Dhillon Freight Carrier Ltd IPO

The IPO opens on 29 Sept 2025 & closes on 01 Oct 2025.

Dhillion Freight Carrier Limited was originally incorporated as a Private Limited Company in the name of 'Dhillon Freight Carrier Private Limited' on May 28, 2014. Subsequently, company was converted into Public Limited Company and the name was changed to 'Dhillon Freight Carrier Limited' by a fresh Certificate of Incorporation dated December 01, 2023 by the Registrar of Companies - Kolkata. The Company was founded in 2014 and presently has the strength in providing a diverse range of logistics solutions to businesses, particularly road transportation. It is basically a goods transport agency providing Parcel/Less than Truck-Load (LTL), Contract Logistics and Fleet Rental/Fleet Leasing services to different industries. The present in-house fleet strength is about 62 vehicles, company operates majorly across West Bengal, Bihar, Delhi and Uttar Pradesh, providing reliable and efficient logistics solutions to businesses nationwide. Further, it operate a network of 22 booking offices, pickup facilities, warehouses, delivery offices and through agency network. The Company acquired strategic property in Jainagar district of Bihar, to establish a logistic godown, enhancing operations in 2015. It purchased the first commercial vehicle from Tata Motors, marking the beginning of its journey in building a fleet in 2016. The Company strengthened business by acquiring further a commercial property in Kolkata, by increasing the storage capacity in 2021. It achieved a fleet of over 50 vehicles, through a diverse range of categories in 2022, by varying logistics needs. In 2023-24, it expanded the Eicher vehicle fleet through commercial vehicle loans. Company issued 14,00,000 equity shares of Rs 10 each by raising Rs 10.08 crores via its initial public offering in October 2025.

Dhillon Freight Carrier Ltd IPO will close on 01 Oct 2025.

<ul><li>Established and proven track record.</li><li>Leveraging the experience of our Promoters.</li><li>Experienced management team and a motivated and efficient work force.</li><li>Cordial relations with our customers.</li><li>Quality Assurance & Control.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>KARAN SINGH DHILLON,</td> <td>950000</td> <td>37.7</td> <td>950000</td> <td>24.23</td> </tr> <tr> <td>2</td> <td>KARAMVEER SINGH DHILLON</td> <td>1090000</td> <td>43.25</td> <td>1090000</td> <td>27.81</td> </tr> <tr> <td>3</td> <td>JOYCE SINGH DHILLON</td> <td>205000</td> <td>8.13</td> <td>205000</td> <td>5.23</td> </tr> </tbody> </table>

<ul><li>Major fraud, lapses of internal control or system failures could adversely impact the company's business.</li><li>Our Promoters have provided personal guarantees for loans availed by our Company. Our business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by our Promoter.</li><li>Our funding requirements and the proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised.</li><li>Our lenders have charge over our vehicles in respect of finance availed by us.</li><li>Any destruction, breakdown, theft, or failure to repair or maintain our vehicles may adversely impact our business operations, cash flows, financial condition, and results of operations.</li><li>Our Promoters and Promoter Group will continue to retain control over our Company after completion of the Issue, which will allow them to influence the outcome of matters submitted for approval of our shareholders.</li><li>We are subject to risks arising from interest rate fluctuations, which could adversely affect our business, financial condition and results of operations.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>Some of the KMPs is associated with our company for less than one year.</li><li>Certain key performance indicators for certain listed industry peers included in this Draft Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.</li><li>Industry information included in this draft prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.</li><li>Portion of our Issue Proceeds are proposed to be utilized for general corporate purposes amounting to ? 109.07 lakhs which constitute 10.82% of the total Issue Proceeds.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.</li><li>There is no guarantee that our Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.</li><li>The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.</li><li>There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.</li><li>After this Issue, the price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not be sustained.</li><li>The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.</li><li>Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of our Equity Shares by our Promoters or Promoter Group may adversely affect the trading price of our Equity Shares.</li><li>You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.</li><li>Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.</li><li>Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.</li><li>Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.</li><li>Our Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.</li><li>The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.</li><li>The Company, Promoter and Director are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, result of operations and financial conditions.</li><li>Delays in procurement of vehicles may adversely affect business operations and increase costs</li><li>The company is dependent on third-party service providers for a significant portion of its transportation fleet, and any disruption in their availability, increase in costs, or deterioration in service quality may adversely impact the company operations, customer satisfaction, and financial performance.</li><li>The company derives a major portion of its revenue from the company logistics operations in certain geographical regions. Any adverse developments affecting its logistics operations in these regions could have a material adverse impact on the company business, revenue, and results of operations.</li><li>An inability to pass on any increase in operating expenses, particularly fuel and truck hire charges, to the company customers may adversely affect its business and results of operations.</li><li>The company business is dependent on the road network and its ability to utilize vehicles in an uninterrupted manner.</li><li>The Company may not be able to deliver the consignment on timely basis dues to Breakdown, mishaps or accidents, because of which the company could become liable to claims by its customers, suffer adverse publicity and incur substantial cost as result of deficiency in the company service which could adversely affect its results of operations.</li><li>Our Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact our business, financial condition and results of operations.</li><li>Our Restated Financial Statements are prepared and signed by the Peer Review Auditor who is not Statutory Auditors of our Company as required under the provisions of ICDR.</li><li>The company operates in a highly competitive industry and increased competition may lead to a reduction in its revenues, reduced profit margins or a loss of market share.</li><li>Improper handling of goods at its facilities could damage the company reputation and have an adverse effect on its business, results of operations and financial condition.</li><li>The company may not be able to acquire warehouses and other logistics facilities in desirable locations that are suitable for its expansion at commercially reasonable prices and the company expansion plans may be delayed or affected by various factors.</li><li>The company business is affected by prevailing economic conditions in India and indirectly affected by changes in consumer spending capacity in the sectors we serves within India.</li><li>Inability to appoint agents in strategically desirable locations may adversely affect its delivery operations and customer service levels.</li><li>Its transportation operations are dependent on generating sufficient transportation volumes to maintain profitability, and any shortfall may adversely affect the company business, financial condition, and results of operations.</li><li>Its business operations and futures stability depend on various external and internal factors, and the company may not be able to effectively implement its business and growth strategy.</li><li>The averages cost of acquisition of Equity Shares by its Promoters is lower than the Issue Price.</li><li>The company Group Companies have incurred losses in the past and may incur losses in the futures.</li><li>Its insurance coverage may not be adequate to protect it against all potential losses to which we may be subject and this may have a material effect on the company business and financial condition.</li><li>Its does not own certain premises used for the company business operations, and inability to renew lease agreements or secure alternative premises may adversely impact its operations and financial condition.</li><li>There are certain discrepancies noticed in some of the company corporate records relating to forms filed with the Registrar of Companies.</li><li>The company has entered into certain related party transactions and may continue to do so.</li><li>Its actual results could differ from the estimates and projections used to prepare the company financial statements.</li><li>There have been some instances of delayed filings of returns and depositing of statutory dues with regulatory authorities.</li><li>Its debt financing agreements contain certain restrictive covenants that may adversely affect the Company's business, credit ratings, prospects, results of operations and financial condition.</li><li>The company management will have broad discretion in how its apply the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by it will result in an increase in the value of your investment.</li><li>In addition to the company existing indebtedness for its operations, its may be required to obtain further loan during the course of business. There can be no assurance that the company would be able to service its existing and/or additional indebtedness.</li><li>The Company has availed certain unsecured loan which can be recalled at any time.</li><li>Its Directors and certain Key Management Personnel hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>The company is dependent on a number of key personnel, including its senior management, and the loss of or the company inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.</li><li>The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.</li><li>The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.</li><li>Its may not be successful in implementing the company business strategies.</li><li>The Logo used by the Company is currently not registered under Trade Marks Act, 1999. Failures to protect its intellectual property rights may adversely affect the company competitive business position, financial condition and profitability.</li><li>Major fraud, lapses of internal control or system failures could adversely impact the company's business.</li><li>Its Promoters have provided personal guarantees for loans availed by the Company. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by its Promoter.</li><li>The company funding requirements and the proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised.</li><li>Its lenders have charge over the company vehicles in respect of finance availed by it.</li><li>Any destruction, breakdown, theft, or failures to repair or maintain the company vehicles may adversely impact its business operations, cash flows, financial condition, and results of operations.</li><li>Its Promoters and Promoter Group will continue to retain control over the Company after completion of the Issue, which will allow them to influence the outcome of matters submitted for approval of its shareholders.</li><li>The company is subject to risks arising from interest rate fluctuations, which could adversely affect its business, financial condition and results of operations.</li><li>The futures operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>Some of the KMPs is associated with the company for less than one year.</li><li>Certain key performance indicators for certain listed industry peers included in this Prospectus have been sourced from public sources and there is no assurance that such financial and other industry informations is complete.</li><li>Industry information included in this prospectus has been derived from www.ibef.org. There can be no assurance that such third-party statistical, financial and other industry informations is either complete or accurate.</li><li>Portion of the company Issue Proceeds are proposed to be utilized for general corporate purposes amounting to ? 109.07 lakhs which constitute 10.82% of the total Issue Proceeds.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect the company revenues and results of operations.</li><li>There is no guarantee that its Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.</li><li>The Issue Price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.</li><li>There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.</li><li>After this Issue, the price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.</li><li>The investors will not be able to sell immediately on an Indian stocks exchange any of the Equity Shares they purchase in the Issue.</li><li>Any futures issuance of Equity Shares may dilute the investors' shareholdings or sales of the company Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of its Equity Shares.</li><li>You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.</li><li>Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.</li><li>The company ability to pays dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.</li><li>Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.</li><li>The company Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.</li><li>The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by futures dilution of their ownership position.</li></ul>

The Issue type of Dhillon Freight Carrier Ltd is Fixed Price - SME.

The minimum application for shares of Dhillon Freight Carrier Ltd is 3200.

The total shares issue of Dhillon Freight Carrier Ltd is 1400000.

Initial public offer of 14,00,000 equity shares of face value of Rs.10/- each ("Equity Shares") of Dhillon Freight Carrier Limited (the "Company" or the "Issuer") for cash at a price of Rs. 72/- per equity share, including a share premium of Rs. 62/- per equity share (the "Issue Price"), aggregating to Rs. 10.08 crores ("the Issue"), of which 70,400 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 72/- per equity share, aggregating to Rs. 0.51 crores will be reserved for subscriptions by the market maker to the issue (the "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e. issue of 13,29,600 equity shares of face value of Rs.10/- each for cash at a price of Rs. 72/- per equity share, aggregating to Rs. 9.57 crores is here in after referred to as the "Net Issue". The issue and the net issue will constitute 35.71% and 33.92% respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 72/- for equity share of face value of Rs. 10 each. The floor price is 7.20 times times the face value of the face value of the equity shares. Bids can made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.