New Delhi, October 8(HS): Logistics services provider Om Freight Forwarders Limited made a lacklustre debut on the stock market today, leaving its IPO investors with substantial losses. Issued at ₹135 per share, the company’s stock opened on the BSE at ₹82.50 — a 39% discount — and at ₹81.50 on the NSE.

Following initial buying support, the price briefly surged to the day’s upper circuit limit of ₹86.60. However, even at that level, first-day trading translated into a loss of 35.85% for IPO participants.The ₹122.31 crore IPO was open for subscription from September 29 to October 3, garnering a modest overall subscription of 3.88 times.

The Qualified Institutional Buyers’ (QIB) category was subscribed 3.97 times, Non-Institutional Investors (NII) 7.39 times, Retail Investors 2.77 times, and Employees just 0.57 times. Of the offering, fresh equity worth ₹24.44 crore (face value ₹10) was issued, along with 72.50 lakh shares via the Offer for Sale route.

Proceeds from the fresh issue are earmarked for acquiring commercial vehicles and heavy equipment, meeting working capital needs, and general corporate purposes.Financial disclosures show fluctuating profitability.

Net profit stood at ₹27.16 crore in FY 2022–23, fell sharply to ₹3.63 crore in FY 2023–24, and rebounded to ₹21.19 crore in FY 2024–25. Revenue grew at a compound annual growth rate (CAGR) of over 17%, reaching ₹494.05 crore in FY 2024–25.

Debt levels rose significantly — from ₹7.53 crore at the end of FY 2022–23 to ₹24.47 crore in FY 2023–24, and further to ₹26.95 crore in FY 2024–25. Reserves and surplus increased steadily from ₹139.24 crore in FY 2022–23 to ₹173.47 crore in FY 2024–25.

Hindusthan Samachar / Jun Sarkar