Dhillon Freight Carrier shares list at 20% discount to IPO price on BSE SME platform

Shares of Dhillon Freight Carrier debuted with a sharp discount to their IPO price on the BSE SME platform on Tuesday. The stock listed at Rs 57.6 apiece, a 20% discount to the issue price of Rs 72. The Rs 10.08 crore IPO drew a fair response from investors across categories. The issue, which was priced at Rs 72 per share, was subscribed 2.91 times overall, led by strong retail participation.

However, the grey market premium (GMP) for the stock remains at zero, indicating that the shares may list around their issue price without much immediate upside.

The IPO received 4.87 times subscription from retail investors, while the non-institutional investor portion saw a more modest 0.96 times demand. The tepid premium ahead of listing reflects both the small issue size and the limited liquidity typical of SME listings.


Dhillon Freight Carrier is a logistics and transportation company providing end-to-end freight solutions to both B2B and B2C clients. It offers services such as less-than-truck-load (LTL) parcel transportation, contract logistics, and fleet rental, catering to industries ranging from apparel and electrical goods to paints and footwear.

The company operates across West Bengal, Bihar, Delhi, and Uttar Pradesh, maintaining a fleet of 62 vehicles and a network of 22 offices including warehouses and delivery centers.

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Over the past three years, Dhillon Freight has demonstrated a steady financial trajectory. Its revenue increased slightly to Rs 25.22 crore in FY25, while profit after tax rose 58% year-on-year to Rs 1.73 crore, driven by cost efficiency and better asset utilization.

The IPO proceeds will help the company scale operations further, with about Rs 7.67 crore earmarked for purchasing new transportation vehicles and expanding capacity. The remaining funds will be used for general corporate purposes, including technology upgrades and working capital support.

While the logistics industry in India continues to grow with the rise in e-commerce and manufacturing activity, Dhillon Freight’s small scale and regional concentration remain challenges.

Dhillon Freight Carrier’s debut may be low-key, but its fundamentals suggest that long-term investors could find value once the company scales its fleet and expands its geographical reach.

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