Operating in the logistics and supply chain management sector, Iware Supplychain Services Limited is gearing up for its market debut with an initial public offering (IPO) worth ₹27.13 crores, comprising a 100% fresh issue of 28.56 lakh equity shares. The IPO will open for subscription from April 28 to April 30, 2025, with the company scheduled to be listed on the NSE SME platform on Tuesday, May 6, 2025.
The offering is priced at ₹95 per share with a face value of ₹10, and a lot size of 1,200 shares. Retail investors can enter the IPO with a minimum investment of ₹1,14,000 for one lot, while High Net-worth Individuals (HNIs) can participate with at least ₹2,28,000 for two lots. Allotment results will be announced on May 2, 2025, ahead of the listing. As Iware steps into the public market, it presents an early opportunity for investors looking to tap into the growth potential of India’s expanding logistics and supply chain sector.
Iware Supplychain Limited IPO is a fundraise worth ₹27.13 crores comprising purely of a fresh issue with 28.56 lakh shares reserved for the market maker GetFive Advisors Private Limited. The IPO will be available for subscription from April 28, 2025, to April 30, 2025, providing an opportunity for investors looking to gain a stake in the logistics space.
| Iware Supplychain IPO date | April 28, 2025 - April 30, 2025 |
| Fixed price | ₹95 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Issue type | Fixed Price IPO |
| Fresh issue size | 28,56,000 shares amounting to ₹27.13 crores |
| Total issue size | 28,56,000 shares amounting to ₹27.13 crores |
| Listing at | NSE SME |
| Market maker portion | 1,44,000 shares - Smc Global Securities Private Limited |
| Shareholding post-issue | 1,07,16,000 shares |
| Shareholding pre-issue | 78,60,000 shares |
The Iware Supplychain Limited IPO opens for subscription on April 28, 2025, and closes on April 30, 2025, with allotment scheduled for May 2, 2025.
| IPO open date | April 28, 2025 (Monday) |
| IPO close date | April 30, 2025 (Wednesday) |
| Basis of allotment | May 2, 2025 (Friday) |
| Initiation of refunds | May 5, 2025 (Monday) |
| Credit of shares to Demat account | May 5, 2025 (Monday) |
| Listing date on NSE SME | May 6, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on April 30, 2025 (Wednesday) |
Incorporated in 2018, iWare Supply Chain Services Limited is a pan-India integrated logistics company that provides end-to-end supply chain solutions, including warehousing (with 3PL and C&F operations), transportation, rake handling, business auxiliary services, and rental income. With operations across multiple states like Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, the company ensures nationwide service delivery with a strong logistics network.
iWare supports key sectors such as FMCG, pharmaceuticals, retail, and e-commerce through its growing fleet and operations. As of January 2025, the company has expanded from 15 to 47 vehicles and operates over 100 BCN rakes annually, handling around 220,000 metric tons of goods. With 500 company-owned trucks and access to 10,000 additional vehicles via partnerships, iWare offers flexible transport solutions including FTL, HTL, and containerized transport to meet varied customer demands.
Iware Supplychain Services plans to utilize the net proceeds from its IPO primarily for capital expenditure of ₹140.64 million to construct a new industrial shed, ₹68 million to meet working capital needs, and ₹38.68 million for general corporate purposes.
The Iware Supplychain Limited IPO has caught the eyes of investors as the company reportedly saw an annual rise of 47% in its revenue and 92% yearly increase in the Profit After Tax (PAT), during the financial year ended March 31, 2024.
As of July 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 58.52%, Return on Capital Employed (ROCE) at 30.34% and a Debt-to-Equity ratio of 1.84. The Return on Net-Worth (RoNW) stands at 51.05%, and the PAT Margin was 9.34. The Price to Book Value was 4.61. The company’s market capitalisation is ₹101.80 crore.
| Period Ended | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Revenue | 86.11 | 58.77 | 43.72 |
| Assets | 56.93 | 46.81 | 39.47 |
| Net Worth | 16.19 | 8.17 | 4 |
| Profit After Tax | 8.02 | 4.17 | 0.42 |
| Reserves & Surplus | 8.33 | 8.16 | 3.99 |
| Total Borrowing | 29.74 | 25.34 | 27.33 |
Amount in ₹ crores
The pre-IPO EPS is at ₹10.20 while the post-IPO EPS will be ₹7.48. Similarly, the pre-IPO Price to Earnings ratio is 9.31 and will become 12.69 post-IPO.
Iware Supplychain Services stands out with its pan-India presence, spanning several states including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi. This wide geographical coverage allows the company to reduce dependency on any one region while offering seamless, location-specific logistics support. Its integrated service portfolio including warehousing, transportation, rack handling, and auxiliary services positions it as a one-stop logistics partner. The company also benefits from strong partnerships with major corporates such as Adani Wilmar and is aligned with government initiatives like the National Logistics Policy and PM Gati Shakti.
Additionally, Iware operates a robust fleet of owned and partner vehicles, strategically placed warehouses, and tech-driven systems for route optimization, tracking, and inventory management. With over 20 years of promoter experience in logistics, ISO 9001:2015 certification, and a focus on sustainable practices (like CNG vehicles and energy-efficient warehouses), the company is expanding into Tier II and III cities. Its steady financial performance, rising revenue from ₹43.55 crore in FY23 to ₹85.82 crore in FY25 and PAT growth from ₹0.42 crore to ₹8.02 crore over the same period further highlights its operational strength.
Iware's high dependency on a small number of clients poses a major business risk. One key customer alone accounted for over 50% of the company’s revenue in each of the past three fiscal years. Such customer concentration leaves the business vulnerable; any disruption in these relationships, or failure to broaden the client base, could have a significant negative impact on financial health and long-term sustainability. Moreover, the company sees seasonal demand spikes, especially during festival periods in industries like FMCG and automobiles. Any drop in demand during these peak seasons could hurt profitability and growth.
Further, the company’s transportation segment makes up a major portion of its revenue over 64% as of FY25 meaning any disruption here could severely affect operations. Revenue is also heavily skewed towards Gujarat, with nearly 67% coming from the state in FY25. Regional disruptions, policy shifts, or local market slowdowns could directly impact business performance. The company also has had past delays in statutory filings and payments, suggesting compliance lapses. Its financial health is further challenged by outstanding borrowings of nearly ₹30 crore and ongoing legal proceedings involving the company, its promoters, and directors, all of which pose reputational and operational risks.
Being an early public investor in Iware Supplychain Services Limited offers a chance to be part of its growth journey in the logistics sector. However, before investing, it’s important to evaluate key aspects such as the company’s track record, financial performance, industry trends, and long-term strategy. Investors should also align the opportunity with their personal financial goals and risk tolerance. Reviewing the IPO offer document and consulting a financial advisor is strongly recommended to make a well-informed investment decision.
What is the Iware Supplychain Limited IPO?
The Iware Supplychain Limited IPO is an NSE SME offering consisting of 28.56 lakh equity shares with a face value of ₹10, aiming to raise ₹27.13 crore. The price band has been set ₹95 per share, with a minimum order quantity of 1,200 shares. This IPO will be open for subscription from April 28, 2025, to April 30, 2025. GYR Capital Advisors Private Limited is the book-running lead manager, Maashitla Securities Private Limited is the registrar while Giriraj Stock Broking Private Limited is the market maker.
When will the Iware Supplychain IPO open?
The Iware Supplychain Limited IPO will open for subscription on April 28, 2025, and will close on April 30, 2025.
When is the Iware Supplychain IPO listing date?
The tentative listing date for the Iware Supplychain Limited IPO is Tuesday, May 6, 2025.
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