Mahindra Logistics IPO oversubscribed 7.83 times

The initial public offer of Mahindra Logistics was oversubscribed 7.83 times on the last day of bidding today.

The Rs 829.35-crore IPO received bids for 10,62,86,244 shares against the total issue size of 1,35,70,143 shares, as per NSE data.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 15.6 times, non institutional investors 2.07 times and retail investors 5.97 times, merchant banking sources said.

The offer received about 9.83 lakh applications, they added.

Mahindra Logistics on Monday raised a little over Rs 247 crore from anchor investors.

The company has fixed a price band of Rs 425-429 per share. At the upper end of the price band, the public issue is expected to fetch Rs 829.35 crore.

Mahindra Logistics' IPO comprises sale of 1,93,32,346 shares, including offloading of 96,66,173 shares -- amounting to 13.74 per cent stake -- by parent firm Mahindra and Mahindra.

Normandy Holdings and Kedaara Capital would sell 92,71,180 and 3,94,993 shares, respectively. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.

Kotak Mahindra Capital Company and Axis Capital are managing the company's IPO.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)