IPO Update: Mahindra Logistics issue oversubscribed over 3 times on Day 3 so far

IPO Update: Mahindra Logistics issue oversubscribed over 3 times on Day 3 so far

Mahindra Logistics’ initial public offering (IPO) was oversubscribed over 3 times so far on its last day of issue.

According to data available with the NSE till 2:15 pm, the issue received bids for 5,84,41,376 shares against a total issue size of 1,35,70,143 shares. The company plans to raise Rs 829.35 crore through the issue.

The portion meant for qualified institutional buyers (QIBs) was subscribed 7.41 times, non-institutional investors 0.4439 times and retail investors 4.3173 times.

The company fixed a price band of Rs 425-429 per share and raised Rs 247 crore from anchor investors.

The issue comprises sale of 1,93,32,346 shares, including offloading of 96,66,173 shares — amounting to 13.74 percent stake — by parent firm Mahindra and Mahindra.

Normandy Holdings and Kedaara Capital would sell 92,71,180 and 3,94,993 shares, respectively. Normandy Holdings is a 100 percent subsidiary of Kedaara Capital. Kotak Mahindra Capital Company and Axis Capital are managing the company’s IPO.

Source:-moneycontrol.