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IPO

Iware Supplychain Services Ltd

Iware Supplychain Services Ltd IPO

Status: Closed

Overview

IPO date

28 Apr 2025 to 30 Apr 2025

Face value

₹ 10 per share

Price

₹ 95 per share

Issue Size

2,856,000 shares
(aggregating up to ₹ 27.13 Cr)

Allotment Date

02 May 2025

Listing at

NSE

Issue type

Fixed Price - SME

Sector

Logistics

Objectives of Iware Supplychain Services Ltd IPO

Iware Supplychain Services Ltd IPO Strategy

About Iware Supplychain Services Ltd

M/s Iware Supplychain Services Private Limited' was originally incorporated as a Private Limited Company dated January 17, 2018 with the Registrar of Companies, Central Registration Centre. The status of the Company has been changed to a Public Limited Company in 2024 reporting the name of the Company as 'Iware Supplychain Services Limited' via fresh Certificate of Incorporation dated November 27, 2024 issued by the ROCs, Central Registration Centre. Iware Supplychain Services Limited is an integrated pan India logistics company primarily operating in five different type of services (i) Warehousing (including third-party logistics (3PL) and Carrying & Forwarding Agent), (ii) Transportation (Including Carrying & Forwarding Agent) (iii) Rake Handling Services and (iv) Business Auxiliary Services (v) Rental Income. operate through the network of various business offices situated in the state of Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana and Delhi. The fleets include 47 owned vehicles, and any further requirements are outsourced either on lease from third party or from the Promoter Group Company. Company work with clients across various industries, including Fast Moving Consumer Goods (FMCG), Auto components, Sanitary-ware and many more. This shows the strength of the Company handling and providing end to end logistic solutions to different industries. The technological systems that Company uses for managing the logistics operations are provided by clients to improve the service quality, consistency and increase the operating efficiency. Apart from this, the Company provide transportation services through two modes: Road Transport -Own Vehicle Fleet and Rail Transport - Rake Handling Services. The Company operate a fleet of 47 vehicles, each with a National Permit, enabling unrestricted movement across different regions of India. This allows for flexible and efficient goods transportation via roadways. It also facilitate rake handling services by hiring rail cargo for bulk transportation. This service includes overseeing the loading and unloading process, ensuring smooth and efficient goods movement between regions through the railway network The Company came up with the Initial Public Offer of 28,56,000 Equity Shares having the Face Value of Rs 10 each by raising funds aggregating to Rs 27.13 Crore in April, 2025.

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Strengths vs Risks of Iware Supplychain Services Ltd

Know the pros & cons

Strengths

Warehousing and Logistics services provider serving clients for more than 5 years.
Long-standing relationships with our clients.
Diverse range of services in our portfolio.
Long-standing relationships with our clients.

Risks

The company business is dependent on the sale of its services to certain key Industries and certain customers including the company Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
The company depends on third parties to acquire vehicles utilized in its transportation operations. Further, market instability, including changes in fuel costs may adversely impact the company's operations and financial performance.
The Company may experience the effects of seasonality which may result in operating results fluctuating significantly.
The Company does not verify the contents of freights/ packages transported by them, thereby exposing to the risk associated with hazardous materials etc.
The Company operates in a highly fragmented industry and faces intense competition.
The company does not own the premises in which its registered office is located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect its operations.
Its business heavily relies on the expertise and guidance of the company Directors and Key Managerial Personnel to ensure sustained success. The loss of any of them could have a significant impact on the company.
Variation in the utilization of the net proceeds.
Its business is dependent on the sale of the company services to certain key Industries and certain customers including its Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
There are outstanding legal proceedings involving the Company and one of its Promoters/ Directors. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
Its inability to manage the company diversified operations may have an adverse effect on its business, results of operations, financial condition and cash flows. Failures to improve diversification of its revenue streams exposes the company to risk of concentration of revenue from transportation verticals.
In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate its business it may have a material adverse effect on the company business.
The company depends on third parties to acquire vehicles utilized in its transportation operations. Further, market instability, including changes in fuel costs may adversely impact the company's operations and financial performance.
Its top five states contribute the company major revenue for year ended 31st March 2025, 2024, 2023. Any loss of business from one or more of these states may adversely affect its revenues and profitability.
A major portion of its expenses is incurred in Lorry hire charges that are included in the head "other expenses". Its Inability to effectively reduce and control these expenses may adversely impact its profitability in the future.
Its may not be able to acquire warehouses and other logistics facilities in desirable locations that are suitable for its expansion at commercially reasonable prices and the company expansion plans may be delayed or affected by various factors.
Accidents could result in the slowdown or stoppage of its operations and could also cause damage to life and property.
Its business is dependent on the road network in India and the company ability to utilize its vehicles in an uninterrupted manner. Any disruptions or delays in this regard could adversely affect it and lead to a loss of reputation and/ or profitability.
Its business is affected by prevailing economic conditions in India and indirectly affected by changes in consumer spending capacity in the sectors the company serve within India.
The company has in past entered into related party transactions and its may continue to do so in the future.
There may be potential conflict of interests between the Company, Group Company and other venture or enterprises promoted by its promoter or directors.
The average cost of acquisition of Equity Shares by its Promoters, is lower than the Issue Price of Equity Share.
The Company requires a significant amount of working capital for continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
Excessive dependence on Banks in respect of Loan facilities obtained by the Company.
There are certain discrepancies and non- compliances noticed in some of its financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities such as Ministry of Corporate Affairs, Income Tax and GST.
Some of the details mentioned in the respective KYC and personal Documents of persons forming part of Promoter and promoter group are not same in all KYC documents.
Any non-compliance, default or regulatory action on any person or entities belonging to Promoter Group could adversely affect its business reputation and operations.
Its Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact its business and operations.
The Company does not verify the contents of freights/packages transported by them, thereby exposing to the risk associated with hazardous materials etc.
The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
The company has not yet placed orders in relation to the funding Capital expenditure through civil work required for Construction of warehouses at its facilities located at Survey No. 803, 804 Paiki 1, 804 Paiki 2 & 804 Paiki 3, Chadvada, Bhachau, Kutch, Gujarat - 370140, which is proposed to be financed from the Issue proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected.
Any adverse development affecting the growth of trade volumes and freight rates may have an adverse effect on its business, results of operations and financial condition.
Losses occurred by Group Companies.
Failures in IT systems and infrastructure supporting its system and operations could significantly disrupt the company operations and have a material adverse effect on its business, results of operations, cash flows and financial condition.
The Company relies on a scaled, automated and unified network infrastructure, largely comprising of logistics and transportation facilities.
Unverified Warehouse Area and Unregistered Land Agreements.
The Company operates in a labour-intensive industry and are subject to stringent laws.
Its lenders have charge over the company movable and immovable properties in respect of finance availed by it.
If the company is unable to maintain and enhance its brand and reputation, the sales of the company services may suffer which would have a material adverse effect on its business operations.
The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
Its insurance coverage may not be adequate to protect the company against certain losses and this may have a material adverse effect on its business.
The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
The company has not entered into any long-term contracts with any of its clients.
Promoters who are directors as well, hold Equity Shares in the Company and are therefore interested in the company performance in addition to their remuneration and reimbursement of expenses.
Its may be unable to respond to changes in consumer demands and market trends in a timely manner.
Its ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
Interest rate fluctuations may adversely affect the Company's business.
The company has issued Equity Shares in the last twelve months at price lower than the Issue Price.
The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
The price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not develop.
The requirements of being a public listed company may strain its resources and impose additional requirements.
Industry information included in this Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
There is no guarantee that its Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.
Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
Within the parameters as mentioned in the chapter titled "Objects of this Issue on page 89 of this Prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.

Iware Supplychain Services Ltd Peer Comparison

Understand the company’s industry standing

Iware Supplychain Services Ltd

Pranik Logistics Ltd

Shreeji Translogistics Ltd

Face Value

Standalone / Consolidated

Standalone

Total Income Rs. Cr.

85.8225

66.8393

16.2752

EPS-Basis

10.2

7.54

2.33

EPS-Diluted

10.2

7.54

2.33

NAV Per Share

20.59

21.19

8.01

P/E-Basic EPS

9.31

12.73

16.74

P/E-Diluted EPS

---

RONW(%)

49.54

35.56

32.64

Latest NAV Period

---

Latest NAV

---

How to check the allotment status of Iware Supplychain Services Ltd IPO?

Follow the steps

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 28 Apr 2025 & closes on 30 Apr 2025.

Iware Supplychain Services Ltd IPO will close on 30 Apr 2025.

Warehousing and Logistics services provider serving clients for more than 5 years.
Long-standing relationships with our clients.
Diverse range of services in our portfolio.
Long-standing relationships with our clients.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Krishnakumar Jagdishprasad Tan	786	0.01	786	0.01
2	Rajnish Gautam	786	0.01	786	0.01
3	Inter India Roadways Pvt Ltd	7855284	99.94	7855284	73.29
4	Twinkle Tanwar	786	0.01	786	0.01
5	Jagadish	786	0.01	786	0.01
6	Kanta Krishnakumar Tanwar	786	0.01	786	0.01
7	Tarun Gautam	786	0.01	786	0.01

The company business is dependent on the sale of its services to certain key Industries and certain customers including the company Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
The company depends on third parties to acquire vehicles utilized in its transportation operations. Further, market instability, including changes in fuel costs may adversely impact the company's operations and financial performance.
The Company may experience the effects of seasonality which may result in operating results fluctuating significantly.
The Company does not verify the contents of freights/ packages transported by them, thereby exposing to the risk associated with hazardous materials etc.
The Company operates in a highly fragmented industry and faces intense competition.
The company does not own the premises in which its registered office is located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect its operations.
Its business heavily relies on the expertise and guidance of the company Directors and Key Managerial Personnel to ensure sustained success. The loss of any of them could have a significant impact on the company.
Variation in the utilization of the net proceeds.
Its business is dependent on the sale of the company services to certain key Industries and certain customers including its Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
There are outstanding legal proceedings involving the Company and one of its Promoters/ Directors. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
Its inability to manage the company diversified operations may have an adverse effect on its business, results of operations, financial condition and cash flows. Failures to improve diversification of its revenue streams exposes the company to risk of concentration of revenue from transportation verticals.
In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate its business it may have a material adverse effect on the company business.
The company depends on third parties to acquire vehicles utilized in its transportation operations. Further, market instability, including changes in fuel costs may adversely impact the company's operations and financial performance.
Its top five states contribute the company major revenue for year ended 31st March 2025, 2024, 2023. Any loss of business from one or more of these states may adversely affect its revenues and profitability.
A major portion of its expenses is incurred in Lorry hire charges that are included in the head "other expenses". Its Inability to effectively reduce and control these expenses may adversely impact its profitability in the future.
Its may not be able to acquire warehouses and other logistics facilities in desirable locations that are suitable for its expansion at commercially reasonable prices and the company expansion plans may be delayed or affected by various factors.
Accidents could result in the slowdown or stoppage of its operations and could also cause damage to life and property.
Its business is dependent on the road network in India and the company ability to utilize its vehicles in an uninterrupted manner. Any disruptions or delays in this regard could adversely affect it and lead to a loss of reputation and/ or profitability.
Its business is affected by prevailing economic conditions in India and indirectly affected by changes in consumer spending capacity in the sectors the company serve within India.
The company has in past entered into related party transactions and its may continue to do so in the future.
There may be potential conflict of interests between the Company, Group Company and other venture or enterprises promoted by its promoter or directors.
The average cost of acquisition of Equity Shares by its Promoters, is lower than the Issue Price of Equity Share.
The Company requires a significant amount of working capital for continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
Excessive dependence on Banks in respect of Loan facilities obtained by the Company.
There are certain discrepancies and non- compliances noticed in some of its financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities such as Ministry of Corporate Affairs, Income Tax and GST.
Some of the details mentioned in the respective KYC and personal Documents of persons forming part of Promoter and promoter group are not same in all KYC documents.
Any non-compliance, default or regulatory action on any person or entities belonging to Promoter Group could adversely affect its business reputation and operations.
Its Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact its business and operations.
The Company does not verify the contents of freights/packages transported by them, thereby exposing to the risk associated with hazardous materials etc.
The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
The company has not yet placed orders in relation to the funding Capital expenditure through civil work required for Construction of warehouses at its facilities located at Survey No. 803, 804 Paiki 1, 804 Paiki 2 & 804 Paiki 3, Chadvada, Bhachau, Kutch, Gujarat - 370140, which is proposed to be financed from the Issue proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected.
Any adverse development affecting the growth of trade volumes and freight rates may have an adverse effect on its business, results of operations and financial condition.
Losses occurred by Group Companies.
Failures in IT systems and infrastructure supporting its system and operations could significantly disrupt the company operations and have a material adverse effect on its business, results of operations, cash flows and financial condition.
The Company relies on a scaled, automated and unified network infrastructure, largely comprising of logistics and transportation facilities.
Unverified Warehouse Area and Unregistered Land Agreements.
The Company operates in a labour-intensive industry and are subject to stringent laws.
Its lenders have charge over the company movable and immovable properties in respect of finance availed by it.
If the company is unable to maintain and enhance its brand and reputation, the sales of the company services may suffer which would have a material adverse effect on its business operations.
The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
Its insurance coverage may not be adequate to protect the company against certain losses and this may have a material adverse effect on its business.
The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
The company has not entered into any long-term contracts with any of its clients.
Promoters who are directors as well, hold Equity Shares in the Company and are therefore interested in the company performance in addition to their remuneration and reimbursement of expenses.
Its may be unable to respond to changes in consumer demands and market trends in a timely manner.
Its ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
Interest rate fluctuations may adversely affect the Company's business.
The company has issued Equity Shares in the last twelve months at price lower than the Issue Price.
The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
The price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not develop.
The requirements of being a public listed company may strain its resources and impose additional requirements.
Industry information included in this Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
There is no guarantee that its Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.
Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
Within the parameters as mentioned in the chapter titled "Objects of this Issue on page 89 of this Prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.

The Issue type of Iware Supplychain Services Ltd is Fixed Price - SME.

The minimum application for shares of Iware Supplychain Services Ltd is 1200.

The total shares issue of Iware Supplychain Services Ltd is 2856000.

Initial public offer of upto 28,56,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Iware Supplychain Services Limited ("The Company" or "The Issuer") at an issue price of Rs. 95 per equity share for cash, aggregating up to Rs. 27.13 crores ("Public Issue") out of which 1,44,000 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 95 per equity share for cash, aggregating Rs. 1.37 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 27,12,000 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 95 per equity share for cash, aggregating upto Rs. 25.76 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.55% and 25.31% respectively of the post-issue paid-up equity share capital of the company.

Iware Supplychain Services Ltd IPOIWARE

Objectives of Iware Supplychain Services Ltd IPO

Iware Supplychain Services Ltd IPO Strategy

About Iware Supplychain Services Ltd

Strengths vs Risks of Iware Supplychain Services Ltd

Strengths

Risks

Iware Supplychain Services Ltd Peer Comparison

How to check the allotment status of Iware Supplychain Services Ltd IPO?

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FAQs on IPO

When does Iware Supplychain Services Ltd IPO open?

What does Iware Supplychain Services Ltd do?

What is the closed date of Iware Supplychain Services Ltd IPO?

What are the strengths of Iware Supplychain Services Ltd?

What are the promoter details of Iware Supplychain Services Ltd IPO?

What are the risks of Iware Supplychain Services Ltd?

What is the issue type of Iware Supplychain Services Ltd IPO?

What is the minimum application for shares of Iware Supplychain Services Ltd?

Total shares issue of Iware Supplychain Services Ltd IPO?

What are the objectives of Iware Supplychain Services Ltd IPO?

Iware Supplychain Services Ltd IPO