The Indian IPO market continues to attract investor interest in 2025, with niche companies tapping the capital markets. Dhillon Freight Carrier Limited, a specialised logistics service provider, is opening its IPO on September 29, 2025, offering investors a chance to participate in the growth of a company providing road transport, contract logistics, and fleet leasing services across multiple Indian states.
About Dhillon Freight Carrier Ltd.
Incorporated as a road freight logistics company, Dhillon Freight Carrier Ltd. provides:
- Parcel/LTL (Less than Truck Load) services
- Contract Logistics solutions
- Fleet rental and leasing services
The company caters to both B2B and B2C customers across West Bengal, Bihar, Delhi, and Uttar Pradesh, operating a network of 22 booking offices, pickup centres, warehouses, delivery offices, and agency networks. Its fleet includes 62 owned vehicles, including modern electric three-wheelers for last-mile deliveries.
Strengths:
- Diversified logistics services
- Broad industry coverage, including apparel, engineering, electrical hardware, footwear, and paints
- Modern, young fleet with electric vehicles
- Robust B2B and B2C client base
Dhillon Freight Carrier IPO Details
Dhillon Freight IPO is a fixed price issue of ₹10.08 crore, entirely a fresh issue of 0.14 crore shares. It will be listed on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 29, 2025 |
| IPO Close Date | Oct 1, 2025 |
| Tentative Allotment | Oct 3, 2025 |
| Initiation of Refunds | Oct 6, 2025 |
| Credit of Shares to Demat | Oct 6, 2025 |
| Tentative Listing Date | Oct 7, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 1, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹72 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 14,00,000 shares (₹10.08 Cr) |
| Reserved for Market Maker | 70,400 shares (₹0.5069 Cr) |
| Net Offered to Public | 13,29,600 shares (₹9.57 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 25,20,000 shares |
| Shareholding Post-Issue | 39,20,000 shares |
Investor Category Reservation:
| Category | Shares Offered | Percentage |
| Market Maker | 70,400 | 5.03% |
| NII (HNI) | 6,65,600 | 47.54% |
| Retail Investors | 6,64,000 | 47.43% |
| Total | 14,00,000 | 100% |
Dhillon Freight Carrier IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,30,400 |
| Retail (Max) | 2 | 3,200 | ₹2,30,400 |
| HNI (Min) | 3 | 4,800 | ₹3,45,600 |
Dhillon Freight Carrier IPO Promoter Holding
The company’s promoters are: Mr. Karan Singh Dhillon, Mr. Karamveer Singh Dhillon, and Mrs. Joyce Singh Dhillon.
- Pre-IPO: 100%
- Post-IPO: 64.29%
Company Financials
Restated Financials (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 9.71 | 9.16 | 6.78 |
| Total Income | 25.22 | 24.73 | 29.91 |
| Profit After Tax | 1.73 | 1.09 | 0.36 |
| EBITDA | 3.67 | 3.31 | 1.74 |
| Net Worth | 5.23 | 3.50 | 1.50 |
| Reserves & Surplus | 2.71 | 0.98 | 1.33 |
| Total Borrowing | 3.34 | 4.80 | 4.39 |
Key Performance Indicators (KPI)
| KPI | Value |
| Market Capitalisation | ₹28.22 Cr |
| ROE | 39.65% |
| ROCE | 31.77% |
| Debt/Equity | 0.64 |
| RoNW | 33.09% |
| PAT Margin | 6.99% |
| EBITDA Margin | 14.84% |
| Price to Book Value | 3.47 |
EPS & P/E
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 6.86 | 4.41 |
| P/E (x) | 10.49 | 16.32 |
Objects of the Issue
The IPO proceeds will be used for:
| S.No. | Objective | Amount (₹ Cr) |
| 1 | Purchase of goods, transportation vehicles, and fabrication | 7.67 |
| 2 | General corporate expenses | 1.09 |
Conclusion
Dhillon Freight Carrier Ltd. provides a niche investment opportunity in the logistics sector, offering parcel, LTL, and contract logistics services with a strong presence in multiple states. Its diversified services, modern fleet, and experienced promoters position it well for growth. Investors should, however, consider risks like competition in the logistics sector, vehicle maintenance costs, and dependency on key industrial clients.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
