 "VRL Logistics lists at 40% premium to offer price")
The Rs 460 crore-initial public offering (IPO) of VRL Logistics was oversubscribed 74 times, led by strong demand from all category of investors. VRL had priced the IPO in the range between Rs 195 and Rs 205 a share. Given the quantum of demand the issue was priced at the top end of the price band.
The company operates in the sector which is posted to grow at 12-15 per cent annually over the next three years, on expectations of an economic recovery, lack of capacity in the railways and improved road infrastructure.
The stock opened at Rs 288 and touched a high of Rs 309. Over 20.8 million shares were traded on both the stock exchanges.
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