Sunsky Logistics Ltd IPO

Status:

Overview

IPO date
30 Sept 2025 to 03 Oct 2025
Face value
₹ 2 per share
Price
₹ 46 to ₹46 per share
Issue Size
3,660,000 shares
(aggregating up to ₹ 16.84 Cr)
Allotment Date
06 Oct 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector

Objectives of Sunsky Logistics Ltd IPO

Sunsky Logistics Ltd IPO Strategy

About Sunsky Logistics Ltd

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T&C*

Strengths vs Risks of Sunsky Logistics Ltd

Know the pros & cons

Strengths

  • arrowStrong relationship with diverse customer base.
  • arrowWide range of logistics services and solutions.
  • arrowExisting agency network and arrangements.
  • arrowStrong knowledge and expertise of our promoter.

Risks

  • arrowA substantial portion of the company's revenue is generated from certain key customers, and the loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its services could adversely affect the company's business, results of operations, financial condition and cash flows.
  • arrowAny adverse developments affecting trade volumes and freight rates may have an adverse effect on the company's business, results of operations, and financial condition.
  • arrowThe company's business operations are mainly concentrated in Gujarat region, and any adverse developments affecting its operations in this region could have an adverse impact on the company's revenue and results of the operations.
  • arrowThe company's Registered Office is not owned by the company's. The same is occupied by it on a leave and license basis. Disruption of its rights as licensee or termination of the agreements with the company's licensor would adversely impact itsoperations and, consequently, the company's business.
  • arrowThe company used the trademark under the License Agreement executed between Akash A Shah, a promoter, and the Company, but the promoter also does not own the trademark legally. The company may be unable to adequately protect intellectual property. Furthermore, the company may be subject to claims alleging a breach of third-party intellectual property rights.
  • arrowThe company's Contingent Liability and Commitments could affect its financial position.
  • arrowThe Company has had a negative cash flow from the company's operating, investing, and financing activities in the past three years, details of which are given below, sustained negative cash flow could impact its growth and business.
  • arrowThere are certain instances of delays in the payment of statutory dues or returns. Any delay in the filing of returns or statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
  • arrowThe company could be adversely affected due to misconduct or errors of its employees that are difficult to detect, and any such incidents could adversely affect the company's financial condition, results of operations and reputation.
  • arrowOne of the company's promoters does not have significant experience in the industry in which the company operates.
  • arrowThe Company has certain outstanding litigation against it., an adverse outcome which may adversely affect the company's business, reputation, and results of operations.
  • arrowThe Company has not entered into an agreement with shipping companies and other third-party service providers, but has built a relationship over time. Any disputes between the companies may have a vital effect on the business of the Company.
  • arrowThe Company does not have Custom House Agent license.
  • arrowThe company depend on its third-party service providers and vendors/suppliers in certain aspects of the company's operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt the company's operations.
  • arrowThe company's freight forwarding business depends upon its network of overseas agents for the fulfillment of the logistics needs of the company's customers. The company's inability to maintain its relationship with the overseas agents or a deficiency in the service provided by such agents may adversely affect the company's revenues and profitability.
  • arrowThe company may faces competition from a number of international and domestic third-party logistics companies, which may adversely affect its market position and business.
  • arrowThe Company may not be able to deliver the cargo on timely basis due to which the company could become liable to claims by customers, suffer adverse publicity and incur substantial cost as result of deficiency in the company's service which could adversely affect the company's results of operations.
  • arrowFailures to perform as per the work order entered or any performance-related issues can affect the company's position.
  • arrowThe company's long-term growth and competitiveness are dependent on its ability to control costs and pass on any increase in operating expenses to customers while continuing to offer competitive pricing.
  • arrowAny disruptions that affect the company's ability to utilize the transportation network in an uninterrupted manner could result in delays, additional costs, or a loss of reputation or profitability.
  • arrowThere have been certain instances of delay and inadvertent inaccuracies in filing statutory forms with ROC under the provisions of the Companies Act, 2013. Any adverse order passed, or penalty imposed by regulators on the company's, may adversely affect the company's business and results of operations to that extent.
  • arrowA Breakdowns, mishaps, or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.
  • arrowThe company's business operations depend on its ability to generate sufficient volumes to achieve acceptable profit margins or avoid losses.
  • arrowThe company may faces claims relating to loss or damage to cargo shipment, personal injury claims or other operating risks that are not adequately insured and the company's insurance coverage could prove inadequate to satisfy potential claims or be insufficient to cover all losses associated with its business operations, which may have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
  • arrowFailures to maintain confidential information of the company's customers could adversely affect its reputation, business, results of operations and financial condition.
  • arrowAny delays or defaults in receipt of payments or dues from the company's customers could result in a reduction in its profits.
  • arrowIf the company is unable to manage the company's growth effectively or if its estimates or assumptions used in developing the company's strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
  • arrowThe company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
  • arrowAny increase in interest rates would have an adverse effect on the company's results of operations and will expose the Company to interest rate risks.
  • arrowIf the company is unable to attract new clients or the company's existing clients do not wish to do business with the company's, the growth of its business and cash flow will be adversely affected.
  • arrowIf the company is unable to establish and maintain an effective system of internal controls and compliance, the company's business and reputation could be adversely affected.
  • arrowThe company does not have software/technology to manage the company's day-to-day business activities. Failures to manage the company's resources could have an adverse effect on its profitability, cash flow and liquidity.
  • arrowThe company's success depends in large part upon the company's promoters, including key personnel, and its ability to attract and retain them when necessary.
  • arrowIf the company is not able to obtain, renew or maintain the company's statutory and regulatory licenses, registrations and approvals required to operate its business, it may have a material adverse effect on the company's business, results of operations and financial condition.
  • arrowAt present,the Company has applied for certain licenses and approvals for change of name.
  • arrowLoan availed by the Company has been secured on personal guarantees of the company's Directors. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by the company's Directors.
  • arrowThe Company has availed certain unsecured loans, of which an amount of ? 164.97 lakhs as on April 30, 2025.
  • arrowThe Company has unsecured loans, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its business operations and financial condition of the Company.
  • arrowThe company has not received NOC from some of its unsecured lenders for undertaking the initial public offer of equity shares.
  • arrowSome of the KMPs are associated with the company for less than one year.
  • arrowThe average cost of acquisition of Equity shares by the company's Promoters is lower than the Issue price.
  • arrowThe Company is yet to place orders for 100% of the acquisition of commercial vehicle (Flatbed Trailers) for our proposed object, as specified in the Objects of the Issue. Any delay in placing orders, procurement of the same may delay the company's implementation schedule and may also lead to increase in price of these flatbed trailer. further affecting the company's revenue and profitability.
  • arrowThe company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at the company's discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • arrowThe requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • arrowThere is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of the company's Management and its Board of Directors, though it shall be monitored by the Audit Committee.
  • arrowIndustry information included in this Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical, financial, and other industry information is either complete or accurate.
  • arrowThe company's Promoter and Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • arrowIn addition to standard remuneration or benefits and reimbursement of expenses, the company's Promoter, some of the Directors and key managerial personnel, are interested in the Company to the extent of their shareholding, dividend entitlement, in the Company.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • arrowThe company's Directors does not have prior experience of being a Director of a Listed Company.
  • arrowThere are restrictions on daily / weekly / monthly 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.
  • arrowThe Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • arrowAfter this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
  • arrowThe Issue price of its Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • arrowYou will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
  • arrowSale of Equity Shares by the company's Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • arrowThe company's ability to pay dividends in the future will depend on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure, and restrictive covenants in the company's financing arrangements
  • arrowHolders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • arrowPursuant to listing of the Equity Shares, we may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
  • arrowThere is no guarantee that the company's Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.

Sunsky Logistics Ltd Peer Comparison

Understand the company’s industry standing

Sunsky Logistics Limited
Ashapura Logistics Limited
Face Value
2
10
Standalone / Consolidated
Standalone
Consolidated
Total Income Rs. Cr.
22.0437
230.9664
EPS-Basis
2.95
10.06
EPS-Diluted
2.95
10.06
NAV Per Share
5.16
96.13
P/E-Basic EPS
---
7.81
P/E-Diluted EPS
---
---
RONW(%)
57.16
9.43
Latest NAV Period
---
---
Latest NAV
---
---
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The IPO opens on 30 Sept 2025 & closes on 03 Oct 2025.

Sunsky Logistics Limited was incorporated under the name and style of Sunsky Logistics Private Limited', a private limited company on July 05, 2020, issued by the Registrar of Companies, Central Registration Centre. Subsequently, Company was converted into a public limited company and the name of Company was changed to Sunsky Logistics Limited''. Fresh certificate of incorporation dated July 16, 2024, was issued by the Registrar of Companies, Central Registration Centre. Company is engaged in the business of integrated logistics solutions. It involved in the management and coordination of the movement of materials or finished goods throughout the supply chain, from the point of origin to the destination. It provide third party logistics services which is popularly known as '3PL' services. '3PL' services comprise freight forwarding, cargo handling, door-to-door distribution, multi-transport operator, and customs clearance services. It encompasses local transportation at the billing end; freight services and custom clearance to again transportation to enable goods reach the destination. The Company developed network of agents in the major export markets who liaise with local customs for clearance and are responsible for the delivery of goods to their respective clients. Simultaneously, it has working relationship with multiple shipping companies with whom we regularly deal in exporting or importing of consignments. The Company is member of World Shipping Alliance (WSA) and Bling Logistics Network Inc (Bling). This network is essentially of forward freight agents, shipping lines and other allied people involved in the forward freight industry and help Company to get the custom clearance at various export destination. By achieving the Multimodal Transport Operator (MTO) license on December 7, 2021, which Company provides single as well as multimodal transportation services which involves the coordinated use of multiple modes of transportation (such as road, rail, sea, air) within a single, integrated supply chain, requirement of shipments, route optimization, containerization, last mile delivery, etc. The Company expanded the operations and deliveries in the USA market through a Certificate for Ocean Transportation Intermediary (OTI) ocean freight from the Federal Maritime Commission (FMC) in February, 2022. In 2025, the services have been processed by the Company in countries such as USA, Uganda, UAE, Oman, Guatemala, Australia, and Iraq to manage the entire supply chain followed by the network of overseas agents. Company is planning the IPO of 36,60,000 Equity Shares of face value Rs 2 each via fresh issue.

Sunsky Logistics Ltd IPO will close on 03 Oct 2025.

  • Strong relationship with diverse customer base.
  • Wide range of logistics services and solutions.
  • Existing agency network and arrangements.
  • Strong knowledge and expertise of our promoter.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Akash A Shah 6581250 75 6581250 52.93
2 Shah Vaibhavi Akash 1246050 14.2 1246050 10.02
3 Vishal Shrenik Shah 175500 2 175500 1.41
4 Shrenik Navnitlal Shah 87750 1 87750 0.71
5 Peenaben Shrenikbhai Shah 245700 2.8 245700 1.98

  • A substantial portion of the company's revenue is generated from certain key customers, and the loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its services could adversely affect the company's business, results of operations, financial condition and cash flows.
  • Any adverse developments affecting trade volumes and freight rates may have an adverse effect on the company's business, results of operations, and financial condition.
  • The company's business operations are mainly concentrated in Gujarat region, and any adverse developments affecting its operations in this region could have an adverse impact on the company's revenue and results of the operations.
  • The company's Registered Office is not owned by the company's. The same is occupied by it on a leave and license basis. Disruption of its rights as licensee or termination of the agreements with the company's licensor would adversely impact itsoperations and, consequently, the company's business.
  • The company used the trademark under the License Agreement executed between Akash A Shah, a promoter, and the Company, but the promoter also does not own the trademark legally. The company may be unable to adequately protect intellectual property. Furthermore, the company may be subject to claims alleging a breach of third-party intellectual property rights.
  • The company's Contingent Liability and Commitments could affect its financial position.
  • The Company has had a negative cash flow from the company's operating, investing, and financing activities in the past three years, details of which are given below, sustained negative cash flow could impact its growth and business.
  • There are certain instances of delays in the payment of statutory dues or returns. Any delay in the filing of returns or statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
  • The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect, and any such incidents could adversely affect the company's financial condition, results of operations and reputation.
  • One of the company's promoters does not have significant experience in the industry in which the company operates.
  • The Company has certain outstanding litigation against it., an adverse outcome which may adversely affect the company's business, reputation, and results of operations.
  • The Company has not entered into an agreement with shipping companies and other third-party service providers, but has built a relationship over time. Any disputes between the companies may have a vital effect on the business of the Company.
  • The Company does not have Custom House Agent license.
  • The company depend on its third-party service providers and vendors/suppliers in certain aspects of the company's operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt the company's operations.
  • The company's freight forwarding business depends upon its network of overseas agents for the fulfillment of the logistics needs of the company's customers. The company's inability to maintain its relationship with the overseas agents or a deficiency in the service provided by such agents may adversely affect the company's revenues and profitability.
  • The company may faces competition from a number of international and domestic third-party logistics companies, which may adversely affect its market position and business.
  • The Company may not be able to deliver the cargo on timely basis due to which the company could become liable to claims by customers, suffer adverse publicity and incur substantial cost as result of deficiency in the company's service which could adversely affect the company's results of operations.
  • Failures to perform as per the work order entered or any performance-related issues can affect the company's position.
  • The company's long-term growth and competitiveness are dependent on its ability to control costs and pass on any increase in operating expenses to customers while continuing to offer competitive pricing.
  • Any disruptions that affect the company's ability to utilize the transportation network in an uninterrupted manner could result in delays, additional costs, or a loss of reputation or profitability.
  • There have been certain instances of delay and inadvertent inaccuracies in filing statutory forms with ROC under the provisions of the Companies Act, 2013. Any adverse order passed, or penalty imposed by regulators on the company's, may adversely affect the company's business and results of operations to that extent.
  • A Breakdowns, mishaps, or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.
  • The company's business operations depend on its ability to generate sufficient volumes to achieve acceptable profit margins or avoid losses.
  • The company may faces claims relating to loss or damage to cargo shipment, personal injury claims or other operating risks that are not adequately insured and the company's insurance coverage could prove inadequate to satisfy potential claims or be insufficient to cover all losses associated with its business operations, which may have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
  • Failures to maintain confidential information of the company's customers could adversely affect its reputation, business, results of operations and financial condition.
  • Any delays or defaults in receipt of payments or dues from the company's customers could result in a reduction in its profits.
  • If the company is unable to manage the company's growth effectively or if its estimates or assumptions used in developing the company's strategic plan are inaccurate or the company is unable to execute its strategic plan effectively, the company's business and prospects may be materially and adversely affected.
  • The company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
  • Any increase in interest rates would have an adverse effect on the company's results of operations and will expose the Company to interest rate risks.
  • If the company is unable to attract new clients or the company's existing clients do not wish to do business with the company's, the growth of its business and cash flow will be adversely affected.
  • If the company is unable to establish and maintain an effective system of internal controls and compliance, the company's business and reputation could be adversely affected.
  • The company does not have software/technology to manage the company's day-to-day business activities. Failures to manage the company's resources could have an adverse effect on its profitability, cash flow and liquidity.
  • The company's success depends in large part upon the company's promoters, including key personnel, and its ability to attract and retain them when necessary.
  • If the company is not able to obtain, renew or maintain the company's statutory and regulatory licenses, registrations and approvals required to operate its business, it may have a material adverse effect on the company's business, results of operations and financial condition.
  • At present,the Company has applied for certain licenses and approvals for change of name.
  • Loan availed by the Company has been secured on personal guarantees of the company's Directors. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by the company's Directors.
  • The Company has availed certain unsecured loans, of which an amount of ? 164.97 lakhs as on April 30, 2025.
  • The Company has unsecured loans, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its business operations and financial condition of the Company.
  • The company has not received NOC from some of its unsecured lenders for undertaking the initial public offer of equity shares.
  • Some of the KMPs are associated with the company for less than one year.
  • The average cost of acquisition of Equity shares by the company's Promoters is lower than the Issue price.
  • The Company is yet to place orders for 100% of the acquisition of commercial vehicle (Flatbed Trailers) for our proposed object, as specified in the Objects of the Issue. Any delay in placing orders, procurement of the same may delay the company's implementation schedule and may also lead to increase in price of these flatbed trailer. further affecting the company's revenue and profitability.
  • The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at the company's discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • The requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of the company's Management and its Board of Directors, though it shall be monitored by the Audit Committee.
  • Industry information included in this Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical, financial, and other industry information is either complete or accurate.
  • The company's Promoter and Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • In addition to standard remuneration or benefits and reimbursement of expenses, the company's Promoter, some of the Directors and key managerial personnel, are interested in the Company to the extent of their shareholding, dividend entitlement, in the Company.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • The company's Directors does not have prior experience of being a Director of a Listed Company.
  • There are restrictions on daily / weekly / monthly 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.
  • The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
  • The Issue price of its Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
  • Sale of Equity Shares by the company's Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • The company's ability to pay dividends in the future will depend on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure, and restrictive covenants in the company's financing arrangements
  • Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby suffer future dilution of their ownership position.
  • Pursuant to listing of the Equity Shares, we may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
  • There is no guarantee that the company's Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.

The Issue type of Sunsky Logistics Ltd is Fixed Price - SME.

The minimum application for shares of Sunsky Logistics Ltd is 6000.

The total shares issue of Sunsky Logistics Ltd is 3660000.

Initial public Offer of 36,60,000 equity shares of face value Rs. 2 each ("Equity Shares") of Sunsky Logistics Limited { the "Company" or the "Issuer") for cash at a price of Rs. 46/- per equity share including a share premium of Rs. 44 per equity share (the "issue price"), aggregating to Rs. 16.84 crores ( the "issue" ) of which 186,000 equity shares of face value Re. 2 each for cash at a price of Rs. 46 per equity share aggregating to Rs. 0.86 crores will be reserved for subscription by the market maker to the issue ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 34,74,000 equity shares of face value of Rs. 2 each for cash at a price of Rs. 46/- per equity share aggregating to Rs. 15.98 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 29.43 % and 27.94%, respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 46/- of face value of Rs. 2 each. The floor price is 2.30 times times the face value of the face value of the equity shares. Bids can made for a minimum of 6,000 equity shares and in multiples of 3,000 equity shares thereafter.