Repono IPO: GMP, Review & Listing Outlook

Repono Limited, a warehousing and logistics infrastructure company, opened its IPO for subscription on 28th July 2025, with strong market interest reflected in the grey market premium (GMP). As of Day 1, the GMP stands at ₹21 per share, indicating a potential listing price of ₹117 and an estimated listing gain of 21.87%.

The ₹26.68 crore IPO is entirely a fresh issue of 27.79 lakh shares, priced between ₹91 and ₹96 per share. The stock will list on BSE SME on 4th August 2025, and the IPO closes on 30th July 2025.

In this 2000-word in-depth analysis, we cover every key aspect of the Repono IPO—from fundamentals, GMP trends, and financial metrics to market expectations for Day 2 and investment recommendations.

Introduction: What is Repono?

Repono Limited is a growing player in the integrated logistics and warehousing sector. The company specializes in operating storage facilities, offering services like inventory handling, racking systems, and supply chain software. The firm’s solutions cater to FMCG, e-commerce, pharma, and auto sectors—positioning Repono as a promising SME stock in a booming logistics ecosystem.

Amid India’s push for infrastructure modernization under the PM Gati Shakti Plan and rising demand for organized warehousing, Repono’s IPO has garnered attention from retail and HNI investors.

IPO Details at a Glance

Note: Retail investors must apply for at least 2 lots, equivalent to ₹2.30 lakh, a higher entry point compared to mainboard IPOs.

Repono IPO GMP Trend (Grey Market Premium)

The grey market has shown growing confidence in the Repono IPO. Here’s how the GMP has moved:

The GMP has remained stable at ₹21 since 25th July, suggesting strong sentiment heading into Day 2. Analysts anticipate a solid subscription momentum in HNI and retail segments.

What May Happen on Day 2 (29th July 2025)?

Based on current trends and investor behavior:

1. Retail Category

• Day 1 saw strong initial interest but with ₹2.3 lakh minimum investment, retail participation may be steady but selective.

• Expected to be fully subscribed by Day 2 end.

2. HNI/NII Category

• High GMP and sector optimism will likely drive HNIs on Day 2.

• Subscriptions could cross 3x–4x.

3. QIB Category

• Institutions tend to bid on the final day but informal cues suggest moderate interest due to SME nature.

• Expected QIB bidding may pick up late on Day 3.

If GMP remains firm and Day 2 shows robust demand, the final day could lead to a subscription frenzy across categories.

Use of IPO Proceeds

Repono Limited plans to utilize the ₹26.68 crore raised as follows:

1. Capital expenditure for purchase of equipment:

   • Forklift

   • Hand pallet trolley

   • Reach stacker

2. Warehouse racking system setup – Enhancing storage capacity.

3. Software development – Creating a proprietary warehouse management system (WMS) for better inventory tracking.

4. Working capital infusion – Supporting order execution and receivables.

5. General corporate purposes – Branding, tech team expansion, and admin support.

Repono Limited Financial Performance

Revenue & Profit Trend (FY24 vs FY25)

Repono’s FY25 revenue jumped 51% YoY, while PAT grew by 23%, indicating strong operating leverage and business expansion.

Balance Sheet Indicators (Pre-IPO)

Post-issue, the EPS will be diluted to ₹5.01 and PE adjusted to 19.16x, which remains attractive compared to logistics peers.

Peer Comparison

Repono stands out with high RoNW and competitive PE, suggesting an efficient, profitable, and well-valued business model.

SWOT Analysis

✅ Strengths

• Explosive revenue growth of 51% YoY

• High return ratios: ROE at 44.22%, ROCE at 38.39%

• Focused on automation, software, and organized warehousing

• Attractive valuation in logistics segment

• Strong visibility due to infrastructure push in India

❌ Weaknesses

• Small size (under ₹100 Cr market cap)

• High entry price for retail investors (₹2.3 lakh minimum)

• Limited operating history in tech-based warehouse solutions

• SME IPOs tend to have low post-listing liquidity

IPO Registrar and Allotment Process

Registrar: Cameo Corporate Services Pvt Ltd
📩 Email: ipo@cameoindia.com
📞 Phone: +91-44-28460390

To check IPO allotment status after the IPO closes:

On BSE:

• Visit: bseindia.com/investors

• Select “Equity”

• Choose “Repono Limited”

• Enter PAN/application details

On Registrar’s Website:

• Visit cameoindia.com

• Navigate to IPO section

• Enter your application/PAN details

Investment Outlook

Short-Term (Listing Gains)

With ₹21 GMP and 22% listing gain estimate, investors can expect ₹50,000+ profit per application (2,400 shares x ₹21).

Conditions for this to hold:

• GMP remains above ₹18 through Day 3

• Strong subscription in HNI & retail categories

• No major market volatility

Long-Term

Repono is tapping into the organized warehousing transformation in India. If they execute tech and scale plans successfully, it could emerge as a solid logistics mid-cap in 3–5 years.

Investors with a 3–5 year horizon could see multibagger potential, but should monitor:

• Execution of software

• Warehouse expansion

• Client onboarding & retention

Expert Verdict

Conclusion

The Repono IPO offers a promising blend of profitability, growth, and market tailwinds in India’s rapidly evolving logistics sector. With a ₹21 GMP, robust financials, and focused objectives, it is well-positioned for a successful listing on 4th August 2025.

While high minimum investment may limit retail participation, those with capital and risk appetite may find this IPO a valuable addition to their SME portfolio. Day 2 subscriptions will likely set the stage for a strong final day.

Final Verdict:
✅ Apply for listing gains
✅ Consider for long-term in new-age logistics
❌ Avoid if liquidity and high capital outlay are concerns

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