The 3rd party logistics (3PL) solutions provider raised Rs 829.35 crore through the issue, at higher end of price band of Rs 425-429 per share.
After witnessing a tepid listing, Mahindra Logistics ended its first day of trade on a flat note, with the stock closing 0.03 percent higher.
The subsidiary of Mahindra & Mahindra closed at Rs 429.15 on the BSE on Friday. The stock had listed at 0.2 percent discount to its issue price of Rs 429 per share on Friday and then immediately fell further. Weak market conditions could be reason for tepid listing. It touched day's low of Rs 416.55 on the BSE.
The 3rd party logistics (3PL) solutions provider raised Rs 829.35 crore through the issue, at higher end of price band of Rs 425-429 per share. Out of which, Rs 247 crore had raised from anchor investors.
The initial public offering was oversubscribed over 7.9 times during October 31-November 2, 2017.It was an offer for sale of 1,93,32,346 equity shares by parent firm Mahindra and Mahindra (96,66,173 shares); investors Normandy Holdings and Kedaara Capital. Normandy Holdings is a 100 percent subsidiary of Kedaara Capital.