Pooja Logistics IPO: Listing Price, Performance and Review

Pooja Logistics had a quiet but positive debut. The ₹44.23 crore NSE SME issue, priced at ₹115, opened at ₹118 on 30 September and climbed to the 5% upper circuit, closing at ₹123.90, up 7.7%.

The refrigerated trucking company drew 3.11 times subscription and ₹12.21 crore from anchor investors.

How Pooja Logistics listed

For an individual investor, the minimum application of 2 lots, or 2,400 shares, cost ₹2,76,000. At the listing day close of ₹123.90 the same shares were worth ₹2,97,360, a gain of ₹21,360 on day one. Allottees who sold right at the open made ₹7,200, so patience through the first session paid off almost three times over.

Closing at the upper circuit means buyers outnumbered sellers at the end of the day. The next trading session after the 2 October holiday is on Monday 5 October.

Pooja Logistics IPO at a glance

What Pooja Logistics actually does

Pooja Logistics Ltd was incorporated in 2011 and is promoted by Deepak Khanna and Anu Khanna. It provides temperature-controlled logistics with a fleet of 424 GPS-enabled refrigerated trucks, or reefers, as of March 2026.

It moves perishable goods for confectionery, dairy, quick-service restaurant, pharmaceutical, e-commerce and retail clients. The company had about 101 employees in July 2026.

Most of the IPO money, ₹33.97 crore, goes to buying more vehicles.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Steady growth. Revenue rose from ₹125 crore in FY24 to ₹168 crore in FY26, and profit roughly doubled from ₹5.7 crore to ₹12.3 crore.
• Healthy margins for trucking. EBITDA margin was 16.3% and net margin 7.4% in FY26.
• Debt is moderate. Borrowings rose to ₹39.2 crore in FY26 as the fleet grew.
• Fair valuation. Post-issue P/E was about 13.3x at the issue price.

How the subscription ended

Anchors put in ₹12.21 crore on 22 September. By the close on 25 September, QIBs had bid 2.50 times, big HNIs 5.13 times, small HNIs 4.36 times and retail 2.86 times, for 3.11 times overall across 1,937 applications.

Demand built slowly. About a third of the issue was covered on day 1 and less than half by day 2, so most bids arrived on the final day. Unlike many SME issues, every category ended oversubscribed, from QIBs at 2.50 times to retail at 2.86 times.

The GMP story

Pooja Logistics did not build a grey market premium. The GMP tracker we follow showed ₹0 on every day of the bidding window and up to listing, which pointed to a flat debut near the ₹115 issue price.

The market proved the grey market too cautious. The stock opened at ₹118, 2.6% above the issue price, and buyers kept coming until it hit the 5% upper circuit at ₹123.90. A flat GMP does not always mean weak demand; in small SME issues the grey market can be so thin that no premium gets quoted at all.

What to weigh now

A capital-heavy model

Growth in trucking means buying more trucks, which needs capital and adds depreciation and interest. Utilisation rates decide whether new trucks earn their keep.

Fuel and driver costs

Diesel prices and driver availability directly affect margins in road transport. Contracts with large clients may not fully pass on cost increases.

Anchors and balanced demand supported the debut

Anchor investors put in ₹12.21 crore a day before the issue opened, and every investor category finished oversubscribed. Big HNIs bid 5.13 times, small HNIs 4.36 times and retail 2.86 times. When demand is spread this evenly, fewer allottees are looking for an instant exit, and that showed in the upper-circuit close.

A business investors can picture

Refrigerated trucking is easy to understand. Pooja Logistics moves chocolates, dairy products, restaurant supplies and medicines for well-known consumer brands, and demand for cold chain capacity keeps growing with quick commerce and organised retail. A simple story with visible customers tends to attract steady buyers on listing day, especially in a week crowded with SME debuts.

The flip side is that a trucking fleet needs constant spending on new vehicles, which is why ₹33.97 crore of the IPO money goes into new vehicles rather than paying down debt. Fleet growth will need to keep pace with fuel and driver costs for margins to hold.

Strengths and risks

Strengths

• Closed at the upper circuit, up 7.7%
• Fleet of 424 GPS-enabled reefer trucks
• Profit doubled in two years
• Post-issue P/E of about 13x
• Diversified clients across food, pharma and e-commerce

Risks

• Capital-intensive fleet expansion
• Exposure to fuel and driver costs
• Borrowings rose in FY26
• Competitive trucking market
• Thin SME liquidity

What to watch from here

• Trading on 5 October
• Fleet additions and utilisation
• Fuel cost trends and margins
• Anchor lock-in expiry on 28 October (30 days)
• Whether the stock holds above the ₹123.90 upper circuit once trading resumes on 5 October

Pooja Logistics IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 1 October 2026 (2 October was a market holiday).