Iware Supplychain Services IPO - Day 3 Subscription at 1.10 Times

Iware Supplychain Services' initial public offering (IPO) has shown steady progress through its three-day subscription period. The ₹27.13 crore IPO has witnessed consistent growth in demand, with subscription rates advancing from 0.40 times on day one, improving to 0.91 times on day two, and reaching 1.10 times by 11:10 AM on the final day, demonstrating solid investor interest in this pan-India integrated logistics company that provides comprehensive supply chain management solutions including warehousing, transportation, rake handling services, and business auxiliary services.

Iware Supplychain Services IPO retail segment leads with 1.49 times subscription, while non-institutional investors approach full subscription at 0.71 times, reflecting growing investor confidence in this company that operates across multiple states including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi with a fleet that has grown from 15 vehicles in 2022 to 47 vehicles as of January 2025.
 

Subscription Status of Iware Supplychain Services IPO:

Here are the subscription details for Iware Supplychain Services IPO as of Day 3 (April 30, 2025, 11:10 AM)

Note:
 

• "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• The portions of anchor investors and market maker are not included in the total shares offered.

Key Highlights - Day 3:

• Overall subscription crossed full subscription milestone at 1.10 times
• Retail investors showing strong enthusiasm at 1.49 times subscription, leading overall demand
• NII segment approaching full subscription at 0.71 times, showing continued improvement
• Total applications reaching 1,829, with 1,679 from retail investors
• Cumulative bid amount reaching ₹28.34 crores, slightly exceeding the issue size
• Retail segment driving subscription with ₹19.14 crores in bids, representing 68% of total bids
• Final day continuing the steady upward trajectory established on previous days

Iware IPO - Day 2 Subscription at 0.91 Times

Key Highlights:

• Overall subscription improved significantly to 3.12 times, showing strong growth from day one
• Retail investors showed impressive interest at 3.81 times, more than tripling day one's 1.12 times
• NII segment showed strong improvement to 3.66 times, five times day one's 0.73 times
• QIB segment maintained steady 1.94 times subscription, unchanged from day one
• Day two momentum building rapidly toward strong oversubscription
• Market response indicating broad-based interest across investor categories
• Specialized vehicle superstructure manufacturing expertise attracting significant investor attention
• Second day setting stage for substantial oversubscription on final day

Iware IPO - Day 1 Subscription at 1.22 Times

• Overall subscription opened strong at 1.22 times, already crossing full subscription on day one
• QIB investors began impressively at 1.94 times, demonstrating early institutional confidence
• Retail investors showing good initial interest at 1.12 times, exceeding full subscription
• NII segment showing moderate initial interest at 0.73 times, approaching full subscription
• Opening day demonstrating robust investor engagement across all categories
• Initial momentum reflecting positive assessment of specialized vehicle manufacturing sector
• Custom-built tank manufacturing expertise drawing significant early investor interest
• First day setting strong subscription baseline suggesting potential for substantial oversubscription

About Iware Supplychain Services Limited

Founded in 2018, Iware Supply Chain Services Limited is a pan-India integrated logistics company providing comprehensive supply chain management solutions. The company offers a wide range of services including warehousing (with third-party logistics and carrying & forwarding agent operations), transportation, rake handling services, business auxiliary services, and rental income operating across multiple states in India including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi.

The company has experienced significant growth in its fleet, expanding from 15 vehicles in 2022 to 47 vehicles as of January 2025, comprising 15 units of 22-feet open-body trucks and 32 units of 32-feet containers. 

Financial performance shows exceptional growth with revenue increasing dramatically from ₹43.72 crores in FY2023 to ₹86.11 crores in FY2025, while profit after tax surged from ₹0.42 crores to ₹8.02 crores over the same period, representing a 92% increase in PAT from FY2024 to FY2025 alone. The company maintains strong profitability metrics including 58.52% ROE, 30.34% ROCE, and 51.05% RONW, though it carries a relatively high debt-to-equity ratio of 1.84. 
 

Highlights of the Iware Supplychain Services IPO:

• IPO type: Fixed Price IPO
• IPO size: ₹27.13 crores
• Fresh Issue: 28.56 lakh shares
• Face value: ₹10 per share
• Issue price: ₹95 per share
• Lot size: 1,200 shares
• Minimum investment for retail investors: ₹1,14,000
• Minimum investment for HNI: ₹2,28,000 (2 lots)
• Market maker reservation: 1,44,000 shares
• Listing at: NSE SME
• IPO opens: April 28, 2025
• IPO closes: April 30, 2025
• Allotment date: May 2, 2025
• Listing date: May 6, 2025