Transport and logistics firm VRL Logistics today made a grand debut on the bourses, with shares rising over 43 per cent as against the issue price of Rs 205.
After listing at Rs 288, a sharp rally of 40.48 per cent against the issue price, shares of VRL Logistics finally ended at Rs 293.30, up 43 per cent on the BSE.
During the day, it hit a high of Rs 309.10 and a low of Rs 281.
On the NSE, it surged 43.46 per cent to settle at Rs 294.10.
On the volume front, 71.09 lakh shares of the company changed hands on the BSE and over 2 crore shares were traded on the NSE during the day.
At present, the company commands a market value of Rs 2,676.17 crore.
The initial public offer (IPO) of VRL Logistics had earlier this month received stupendous response from investors where the share sale got subscribed over 74 times.
This is the first IPO in recent times where the subscription has crossed the 70-times mark.
The company had hit the capital markets to raise over Rs 333 crore. The proceeds will be utilised for scaling up the company's existing fleet of goods transportation vehicles, repayment of loan and other general corporate purposes.
VRL Logistics, with a total fleet of over 3,400 vehicles, employs 15,000 people. It provides luxury bus service in Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, Tamil Nadu, Gujarat and Rajasthan.
