GConnect Logitech shares debut at 5% premium on NSE SME platform

The issue, which was completely a fresh equity sale of 14.01 lakh shares, received a subscription over 50 times on strong interest from retail investors.

The net proceeds from the public offer will be used for purchase of vehicles, finance the website development and app designing as well as other general corporate purposes.

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The company is engaged in the business of providing surface logistics services such as goods transport services with a primary focus in Gujarat. It offers services to other logistic companies, including surface logistic companies and also direct customers.

The range of services offered include bulk load, full truck load (FTL) service and dedicated load. Under bulk load, it provides bulk transportation service to large sized companies through their transport contractors, full truck load service to retailers

GConnect primarily serves transport contractors and direct customers from a broad range of industries such as metals, fabrics, FMCG, auto components, chemicals and pharmaceuticals.

It also operates under an asset light model, thus engaging with third parties for its operations such as vehicles. As of October 2023, it has arrangements with truck owners having over 20 vehicles of different sizes and carrying capacity.

The Indian logistics industry is growing, due to a flourishing e-commerce market and technological advancement. The sector is predicted to account for 14.4% of the GDP, as per the RHP.

For the six months ended September 2023, the company recorded revenues of Rs 2.12 crore and net profit of nearly Rs 23 lakh.

Fedex Securities acted as the lead manager to the issue and was the registrar.