Repono IPO Day 1: Subscription status, GMP, other key details you need to know

Mumbai, July 28, 2025: Logistics solutions company Repono Private Limited opened its initial public offering (IPO) for subscription on Monday, and it witnessed an encouraging response from retail investors and institutional buyers alike. As Day 1 of the three-day bidding process concludes, here's a detailed breakdown of the subscription status, grey market premium (GMP), and other important details for investors tracking this public issue.

IPO Snapshot: Issue Size, Price Band, and Lot Size

Repono’s IPO comprises a fresh issue of 38.64 lakh equity shares, with no offer-for-sale (OFS) component. The total issue size is valued at approximately ₹49.25 crore. The price band has been fixed at ₹129 to ₹135 per share, with a minimum bid lot of 1,000 shares, translating to a minimum investment of ₹1,35,000 for retail participants.

The IPO will remain open for subscription from July 28 to July 30, 2025, and the equity shares will be listed on the NSE SME platform.

Day 1 Subscription Status

As per data available till 5 PM on Day 1, the Repono IPO has received a total subscription of 3.22 times across all investor categories:

• Retail Individual Investors (RIIs): 4.18 times

• Non-Institutional Investors (NIIs): 2.79 times

• Qualified Institutional Buyers (QIBs): 1.61 times

Analysts note that the retail category saw robust traction, which is typical of SME IPOs with perceived listing gains. The QIB quota, though smaller in allocation, also received healthy early interest.

Grey Market Premium (GMP) Trends

Market sources indicate that Repono shares are commanding a grey market premium (GMP) of ₹55–₹60 per share. This implies an expected listing price of ₹190–₹195, a premium of 40% to 45% over the upper end of the IPO price band.

Although GMPs are unofficial and speculative, they often reflect the market sentiment and anticipated listing performance. A sustained GMP through the subscription window typically boosts investor confidence.

Company Overview: What Does Repono Do?

Repono Private Limited is a logistics and warehousing solutions provider, offering integrated supply chain services across industries such as e-commerce, FMCG, pharmaceuticals, and manufacturing. With warehousing operations in key metropolitan hubs like Mumbai, Delhi-NCR, and Bengaluru, the company provides end-to-end inventory management, storage, and distribution services.

Financial Snapshot (FY24):

• Revenue: ₹62.3 crore

• Net Profit: ₹5.8 crore

• EBITDA Margin: 13.5%

• RoE: 17.4%

The company plans to utilize IPO proceeds primarily for expansion of warehouse infrastructure, technology upgrades, and working capital requirements.

Analyst Views: Cautiously Optimistic

Market analysts are cautiously bullish on Repono’s IPO given the growth potential in India's logistics and warehousing space post-GST, coupled with the rise of e-commerce and D2C businesses.

“The company has a solid operational base and caters to a high-demand sector. While the SME space remains volatile, Repono’s fundamentals and niche positioning could offer listing gains and mid-term appreciation,” said Karan Desai, Research Head at Midas Capital.

However, some analysts advise discretion, especially due to its small size and limited public track record. SME IPOs, though lucrative at listing, are known for low liquidity and high post-listing volatility.

Market Context: IPO Frenzy Continues

The broader market has been upbeat about SME listings in recent months, with several issues being oversubscribed manifold. In 2025 so far, SME IPOs have delivered an average listing gain of 36%, according to data from the NSE SME exchange.

Investor appetite remains strong due to:

• Higher retail participation

• Strong domestic liquidity

• Favorable macroeconomic outlook

Repono’s IPO comes amid this positive sentiment, which has bolstered its Day 1 subscription numbers and GMP.

Investor Outlook: Should You Subscribe?

Repono’s business model taps into India’s fast-expanding logistics ecosystem, particularly with government-backed initiatives like PM Gati Shakti and the National Logistics Policy aiming to reduce costs and improve infrastructure.

Given the strong Day 1 response, healthy GMP, and decent financials, short-term investors may consider subscribing for listing gains. However, long-term investors should assess the company’s scalability, margin sustainability, and sectoral competition before committing large capital.

Investors are reminded that SME stocks carry higher risk, and allocations may be limited due to the small issue size and high oversubscription.