Logistics and transport service company, VRL Logistics’ public issue was subscribed 1.93 times on the second of three-day bidding.
Logistics and transport service company, VRL Logistics’ public issue was subscribed 1.93 times on the second of three-day bidding. The public issue will end on April 17.
The highest numbers of bids poured in from retail investors. The retail book was subscribed 2.38 times as on Thursday vis-a-vis 0.59 times on Wednesday. More than 1.92 crore shares were applied for as against 80.91 lakh shares on offer.
The non-institutional category was subscribed 1.82 times, with 62.98 lakh shares being bid against 34.67 lakh shares reserved. Institutional investors, both domestic and foreign, also showed interest. The Qualified Institutional Buyers (QIB) book was subscribed 1.27 times. Institutions applied for 59.96 lakh shares against 47.11 lakh shares on offer.
People familiar with the matter told FE that investors showed positive interest in the public issue despite the weak undertone in secondary markets on Thursday. Benchmark indices lost nearly 1% – their second day of decline after having gained nearly 6% in the previous six sessions.
Premium on VRL’s shares in the grey market increased to R85-100 on Thursday compared with a premium of R75-90 per share.