Shipwaves Online’s SME IPO to open tomorrow

New Delhi: Shipwaves Online Ltd, an end-to-end shipment solutions provider, said its Rs 56.3-crore initial share sale will open for public subscription on December 10.

The initial public of-fering (IPO) will conclude on December 12, and the company has fixed the price at Rs 12 per equity share, Mangaluru-based Shipwaves Online Ltd said in a statement.

The IPO is entirely a fresh issue of a little over 4.69 crore equity shares aggregating worth Rs 56.35 crore.

The net proceeds from the fresh issue will be used by the company to fund its working capital require-ments, investment in subsidiary for funding its working capital requirements, repayment of debt, and issue expenses. A portion of proceeds will also be used for general corporate purpos-es.