Mahindra Logistics IPO subscribed 11% so far on first day

As of 12pm, the Mahindra Logistics IPO received bids for 1,541,832 shares against the total issue size of 13,570,143 shares, according to NSE data

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New Delhi: The initial public offering (IPO) of Mahindra Logistics Ltd was subscribed 11% on the first day of the share sale on Tuesday, data from stock exchanges showed.

As of 12pm, the IPO received bids for 1,541,832 shares against the total issue size of 13,570,143 shares, according to NSE data. The IPO will close on 2 November.

The logistics arm of automobile maker Mahindra and Mahindra Ltd on Monday said it has raised Rs247.2 crore by selling shares to institutional investors as part of its anchor book allocation. Shares were allocated to 15 investors at Rs429 apiece, the upper end of the price band of Rs425-429 for the IPO.

Institutional investors that participated in the anchor book allocation include Goldman Sachs India Ltd, Reliance Capital Trustee Co. Ltd, Aditya Birla Sun Life Trustee Pvt. Ltd, HDFC Trustee Co. Ltd and DSP Blackrock among others.

The share sale is a purely secondary offering, which will see parent M&M and private equity firm Kedaara Capital sell 19.33 million shares. The offer will see a total stake dilution of 27%. M&M, which holds 72.36% in Mahindra Logistics, will sell 9.66 million shares worth Rs414.67 crore; Normandy and Kedaara will sell shares worth Rs397.73 crore and Rs16.94 crore, respectively. Kedaara bought a 23% stake for Rs200 crore in 2014

Source livemint.com
Via livemin.com

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