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Logistics company Iware Supplychain Services' maiden public issue remained undersubscribed at 90 percent, even on the second day of bidding, April 29. The IPO will remain open till April 30.

Investors picked 25.72 lakh equity shares of the company via IPO in the last two days of bidding, compared to the offer size of 28.56 lakh shares via 1,438 applications, the bid details on the NSE showed.

Retail investors subscribed for 15.75 lakh shares, and non-institutional investors 9.97 lakh shares.

The Ahmedabad-based company launched its initial public offering on April 28 to raise Rs 27.13 crore at a price of Rs 95 per share. These IPO funds will be utilised for the construction of new industrial shed, working capital requirements, and general corporate purpose.

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Iware Supplychain Services looks for a valuation of around Rs 102 crore at the issue price.

GetFive Advisors is the sole merchant banker for the issue.

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