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Total Transport Systems IPO subscribed 2.76 times on first day

The initial public offering (IPO) of Total Transport Systems, a logistics company, was subscribed 2.76 times by investors on the first day of its foray into the capital market. The company has made its debut in the capital market with an issue of 3.78 million shares at a fixed price of Rs 45 per share of face value of Rs 10 each, including premium of Rs 35 per share.
 
The issue opened on Tuesday and closes on July 28, 2017. Sarthi Capital Advisors is the sole lead manager to the issue. Subscription from both the high net worth individuals (HNI) and qualified institutional buyers (QIB) was reported at 2.77 times while retail portion was subscribed 3.05 times by Tuesday evening. HNI investor Mukul Agarwal took up 4.75% stake in the company.
 
The company offers almost everything in the logistics’ business with prime focus on business activities like consolidation of export cargo, deconsolidation of import cargo, full container loads and air freight from India to worldwide destinations. TTSL’s major clients include Reliance Group, Tata Group and DHL among others.
 
On the financial front, the company reported revenue of Rs 210 crore and net profit of Rs 6 crore in the last fiscal.

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