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The initial public offering of logistics company Iware Supplychain Services has received 37 percent subscription on the first day of bidding, April 28. The public issue will close on April 30.

The Ahmedabad-based company targets to raise Rs 27.13 crore via maiden public issue at a price of Rs 95 per share. The fixed price issue comprises of solely fresh issue.

Investors have subscribed for 10.63 lakh shares compared to offer size of 28.56 lakh shares via 673 applications, the subscription data on the NSE showed.

Iware Supplychain Services approached capital markets to raise funds for the construction of its new industrial shed, working capital requirements, and general corporate purpose.

With presence in Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, the logistics company provides several services including warehousing (with third-party logistics (3PL) and carrying & forwarding agent operations, transportation, rake handling services, business auxiliary services, and rental income.

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GetFive Advisors is acting as the merchant banker for Iware Supplychain Services IPO.

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