Mahindra Logistics Ltd Files For IPO


India’s Mahindra Logistics Ltd, a unit of automobile major Mahindra and Mahindra Ltd, has filed for an initial public offering of shares.

The promoter, Mahindra and Mahindra Ltd, will be selling 9.7 million shares while Normandy Holdings Limited will sell 9.3 million shares as part of IPO, according to a filing with market regulator Securities and Exchange Board of India.

Mahindra Logistics provides services such as warehouse solutions and transport management.

Kotak Mahindra Capital Company Limited and Axis Capital Limited are the book-running managers to the IPO.

India’s IPO market has been on a roll with money raised through IPOs surging 116.3 percent to $2.6 billion in the first half of 2017, data released last month showed.