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Sixth Sense India Opportunities II, promoted by former IDFC Securities star equity analyst Nikhil Vora, has fully subscribed to the anchor portion of the SME IPO of AVG Logistics. The fund has invested ₹9.41 crore, which accounts for the entire anchor investment portion and 28.47 per cent of the total issue size.
The company has proposed to issue 30.90 lakh equity shares to raise ₹33.06 crore in a price band of ₹105-107 a share. The minimum lot size is 1,200 equity shares. The issue opens on Wednesday and closes on April 3. It will be listed on the Emerge Platform of the NSE. Systematix Corporate Services is the Book Running Lead Manager.
AVG Logistics, a warehousing and transportation services provider to leading multinationals and Indian corporates, plans to use the funds raised to set up new warehousing facilities at Agartala and Mysuru and for working capital requirements.
The company owns 264 vehicles including trucks, reefer containers, bulkers and has 3.54 lakh sq ft of warehousing space. It registered marginal increase in revenues at ₹195 crore in FY17 against ₹192 crore logged in FY16. In the first six months of FY18, its revenue was at ₹103 crore.
Sanjay Gupta, Managing Director & CEO, said the company has an extensive network of 49 branches across 23 States and plans to expand its networks in more cities, besides adding own fleet of vehicles and warehousing space to cater to more number of customers and routes.
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