Gets bids for 2.4 crore shares
The initial public offer (IPO) of VRL Logistics was subscribed 1.48 times until 16:00 IST on the second day of bidding for the issue today, 16 April 2015, as per data on NSE. The IPO received bids for a total 2.4 crore shares compared with 1.62 crore share on offer, as per NSE data.
The price band for the IPO has been set at Rs 195 to Rs 205 a share. The issue will close tomorrow, 17 April 2015.
The IPO consists of a fresh issue of equity shares aggregating up to Rs 117 crore and an offer for sale of up to 1.71 crore equity shares by NSR-PE Mauritius LLC, Dr. Vijay Sankeshwar and Mr. Anand Sankeshwar. The promoters of the company are Dr. Vijay Sankeshwar and Mr. Anand Sankeshwar.
The IPO committee of VRL Logistics at its meeting held on 13 April 2015 finalized the allocation of 68.46 lakh equity shares to a total of 15 anchor investors at Rs 205 per share, the top end of the Rs 195-205 per share price band for the IPO. The company has raised Rs 140.36 crore from allocation of shares to anchor investors.
The company intends to utilize the net proceeds of the offer for purchase of goods transportation vehicles. repayment/pre-payment, in full or part, of certain borrowings availed by the company and general corporate purposes.
VRL Logistics reported net profit of Rs 71.69 crore on net sales of Rs 1273.81 crore in the nine months ended 31 December 2014. The company's net profit rose 25.12% to Rs 57.18 crore on 12.69% rise in net sales to Rs 1493.78 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
VRL Logistics is one of the leading pan-India surface logistics and parcel delivery service providers.
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