Iware Supplychain Services IPO
- IPO Date28 Apr, 2025 to 30 Apr, 2025
- Listing Date06 May, 2025
- Face Value₹10 per share
- Issue Price₹95 to ₹95 per share
- Lot Size1200 Shares
- Minimum Investment₹1,14,000
- Listing AtNSE SME
- Total Issue Size28,56,000 Shares
(aggregating up to ₹27.13 Cr) - Fresh Issue28,56,000 Shares
(aggregating up to ₹27.13 Cr)
- Offer for Sale-
- Issue TypeFixed Price IPO
- Share holding pre issue78,60,000
- Shareholding post issue1,07,16,000
IPO Dates
Closing Date
30 Apr, 2025
Initiation of Refunds
05 May, 2025
Listing Date
06 May, 2025
28 Apr, 2025
Opening Date
02 May, 2025
Basis of Allotment
05 May, 2025
Credit of Shares
Iware Supplychain Services Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹1,14,000 |
| Retail (Max) | 1 | 1200 | ₹1,14,000 |
| HNI (Min) | 2 | 2400 | ₹2,28,000 |
Iware Supplychain Services Promoter Holding
The promoters of the company are Krishnakumar Jagdishprasad Tanwar, Rajnish Gautam and Inter India Roadways Private Limited.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 100% | 73.35% |
Iware Supplychain Services COMPANY INFORMATION
Iware Supplychain Services IPO is a fixed price of ₹27.13 crores. The issue is entirely a fresh issue of 28.56 lakh shares. Iware Supplychain Services IPO bidding started from April 28, 2025 and ended on April 30, 2025. The allotment for Iware Supplychain Services IPO was finalized on Friday, May 2, 2025. The shares got listed on NSE SME on May 6, 2025. Iware Supplychain Services IPO price is ₹95 per share. The minimum lot size for an application is 1200. The minimum amount of investment required by retail investors is ₹1,14,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹2,28,000. GetFive Advisors Private Limited is the book-running lead manager of the Iware Supplychain Services IPO, while Kfin Technologies Limited is the registrar for the issue.The market maker for Iware Supplychain Services IPO is Smc Global Securities Ltd.. Refer to Iware Supplychain Services IPO RHP for detailed information.
Incorporated in 2018, iWare Supply Chain Services Limited is pan-India integrated logistics company providing a wide range of services including warehousing (with third-party logistics (3PL) and carrying & forwarding agent operations), transportation, rake handling services, business auxiliary services, and rental income operating across multiple states in India like Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi essentially offering comprehensive supply chain management solutions through their extensive network across the country.
The company offers services in multiple states, including Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi, ensuring comprehensive coverage and reliable service delivery.
The company offers logistics support and solutions through its extensive network and integrated services across India.
As of anuary 2025, iWare's fleet has grown from 15 vehicles in the financial year 2022 to 47 vehicles, comprising 15 units of 22-feet open-body trucks and the remaining 32-feet containers.
iWare's extensive network supports FMCG, pharmaceuticals, retail, and e-commerce industries.
The company operates over 100 BCN rakes annually, transporting approximately 220,000 metric tons of goods annually.
iWare's extensive road fleet includes 500 company-owned trucks and access to an additional 10,000 vehicles through partnerships. The company offers flexible transport solutions, such as Full Truck Load (FTL), Half Truck Load (HTL), and containerized options, catering to diverse business needs.
Competitive Strengths:
- Pan-India Presence – The company has an extensive network across multiple states, ensuring broad geographical coverage and seamless logistics services.
- Diverse Service Offerings – iWare provides end-to-end logistics solutions, including warehousing, transportation, rack handling, business auxiliary services, and rental income, making it a one-stop solution for supply chain management.
- Integrated Multimodal Transportation – With both road and rail logistics solutions, including its association with Indian Railways' BCN rake services, iWare ensures cost-efficient and reliable goods transportation.
- Strong Fleet & Infrastructure – iWare operates a growing fleet of company-owned and partnered vehicles, along with strategically located warehouses, ensuring efficient cargo handling.
- Technology-Driven Operations – The company leverages digital tools for real-time tracking, route optimization, and inventory management, enhancing operational efficiency.
- Industry Expertise – iWare is backed by experienced promoters with over 20 years of expertise in the logistics sector, ensuring deep industry knowledge and strong business strategies.
- Strategic Partnerships – The company collaborates with leading corporations like Adani Wilmar and operates large-scale warehouses to cater to high-demand businesses.
- Focus on Sustainability – With eco-friendly initiatives like CNG-powered trucks and energy-efficient warehouses, iWare is committed to reducing its carbon footprint and supporting green logistics.
- Expanding Market Reach – iWare is extending its services to Tier II and Tier III cities, enabling small and medium-sized businesses to access high-quality logistics solutions.
- Government Policy Alignment – The company’s operations align with India's National Logistics Policy and PM Gati Shakti program, positioning it as a key player in the country's logistics growth.
Iware Supplychain Services Limited IPO Analysis
Iware Supplychain Services Limited, an integrated logistics solutions provider, is entering the public market with a fixed price IPO. The company offers warehousing, transportation, rake handling, and auxiliary services across India. This analysis explores the company’s fundamentals, financials, investment rationale, and associated risks to help investors make an informed decision.
Iware Supplychain Services Limited IPO Company Overview
Iware Supplychain Services, incorporated in 2018 and headquartered in Ahmedabad, Gujarat, has built a strong presence in the logistics sector. With a fleet of 47 commercial vehicles and operations spanning across key Indian states, it provides end-to-end logistics support to industries such as FMCG and automotive.
Business Model
The company earns revenue through warehousing, third-party transportation services, long- and short-haul logistics, and infrastructure handling. It also generates rental income and provides labor and rake management services.
Leadership and Legacy
The promoters—Krishnakumar Jagdishprasad Tanwar, Rajnish Gautam, and Inter India Roadways Private Limited—bring deep sectoral experience and have laid a foundation for scalable growth.
Iware Supplychain Services Limited IPO Summary
Issue Details
Total Issue Size: ₹2,713.20 Lakhs
Number of Shares: 28,56,000 equity shares (Face Value ₹10)
Issue Price: ₹95 per share
Listing Platform: NSE Emerge (SME segment)
Market Maker Portion: 1,44,000 shares
Timeline
Issue Opens: April 28, 2025
Issue Closes: April 30, 2025
Iware Supplychain Services Limited IPO Use of IPO Proceeds
Allocation of Funds
Working capital requirements
General corporate purposes
Expenses related to the IPO
The allocation is designed to fuel expansion and enhance financial flexibility.
Financial Performance
Growth Metrics (FY23 to FY25)
Revenue increased from ₹4,355.45 Lakhs in FY23 to ₹8,582.25 Lakhs in FY25
PAT grew from ₹42.29 Lakhs in FY23 to ₹801.93 Lakhs in FY25
EBITDA Margin improved to 19.81% in FY25
RoE stood at an impressive 58.52%
Debt-to-equity ratio decreased from 6.84 to 1.84 over three years
Interpretation
The company has significantly strengthened its profitability and reduced debt, indicating robust financial discipline and scalability.
Iware Supplychain Services Limited IPO Pros and Cons of the IPO
Pros
Wide service offering including warehousing, fleet, and labor services
Rapid financial growth and profit expansion
Pan-India logistics footprint
Certified operations with FSSAI and ISO credentials
Experienced promoter group with industry expertise
Cons
Heavy reliance on top 5 clients (over 90% of revenue)
No long-term contracts; risk of revenue fluctuation
Still moderately leveraged despite improvement
SME listing limits initial market liquidity
IPO pricing at 9.5x face value may be high if earnings falter
Risk Factors
Key Concerns for Investors
Client concentration creates business vulnerability
Fixed pricing without anchor investment increases pricing risk
Operational dependency on leased spaces
Limited brand awareness outside existing client network
SME platform exposure may limit early-stage visibility
Conclusion – Should You Invest?
Iware Supplychain Services Limited offers a compelling growth narrative backed by strong financial performance and industry tailwinds. However, concentration risk and platform limitations are noteworthy. This IPO may appeal to investors with a medium- to long-term view who understand the volatility of SME investments and the logistics sector’s cyclical nature.
Frequently Asked Questions (FAQ)
Iware Supplychain Services IPO will open on 28 Apr, 2025 and close on 30 Apr, 2025. Investors must apply within this period to participate.
The Iware Supplychain Services IPO price band is set between ₹95.00 and ₹95.00 per share. The minimum lot size is 1200, requiring an investment of at least ₹114000.00.
The Iware Supplychain Services IPO shares are expected to be listed on 06 May, 2025, subject to regulatory approvals and final allotment.
You can track your Iware Supplychain Services IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Iware Supplychain Services IPO will be listed on major stock exchanges such as NSE and BSE, where you can trade shares once they are listed.
Iware offers an integrated logistics solution—warehousing, transportation, labor handling, and rake services—backed by certifications like ISO and FSSAI, giving it a compliance-driven edge.
Given its current scale and regulatory eligibility, Iware is listing on NSE Emerge (an SME exchange) to gain capital while meeting lighter compliance norms compared to the main board.
Iware owns a fleet of 47 vehicles, which ensures better control over delivery schedules and reduces dependency on third-party logistics operators.
The funds raised will enhance working capital, which is essential for expanding fleet size, warehouse leasing, and onboarding more clients across newer regions.
While over 90% of current revenue comes from five clients, the company is working to diversify its base by targeting additional sectors and expanding into new logistics corridors.
Yes, being headquartered in Ahmedabad—India’s growing logistics hub—helps the company serve north, west, and central India effectively with multimodal options.
The company holds ISO and FSSAI certifications, which allow it to serve sectors requiring hygienic, time-sensitive, and regulated transportation, such as food and pharmaceuticals.