logistics capabilities.
- Strategic use of technology in operations.
- Expanding client base.
Cons:
- Low current GMP implies muted listing enthusiasm.
- SME IPOs usually have lower liquidity.
- Rising borrowings could pressure financials if not managed well.
- Competitive industry dynamics.
Expert Opinion & Investment Strategy
Expert View: Most analysts have given a “Subscribe with Caution” rating considering strong financial fundamentals but flat GMP movement. If subscribed, investors must be prepared for a medium- to long-term horizon instead of betting solely on listing gains.
Brokerage Recommendations:
- Univest: Moderate Subscribe (Long Term)
- HEM Securities: Positive Outlook (Mid-Term)
- Indsec Research: Subscribe for Growth Investors
Ideal For:
- Long-term investors seeking growth stocks in the logistics sector.
- Investors comfortable with SME volatility.
Risk-Averse Investors: May skip considering the flat GMP and illiquidity concerns on SME platforms.
Aggressive Investors: Can take a calculated exposure given the company’s robust financials and promising growth.
How to Apply for Iware Supplychain IPO
- Research Thoroughly: Review GMP trends, financials, and subscription status.
- Open or Use an Existing Demat Account: Through platforms like Zerodha, Upstox, Angel One, Univest, or others.
- Apply via UPI or Net Banking ASBA: Choose ‘IPO’ section and select ‘Iware Supplychain Services Limited’.
- Approve UPI Mandate: Complete the mandate approval promptly.
- Wait for Allotment: Allotment status will be available on Kfin Technologies and NSE websites after 2nd May 2025.
How to Check Allotment Status
- Registrar (Kfin Technologies) Website: Search under IPO allotment.
- NSE Website: Select “Equity”, then “Iware Supplychain Services Limited”.
- Input PAN/Application No: To get real-time allotment updates.
Conclusion: Should You Invest?
The Iware Supplychain Services IPO presents a decent opportunity for investors who believe in India’s logistics sector growth story. Despite the current lack of GMP momentum, the company’s fundamentals are solid, with an attractive valuation compared to peers.
If you are a long-term investor with a moderate risk appetite, applying could be worthwhile. However, purely listing gain seekers should be cautious.
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