On Day 2, Mahindra Logistics IPO subscribed 1.32 times

By: | Published: November 2, 2017 4:25 AM

The initial public offer (IPO) of Mahindra Logistics was on Wednesday subscribed by 1.32 times with investors bidding for 1.79 crore shares against 1.35 crore shares on offer.

Mahindra Logistics, initial public offer, investors bidding, High net worth individuals, shares on offer, Qualified Institutional BuyersThe initial public offer (IPO) of Mahindra Logistics was on Wednesday subscribed by 1.32 times with investors bidding for 1.79 crore shares against 1.35 crore shares on offer.

The initial public offer (IPO) of Mahindra Logistics was on Wednesday subscribed by 1.32 times with investors bidding for 1.79 crore shares against 1.35 crore shares on offer. Qualified Institutional Buyers (QIB) bid for 29.37 lakh shares against 38.41 lakh shares reserved for them, bidding 0.76 times. High net worth individuals (HNIs) bid for 3.01 lakh shares against 28.81 lakh shares. Retail investors bid for 1.46 crore shares against 67.22 lakh shares reserved. Employees bid for 1.15 lakh shares against 1.25 lakh shares reserved for them. Mahindra Logistics is aiming to raise around Rs 829.35 crore from its IPO. The company has set a price band of Rs 425-429 per share for its IPO. Bids can be made for a minimum of 34 equity shares and in multiples of 34 shares thereafter. The company has proposed an offer for sale (OFS) up to 1.93 crore equity shares. This includes an offer for sale of up to 96.66 lakh shares by Mahindra & Mahindra (M&M), 92.71 lakh shares of Normandy Holdings and up to 3.95 lakh equity shares by Kedaara Capital Alternative Investment Fund (AIF).

The offer includes a reservation of up to 1.25 lakh equity shares for subscription by eligible employees with a discount of `42 per share. The company will not receive any proceeds from the Offer. The company is a third-party logistics provider which operates in Supply Chain Management (SCM) and People Transport Solutions (PTS) business segments. In SCM businesses the company offers customised and end-to-end logistics solutions and services including transportation and distribution, warehousing, in-factory logistics and other value-added services.

As of August 31, 2017, the company managed over 10 million square feet of warehousing space spread across the country through multi-user warehouses, built-to-suit warehouses, stockyards, network hubs and cross-docks. The company operated in-factory stores and line-feed at over 35 manufacturing locations as of August 31, 2017. The company offers its services to over 200 domestic and multinational companies operating in several industry verticals, including automotive, engineering, consumer goods, pharmaceuticals, e-commerce, and bulk.

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