Mahindra Logistics IPO Subscribed 7.5 Times On Final Day
Final Day Subscription (As Of 4:30 p.m.)
- Qualified institutional buyers: 15.6 times
- Non-institutional bidders: 2.07 times
- Retail investors: 5.37 times
- Employees: 1.6 times
- Overall: 7.53 times
Mahindra Logistics Ltd.’s Rs 829 crore initial public offering was subscribed 7.53 times on the third and final day of bidding today.
The portion reserved for qualified institutional buyers was subscribed 15.6 times the number of shares on offer, while the retail investors portion was subscribed 5.37 times as of 4:30 p.m., according to lead manager Axis Capital.
The non-institutional bidder’s segment was bid for 2.07 times. Shares reserved for employees were subscribed 1.6 times.
The third-party logistics solutions provider raised Rs 247.2 crore from anchor investors ahead of its initial public offering. The company allotted 57.62 lakh shares to 15 anchor investors at the upper end of the price band of Rs 429 apiece, it said in a media statement.
Promoter Mahindra & Mahindra Ltd. and private equity investors Normandy and Kedaara Capital would sell 1.93 crore shares at Rs 425-429 apiece to raise close to Rs 829 crore. The share sale by promoters will bring reduce their holding to 61 percent after the issue.