Shares of Mahindra Logistics were trading at Rs 427.35 at 10:40 IST on BSE, a discount of 0.38% over the issue price of Rs 429 on its debut on the bourses today, 10 November 2017.
Meanwhile, the S&P BSE Sensex was down 25.29 points or 0.08% at 33,226.68.
Shares of Mahindra Logistics were listed on the bourses at Rs 432, a premium of 0.69% over the issue price of Rs 429. The stock had hit a high of Rs 432 and low of Rs 416.55 so far during the day. So far, 8.03 lakh shares were traded on the counter on the BSE.
Mahindra Logistics' initial public offering (IPO) received bids for 10.71 crore shares compared with 1.93 crore shares on offer, data on NSE showed. The IPO was subscribed 5.54 times. The price band for the IPO was fixed at Rs 425-429 per share. The issue opened on 31 October 2017 and closed on 2 November 2017.
Qualified institutional buyers (QIBs) category of Mahindra Logistics' IPO was subscribed 15.6 times, retail individual investors (RIIs) category was subscribed 6.1 times, non institutional investors category was subscribed 2.07 times and employees category was subscribed 1.94 times.
Mahindra Logistics' IPO comprised of an offer for sale (OFS) of up to 1.93 crore equity shares by selling shareholders including of up to 96.66 lakh shares by Mahindra & Mahindra (M&M), up to 92.71 lakh shares by Normandy Holdings, and up to 3.95 lakh shares by Kedaara Capital Alternative Investment Fund - Kedaara Capital Alternative investment fund. The offer includes a reservation of up to 1.25 lakh shares for subscription by eligible employees.
The objects of the issue was to achieve the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.
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Ahead of the IPO, the company allocated 57.62 lakh shares at higher end of IPO price band at Rs 429 per share to fifteen anchor investors totaling Rs 247.20 crore.
Mahindra Logistics reported consolidated net profit of Rs 14.82 crore on revenue from operations of Rs 852.47 crore in Q1 June 2017.
Incorporated in 2008, part of Mahindra Group (Mahindra & Mahindra), Mahindra Logistics (ML) is an end-to-end logistics solution and service provider. The logistics solution of the company includes transportation and distribution; warehousing, in-factory logistics and value added customised services to its clients. ML operates in two distinct business segments, supply chain management (SCM) and corporate people transport solutions (PTS).
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