Mahindra Logistics IPO subscribed 1.96 times so far on last day


New Delhi: Mahindra Logistics Ltd’s initial public offering (IPO) was subscribed 1.96 times so far on the last day of the share sale on Thursday, data from stock exchanges shows.

As of 1pm, the IPO received bids for 37,927,442 shares against the total issue size of 19,332,346 shares, according to NSE data.

On the second day of the IPO on Wednesday, the offer was subscribed 1.32 times. The portion of shares reserved for institutional investors was subscribed 76%, while those reserved for retail investors and high-net worth individuals were subscribed 2.17 times and 0.1 times, respectively.

Shares in the Mahindra Logistics IPO have a price band of Rs425-429 apiece. The share sale is a purely secondary offering, with Mahindra and Mahindra Ltd and private equity firm Kedaara Capital selling 19.33 million shares. The offer will see a total stake dilution of 27%.

A day before the IPO, Mahindra Logistics raised Rs247.2 crore by selling shares to 15 institutional investors as part of its anchor book allocation. Institutional investors that participated in the anchor book allocation include Goldman Sachs India Ltd, Reliance Capital Trustee Co. Ltd, Aditya Birla Sun Life Trustee Pvt. Ltd, HDFC Trustee Co. Ltd and DSP Blackrock.